Alan Greenspan on volatile markets

Interviewed on the BBC's Today programme on 28 September, Alan Greenspan waxed philosophical about the changing nature of financial markets and their relationship to the real economy.

As financial markets increase in complexity and volatility, they cause increasing problems for the real economy and this is destabilising, he said. But the standard of living is nevertheless higher because of the existence of such complex markets which support the crucial economic function of all financial marke