Alan Greenspan East Quotations

We are seeing the first signs of erosion at the edges, especially in manufacturing. That's a signal that the effects of East Asia and Russia on our financial system are increasingly a factor.

Notwithstanding the demonstrable advantages of the new international financial system, the Mexican financial breakdown in late 1994 and, of course, the most recent episodes in East Asia and elsewhere, have raised questions about the inherent stability of this new system,

Although the tendency in recent months toward stabilization in the East Asian economies is encouraging, clearly those economies are not out of the woods, as recent events attest,

Before the crisis broke, there was little reason to question the three decades of phenomenally solid East Asian economic growth, largely financed through the banking system, so long as the rapidly expanding economies and bank credit kept the ratio of non-performing loans to total bank assets low,