Former Federal Reserve Chairman Alan Greenspan said that the recent stock market decline is "typical" of a recovery, and that international instability has more to do with the recent decline than problems in the United States. "What we're looking at is an invisible wall, which we've run into here. Which, essentially, as far as I can see, is a typical pause that occurs in an economic recovery," Greenspan said in an interview with CNBC. "Ordinarily we're saying that the stock market is driven by economic events, I think it's more in the reverse." "I will grant you that this is not a normal economic recovery. We've just come out of what I believe is the most extraordinary and virulent global financial crisis that the world has ever seen," he said. "This recent decline is more international than it is a domestic affair," he said, adding that "there is an inherent instability in the euro system."
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