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Updated 17:40 23/09/20

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Greenspan warns crisis is imminent and urges return to gold standard.

Duncan Richardson, News Editor
30 Jun 2016, 9:57 a.m.

On Friday afternoon, following the UK’s decision to leave the European Union, former Fed governor, Alan Greenspan, shocked the world by announcing we should return to the gold standard.

In Greenspan’s opinion we are on the cusp of another financial crisis which will dwarf the 2008 economic meltdown. After decades of boom and bust the imbalances in the global economy are so large they can no longer be rebalanced. The only solution is to return to a classical gold standard

The former Fed chief also believes the United Kingdom decision to exit the Eurozone was fuelled by economic desperation after decades of falling living standards.

After 40 years of credit expansion and numerous asset bubbles, Greenspan is concerned currencies around the world could experience hyperinflation. Greenspan resided over the Federal Reserve from 1987 to 2006 and must take some responsibility for the state of the global economy. These latest comments appear to be more about protecting Greenspan's legacy rather than warning the general public.

Over last few months a number of high profile ex-bankers have issued warning over the perilous state of the global economy.

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