Ian A. Gordon wrote in this article:

My deceased friend, Teddy
Butler-Henderson, met Alan
Greenspan in the 1960’s. They
apparently discussed the
Kondratieff Cycle. According to
Teddy, Alan Greenspan confided
that he hoped he could
be Federal Reserve Chairman
at the onset of a Kondratieff
winter, because he felt he
could defeat winter by substantially
increasing the money
supply and reducing interest
rates to near zero. He had his
wish and effected those actions
following the 2000 stock
market peak.

I think it’s a very shocking statement. So the (likely) coming deflationary shock was fully expected by Alan Greenspan 40 years ago and he effectively spent his whole life preparing to battle with deflation. The problem is, of course, that one cannot jump over any phase of the Kondratieff wave. One can only postpone a phase and thus make it more powerful when it finally comes.

No wonder now we have the most notorious scholar of the Great Depression, Ben Bernanke, as the Fed chairman – because the Depression is what he will have to deal with

Incidentally, Mr. Greenspan
told Teddy during that same
conversation that if he failed to
thwart the Kondratieff winter, it
would make what followed
1929 look like a ‘Sunday
school picnic.’