Greenspan: “It all fell apart, in the sense that not a single major forecaster of note or institution caught it,”
but there was this institution sounding warnings:
H.S. Katz, Modern economics claims to be a science. This is a sham and a fraud. When it fails to predict future events it does not act like the scientist, disregarding false theories in search of the truth; it acts like the Indian Medicine Man who has failed to make rain. It equivocates, rationalizes and tries to make minor adjustments.
He used to know the truth, before he was seduced.
“Gold and Economic Freedom”
Alan Greenspan, 1966