Are the good times gone for good?

One of the most influential figures in the world economy, former US central bank chairman Alan Greenspan, has warned that the good times are over for the world economy.
Mr Greenspan, who played a key role in managing the US economy as head of the Federal Reserve from 1986 to 2006, says that higher interest rates and higher inflation are more likely in the future, leading to slower economic growth and lower housing and share prices.

In a wide-ranging interview with BBC economics editor Evan Davis, he warns that the UK cannot escape from global economic pressures.
And he says that central bank governors, including the Bank of England's Mervyn King, face a far more difficult task in managing the economy in turbulent times.
Why is Mr Greenspan so gloomy for the world economy?

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