Another financial crisis is inevitable "unless somebody can find a way to change human nature," says Alan Greenspan in an interview with the BBC. The former Fed chairman—who has faced stinging criticism for his own role in precipitating the 2008-09 global recession—denied any responsibility for the crisis, saying that it was "a once-in-a-century type of event." But he also complained that bankers were systematically underpricing risk and "at some point a correction would be made."
Greenspan is unimpressed by recent attempts to rein in wild markets. "The extraordinary impact of these global markets is making a lot of financial people feeling they have lost control," he said. "The problem is you cannot have free global trade with highly restrictive, regulated domestic markets."