Economy on brink of recession, Greenspan says

Former Federal Reserve Chairman Alan Greenspan warned on Tuesday the U.S. economy was on the brink of a recession, with the chances of that happening at more than 50 percent

"The problem that you have here is that ... significant pressures are coming from oil and food, but they are none the less real. The price increases are real and unless the central bank leans against them ... you will get a highly unstable inflation environment..."

[i.e., it's the energy, stupid. By doing nothing about it we should be officially in recession by, say, November...]

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