Former Federal Reserve Chairman Paul Volcker said Tuesday that the U.S. was already in a recession, despite the efforts of the U.S. government and other nations’ leaders to intervene. “I have seen a lot of crises but I have never seen anything quite like this one,” said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.

AFP via Yahoo News:

“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said in a lecture here, painting a gloomy picture of current economic woes.

The crisis that began in the United States has become a global problem which needs a global solution, he said.

Volcker said the United States appeared to be in recession, and he feared Europe was in the same situation but he hopes a series of bailout measures announced by governments around the world will ensure any recession is manageable and short-lived.

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