Former Federal Reserve Chairman Alan Greenspan voiced concern that the U.S. economic and political system could be undermined by what he called "crazies."

"It is the worst economic and political environment that I've ever been remotely related to," Greenspan, 90, told a conference in Washington Tuesday evening sponsored by Stanford University and the University of Chicago.

On the economic front, the U.S. is headed toward stagflation — a combination of weak demand and elevated inflation, according to Greenspan. "Politically, I haven't a clue how this comes out."

 "We're not in a stable equilibrium," he said. "I hope we can all find a way out because this is too great a country to be undermined, by how should I say it, crazies."

Greenspan, who served from 1974-1977 in the Republican presidential administration of the late Gerald Ford, declined to comment on Wednesday when asked whom he was referring to.