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The following Greenspan warnings, issued over recent months, are a few that might reveal what he is really thinking

In London Greenspan said, "If… the pernicious drift toward fiscal instability in the United States and elsewhere is not arrested and is compounded by a protectionist reversal of globalization, the adjustment process could be quite painful for the world economy."

Here's one from the Jackson Hole meeting -- "History cautions that extended periods of low concern about credit risk have invariably been followed by reversal."

And another, "Our budget deficit will substantially worsen in the coming years unless major deficit-reduction actions are taken…The likelihood of growing deficits is of especially great concern because the deficits would drain a correspondingly growing volume of real resources from private capital formation and cast an ever-larger shadow over the growth of living standards."

And how about this warning from the Maestro -- "The imbalance in the federal budgetary situation, unless addressed soon, will pose serious longer-term fiscal difficulties. Our demographics-especially the retirement of the baby-boom generation beginning in just a few years- mean that the ratio of workers to retirees will fall substantially. Without corrective action, this development will put substantial pressure on our ability in coming years to provide even minimal government services while maintaining entitlement benefits at their current level, without debilitating increases in tax rates. The longer we wait before addressing these imbalances, the more wrenching the fiscal adjustment ultimately will be."