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Alan Greenspan, while still head of the US Federal Reserve, has always been a man of few words. In addition, in answering questions related to professional activity, he masterfully gives just a few spoken words so many shades of meaning that Bernard Shaw could envy him. In 1995, after one of these press releases by Greenspan, all of financial America read with interest in one of the morning newspapers that the head of the Federal Reserve "hinted at the desire of the Fed directors to lower the interest rate", and in another - that he "expressed doubts about possible interest rate cuts in the near future. After that, Greenspan began to end his communication with journalists with the words: "If it seemed to you that I expressed myself clearly enough, you misunderstood me."
Musician with mathematical ability
Alan Greenspan was born in Brooklyn on March 6, 1926 to German immigrants. His father was a stockbroker, but when Alan was five years old, his parents divorced, and since then he saw his dad only occasionally. His mother Rose, after a divorce, moved with her son to her parents in New York in a small two-room apartment in a six-story building on the corner of Broadway and 163rd Street and went to work as a saleswoman in a furniture store. And although his father - Herbert Greenspan - was a well-known professional and even somehow gave nine-year-old Alan his book "Ahead - a way out of the crisis" (on the need for state stimulation of the economy), his influence on the formation of his son's personality was small.
Alan spent most of his time with his mother, her father, and his aunt's children. And their main interests were related to music: grandfather sang in the synagogue choir, mother loved to sing and play the piano. Alan began by playing the clarinet in the school band, and then began taking lessons from then-famous music teacher in New York, Bill Shiner. At the same time, Alan learned to add three-digit numbers in his mind at the age of five, and he was asked to count something in front of guests, while other children were asked to recite a poem. While at school, he became a passionate baseball player. Everything that he undertook came so easily to the young Greenspan that he simply did not know what he liked more. When he graduated from the George Washington School in 1943, under his photograph in the alumni album was the inscription: "Very smart and talented. Will play the saxophone and clarinet for you."
It took Alan another year to make up his mind, which he toured with the Henry Jerome Orchestra as a professional musician, playing saxophone and clarinet. The loose artistic life did not suit Alan, who was pedantic to the point of tediousness, and at the age of 18 he entered the School of Commerce at New York University. Still, music had a significant impact on Greenspan's career. Leonard Garment also played in the same ensemble, years later becoming the head of the group of advisers to US President Richard Nixon and patronizing Greenspan in his first "political" work in the team of the future president.
In 1948, Greenspan received a bachelor's degree, and two years later, a master's degree in economics. A little later, in 1952, he married the artist Joan Mitchell. However, their marriage broke up a year later. But Joan managed to introduce him to her friend and philosopher Ayn Rand, a bright personality who preached in her books the doctrine of the efficiency of the market as a "universal regulator" of all processes in life - up to social security and national issues. For example, from this position, Rand opposed charity, which, in her opinion, perverted the ideal mechanism of self-regulation of the market. Greenspan had a close outlook on life and maintained a friendship with Ayn Rand until her death in 1982.
In 1954, he and securities specialist William Townsend founded the Townsend-Greenspan consulting firm, which opened an office on Wall Street and acquired a clientele that successfully fed partners. Townsend died in 1958, and Alan became president and majority owner of the company. At this job, Greenspan met Arthur Burns, who ran the Federal Reserve in the 1970s. It was Burns who brought Greenspan's attention to government regulation of the financial system. And when, in 1974, his jazz bandmate Leonard Garment invited Greenspan to become President Nixon's economic adviser, the future career of America's future financial guru began to take a new turn. After becoming Nixon's economic adviser a month before his resignation, Greenspan remained in that post under the next president, Gerald Ford, until succeeding President James Carter fired Alan in 1977. Greenspan used this respite to complete a new master's degree from Columbia University in the practice of regulating public finances.
The removal from public office was short-lived - already in 1981, Greenspan headed the commission on the reform of the social insurance system in the administration of President Ronald Reagan. After that, he changed many positions, working as a kind of "jack of all trades" - under Reagan, he was a member of the presidential advisory council on intelligence, the commission on financial institutions and their regulation, the commission on the transition to military service contract and others.
The Greenspan Phenomenon at the Fed
Greenspan's ascension to the throne of the main regulator of the financial system of the United States was very modest - in 1987, the then chairman of the Federal Reserve, Paul Volcker, unexpectedly resigned. As his successor, President Ronald Reagan proposed Greenspan. Alan was 61 at the time, but he was confident in his ability to understand the needs of the world's largest economy. This was the chance for which Greenspan spent his whole life studying and defending master's theses. The head of the Fed has no right to advise anyone - and Alan liquidates his consulting company, in which he has worked all his life. In addition, the new post obliges not to be members of the boards of directors of companies - and Alan leaves very profitable places in the aluminum corporation Alcoa, J.P. Morgan bank, Mobil oil company and food giant General Foods. Greenspan embarks on the most ambitious task of his life. By the way, for the lowest salary among the heads of central banks of the countries " big seven"- only $ 171,900 per year (salary level of a qualified doctor, less than the income of an average cosmetic surgeon).
Best of the day
Now Alan gets up no later than half past five in the morning. But from his old habit - every morning for an hour and a half "soak" in the bath - he could not give up. True, the bathtub was radically altered especially for Greenspan. It has become narrow so that armrests and shelves for papers are conveniently located on its sides. Now Alan used his morning to the fullest, reading documents in the bath and preparing the texts of reports in the same place.
Very soon, Americans could no longer imagine how they could live without Greenspan. From the very beginning, he showed himself to be a supporter of a tight monetary policy with the main goal of controlling inflation. At the same time, he remained a consistent supporter of the liberal economy and - in defiance of the views of his own father - minimizing state intervention in it. Rarely speaking in public and almost never revealing the background of his decisions, he became famous for his literally pinpoint strikes, which nevertheless turned out to be incredibly effective.
Literally immediately after his appointment as head of the Fed, Greenspan faced the American "Black Friday" - October 19, 1987, when the Dow Jones fell by 508 points during the day. Alan then took a number of measures, later recognized as infallible.
From that moment on, Greenspan's actions began to be perceived as divine revelations, and he himself was called "the best head of the Fed in the twentieth century." The cunning and far-sighted Alan even put his incredible authority at the service of the American economy. Before publishing his next statutory investment report in the 1990s, he sold shares and bought government bonds with the proceeds. The publication of this information was sufficient for the price of shares to fall, and government securities to rise, and, as a result, the market "cooled down." In 1996, Greenspan managed to reduce the overheating of the stock market with the mere mention that, in his opinion, stocks did not fly too high. In 1998, Greenspan skillfully countered the impact on the American economy of financial crises in Latin America, Southeast Asia and Russia, lowering the discount rate three times.
Greenspan's critics blame him for a clear preference for only the most necessary measures, insisting on the need for a long-term monetary policy. Its striking manifestation is the completely opaque and poorly predictable policy of the Fed to change the discount rate. While most of the world's central banks operate within inflation targets, Greenspan, when making decisions, has never advertised the criteria from which he proceeds. Even his direct reports have repeatedly complained that they do not know how the Fed's policy will change tomorrow.
Nevertheless, Greenspan's actions led to the fact that in the late 1990s the US unemployment rate fell to the lowest level in more than two decades - 4%, and the inflation rate to 1.5%, the lowest level in the last 11 years. . Therefore, it is not surprising that Greenspan has remained the permanent head of the Fed under four US presidents, Democrats and Republicans. What Alan valued above all was what Texas Congressman Frank Eicard called being able to know "how many flathead bolts are used in a Chevrolet car and what will happen to the American economy if three of them stop tightening." And when the current President of the United States, George W. Bush, was asked what he would do first in the event of an economic emergency, he replied: "I will immediately contact Alan Greenspan."
It's time to get married
Meanwhile, Greenspan at the peak of his fame, in 1997, married a second time. This time, Andrea Mitchell, an international columnist for the American television company NBC, became his chosen one. Before that, Greenspan dated her for 12 years. The couple live in the suburbs of Washington, in Andrea's townhouse. They are often seen together at theatrical premieres, and Alan himself loves to play tennis. He is now 79 years old, and now he is ready to become a pensioner.
Ben Bernanke, Chairman of the Economic Council under President George W. Bush, will replace him as head of the Fed. And although Bernanke has repeatedly spoken about the need for the Fed to set targets that could make its policy more predictable, no one in the market takes these intentions seriously. After all, for this he will have to break the order established by "the best head of the Fed of the twentieth century." And this is the same as encroaching on the authority of the L-rd G-d.
Five Steps to the Fed Chair
1. At the age of five, he can add three-digit numbers in his head, but prefers to learn how to play the clarinet.
2. In search of a purpose in life, he tours with a jazz orchestra for a year after school with Leonard Garment, the future leader of the group of advisers to President Richard Nixon.
3. Decides to become an economist. After graduation, he organizes own company for corporate consulting.
4. At the age of 48, he became interested in the functioning of public finances and defended a new dissertation on this topic.
5. He got into the civil service, becoming an economic adviser to the US President Nixon's administration.
Way to make decisions:
Every morning, lying for an hour and a half in a specially designed bathroom, with armrests and shelves for papers. In order not to be late for work, Greenspan gets up at half past five in the morning.
The banker who walks by himself
Having served as head of the US Federal Reserve for 18 years, Alan Greenspan has repeatedly answered the question of his possible resignation as follows: "I myself will decide when it is time for me to leave. While I am full of strength and energy, I will still work hard so that America is a prosperous and stable state."
The permanent head of the US Federal Reserve System (FRS) since 1987, the legendary Alan Greenspan will leave his post on January 31, 2006. "The best head of the FRS of the 20th century" himself announced his resignation - having reached the age of 79, he voluntarily leaves the post and is ready to become a pensioner. The head of the US Central Bank has retained his seat under four presidents, Democrats and Republicans. And trust in him is so high that even the current US President Bush Jr., answering the question of what he would do in the first place in the event emergency, replied: "I will immediately contact Alan Greenspan." And once he almost became a musician.
Alan Greenspan, while still head of the US Federal Reserve, has always been a man of few words. In addition, when answering questions related to his professional activities, he skillfully gives just a few spoken words so many shades of meaning that Bernard Shaw could envy him. In 1995, after one of these press releases by Greenspan, all of financial America read with interest in one of the morning newspapers that the head of the Federal Reserve "hinted at the desire of the Fed directors to lower the interest rate", and in another - that he "expressed doubts about possible interest rate cuts in the near future. After that, Greenspan began to end his communication with journalists with the words: "If it seemed to you that I expressed myself clearly enough, you misunderstood me."
Musician with mathematical ability
Alan Greenspan was born in Brooklyn on March 6, 1926 to German immigrants. His father was a stockbroker, but when Alan was five years old, his parents divorced, and since then he saw his dad only occasionally. His mother Rose, after a divorce, moved with her son to her parents in New York in a small two-room apartment in a six-story building on the corner of Broadway and 163rd Street and went to work as a saleswoman in a furniture store. And although his father - Herbert Greenspan - was a well-known professional and even somehow gave nine-year-old Alan his book "Ahead - a way out of the crisis" (on the need for state stimulation of the economy), his influence on the formation of his son's personality was small.
Alan spent most of his time with his mother, her father, and his aunt's children. And their main interests were related to music: grandfather sang in the synagogue choir, mother loved to sing and play the piano. Alan began by playing the clarinet in the school band, and then began taking lessons from then-famous music teacher in New York, Bill Shiner. At the same time, Alan learned to add three-digit numbers in his mind at the age of five, and he was asked to count something in front of guests, while other children were asked to recite a poem. While at school, he became a passionate baseball player. Everything that he undertook came so easily to the young Greenspan that he simply did not know what he liked more. When he graduated from the George Washington School in 1943, under his photograph in the alumni album was the inscription: "Very smart and talented. Will play the saxophone and clarinet for you."
It took Alan another year to make up his mind, which he toured with the Henry Jerome Orchestra as a professional musician, playing saxophone and clarinet. The loose artistic life did not suit Alan, who was pedantic to the point of tediousness, and at the age of 18 he entered the School of Commerce at New York University. Still, music had a significant impact on Greenspan's career. Leonard Garment also played in the same ensemble, years later becoming the head of the group of advisers to US President Richard Nixon and patronizing Greenspan in his first "political" work in the team of the future president.
In 1948, Greenspan received a bachelor's degree, and two years later, a master's degree in economics. A little later, in 1952, he married the artist Joan Mitchell. However, their marriage broke up a year later. But Joan managed to introduce him to her friend and philosopher Ayn Rand, a bright personality who preached in her books the doctrine of the efficiency of the market as a "universal regulator" of all processes in life - up to social security and national issues. For example, from this position, Rand opposed charity, which, in her opinion, perverted the ideal mechanism of self-regulation of the market. Greenspan had a close outlook on life and maintained a friendship with Ayn Rand until her death in 1982.
In 1954, he and securities specialist William Townsend founded the Townsend-Greenspan consulting firm, which opened an office on Wall Street and acquired a clientele that successfully fed partners. Townsend died in 1958, and Alan became president and majority owner of the company. At this job, Greenspan met Arthur Burns, who ran the Federal Reserve in the 1970s. It was Burns who brought Greenspan's attention to government regulation of the financial system. And when, in 1974, his jazz bandmate Leonard Garment invited Greenspan to become President Nixon's economic adviser, the future career of America's future financial guru began to take a new turn. After becoming Nixon's economic adviser a month before his resignation, Greenspan remained in that post under the next president, Gerald Ford, until succeeding President James Carter fired Alan in 1977. Greenspan used this respite to complete a new master's degree from Columbia University in the practice of regulating public finances.
The removal from public office was short-lived - already in 1981, Greenspan headed the commission on the reform of the social insurance system in the administration of President Ronald Reagan. After that, he changed many positions, working as a kind of "jack of all trades" - under Reagan, he was a member of the presidential advisory council on intelligence, the commission on financial institutions and their regulation, the commission on transition to military service under contract and others.
The Greenspan Phenomenon at the Fed
Greenspan's ascension to the throne of the main regulator of the financial system of the United States was very modest - in 1987, the then chairman of the Federal Reserve, Paul Volcker, unexpectedly resigned. As his successor, President Ronald Reagan proposed Greenspan. Alan was 61 at the time, but he was confident in his ability to understand the needs of the world's largest economy. This was the chance for which Greenspan spent his whole life studying and defending master's theses. The head of the Fed has no right to advise anyone - and Alan liquidates his consulting company, in which he has worked all his life. In addition, the new post obliges not to be members of the boards of directors of companies - and Alan leaves very profitable places in the aluminum corporation Alcoa, J.P. Morgan bank, Mobil oil company and food giant General Foods. Greenspan embarks on the most ambitious task of his life. By the way, for the lowest salary among the heads of the central banks of the G7 countries - only $ 171,900 per year (the salary level of a qualified doctor, less than the income of an average cosmetic surgeon).
Now Alan gets up no later than half past five in the morning. But from his old habit - every morning for an hour and a half "soak" in the bath - he could not give up. True, the bathtub was radically altered especially for Greenspan. It has become narrow so that armrests and shelves for papers are conveniently located on its sides. Now Alan used his morning to the fullest, reading documents in the bath and preparing the texts of reports in the same place.
Very soon, Americans could no longer imagine how they could live without Greenspan. From the very beginning, he showed himself to be a supporter of a tight monetary policy with the main goal of controlling inflation. At the same time, he remained a consistent supporter of the liberal economy and - in defiance of the views of his own father - minimizing state intervention in it. Rarely speaking in public and almost never revealing the background of his decisions, he became famous for his literally pinpoint strikes, which nevertheless turned out to be incredibly effective.
Literally immediately after his appointment as head of the Fed, Greenspan faced the American "Black Friday" - October 19, 1987, when the Dow Jones fell by 508 points during the day. Alan then took a number of measures, later recognized as infallible.
From that moment on, Greenspan's actions began to be perceived as divine revelations, and he himself was called "the best head of the Fed in the twentieth century." The cunning and far-sighted Alan even put his incredible authority at the service of the American economy. Before publishing his next statutory investment report in the 1990s, he sold shares and bought government bonds with the proceeds. The publication of this information was sufficient for the price of shares to fall, and government securities to rise, and, as a result, the market "cooled down." In 1996, Greenspan managed to reduce the overheating of the stock market with the mere mention that, in his opinion, stocks did not fly too high. In 1998, Greenspan skillfully countered the impact on the American economy of the financial crises in Latin America, Southeast Asia and Russia by cutting the discount rate three times.
Critics of Greenspan blame him for a clear preference for only the most necessary measures, insisting on the need for a long-term monetary policy. Its striking manifestation is the completely opaque and poorly predictable policy of the Fed to change the discount rate. While most of the world's central banks operate within inflation targets, Greenspan, when making decisions, has never advertised the criteria from which he proceeds. Even his direct reports have repeatedly complained that they do not know how the Fed's policy will change tomorrow.
Nevertheless, Greenspan's actions led to the fact that in the late 1990s the US unemployment rate fell to the lowest level in more than two decades - 4%, and the inflation rate to 1.5%, the lowest level in the last 11 years. . Therefore, it is not surprising that Greenspan has remained the permanent head of the Fed under four US presidents, Democrats and Republicans. What Alan valued above all was what Texas Congressman Frank Eicard called being able to know "how many flathead bolts are used in a Chevrolet car and what will happen to the American economy if three of them stop tightening." And when the current President of the United States, George W. Bush, was asked what he would do first in the event of an economic emergency, he replied: "I will immediately contact Alan Greenspan."
It's time to get married
Meanwhile, Greenspan at the peak of his fame, in 1997, married a second time. This time, Andrea Mitchell, an international columnist for the American television company NBC, became his chosen one. Before that, Greenspan dated her for 12 years. The couple live in the suburbs of Washington, in Andrea's townhouse. They are often seen together at theatrical premieres, and Alan himself loves to play tennis. He is now 79 years old, and now he is ready to become a pensioner.
Ben Bernanke, Chairman of the Economic Council under President George W. Bush, will replace him as head of the Fed. And although Bernanke has repeatedly spoken about the need for the Fed to set targets that could make its policy more predictable, no one in the market takes these intentions seriously. After all, for this he will have to break the order established by "the best head of the Fed of the twentieth century." And this is the same as encroaching on the authority of the L-rd G-d.
Five Steps to the Fed Chair
1. At the age of five, he can add three-digit numbers in his head, but prefers to learn how to play the clarinet.
2. In search of a purpose in life, he tours with a jazz orchestra for a year after school with Leonard Garment, the future leader of the group of advisers to President Richard Nixon.
3. Decides to become an economist. After graduation, he organizes his own corporate consulting company.
4. At the age of 48, he became interested in the functioning of public finances and defended a new dissertation on this topic.
5. He got into the civil service, becoming an economic adviser to the US President Nixon's administration.
Way to make decisions:
Every morning, lying for an hour and a half in a specially designed bathroom, with armrests and shelves for papers. In order not to be late for work, Greenspan gets up at half past five in the morning.
The banker who walks by himself
Having served as head of the US Federal Reserve for 18 years, Alan Greenspan has repeatedly answered the question of his possible resignation as follows: "I myself will decide when it is time for me to leave. While I am full of strength and energy, I will still work hard so that America is a prosperous and stable state."
the person who, while holding the post of chairman of the Fed, was the first to introduce such a term as “irrational optimism”, the term itself described the behavior of all investors who dealt with the stock market, and Alan Greenspan was also able to foresee and directly express his opinion that in the coming years the euro will push the US dollar even further and in the near future will become its equal currency, or the main world currency, and of all six presidents with whom Alan Greenspan has worked all these years, George W. Bush managed to receive the most unflattering reviews
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Alan Greenspan is, definition
Alan Greenspan is is an American economist who is also "the best head of the 20th century", the man who established the monetary policy, whose biography is for people american dream where a person can achieve success solely on his own, as well as Alan Greenspan, a man who, thanks to diligence and his talent, made himself without the help of other people and politicians, having achieved success in everything, fame and great success, Alan began to represent a completely ideal American dream come true.
Alan Greenspan is the most powerful person in the world. Even more powerful than .
Alan Greenspan is American economist, Chairman of the Board of Governors of the US Federal Reserve System (1987-2006).
Alan Greenspan is a consistent republican, an adherent of liberal (in the Russian sense) views on the economy and. From the very beginning of his government activity, he showed himself as a supporter of a tight monetary policy in order to prevent excessive inflation, which earned him the respect of the entire US financial community.
Alan Greenspan is former Chairman of the Board of Governors of the US Federal Reserve Service (FRS) (1987-2006).
Alan Greenspan, what is it - a man who, thanks to his diligence and talent, made himself. Achieving prosperity, fame and success, Alan is the perfect embodiment of a dream in American terms.
Alan Greenspan what is this a virtuoso "maestro" of the American economy, an unsurpassed master of the art of "constructive ambiguity" and the most respected economist in the world.
Alan Greenspan where is it - is it Governors of the US Federal Reserve System.
Biography of Alan Greenspan
Born in 1926, in Washington Heights, New York, in a family of descendants of immigrants from Hungary and Romania - Herbert Greenspan and Rose Goldsmith. His parents divorced shortly after birth. Her father, Herbert, moved to Brooklyn, while Alan stayed with his mother, Rose. Alan began to be brought up in a large family of relatives of his mother (she was the youngest of 5 brothers and sisters) Goldsmiths.
Alan Murray's uncle was a pianist and, under the name Mario Silva, took part in the creation of the Broadway musical Song of Love, which was later made into a Hollywood film of the same name with Katharine Hepburn and Paul Henreid. Acquaintance with him aroused interest in music in Alan: he began to play the clarinet. Also in childhood, Alan was fond of arithmetic, he was even exhibited as a counter in public. Was among his hobbies and sports - he played baseball and loved to follow.
The book “Recovery Ahead!”, written by his father in 1935 and dedicated to Alan, could have influenced the formation as an economist. Alan Greenspan studied at George Washington High School from 1940 to 1943, along with John Kemeny, who later became A. Einstein's assistant and invented the BASIC language with Thomas Kurtz.
At this school in 1942, Alan became a professional musician in a group of 6 under the direction of Bill Sheiner. After leaving school, Alan stopped studying and continued to make a living performing. Among his colleagues was the later famous jazzman Stanley Getz, from communication with which Alan significantly improved his playing on the saxophone.
At this time, they found some kind of education in his lungs, because of which he was declared unfit for military service, which, however, turned out to be harmless. Then Alan moved to the Henry Jerome Orchestra, which did not achieve enduring fame, but had several well-known members: Johnny Mandel (English) (trombonist, author of the song "The Shadow of Your Smile" and music for the TV series M*A*S*H) , Stan Levy (English) (drummer, played with Charlie Parker), Larry Rivers, Lenny Garment (R.'s lawyer).
During breaks between performances, Alan Greenspan excelled by reading books far removed from music, such as Wall Street legends Jesse Livermore and J.P. Morgan.
In the fall of 1945, he entered the School of Commerce, Accounts and Finance at New York University, where he studied economics, including from the book General and Money by J. M.. After this school, the transition to New York University was a mere formality, where he received a bachelor's degree in 1948. In 1950 he received a master's degree in economics. He began his PhD preparation at Columbia University, but did not complete his degree until the 1970s.
In October 1952 he married Joan Mitchell, an art historian from Winnipeg, Manitoba; however, they only lived together for about a year. Alan Greenspan was an active member of the Ayn Rand Circle. In 1954, together with William Townsend, he founded the Townsend-Greenspan consulting company. Among other things predicted a recession in 1958. In 1974-1977 - Chairman of the Council of Economic Advisers under the President of the United States. In 1981-1983 - Chairman of the National Commission for the Reform of the Social Security System.
In 1987, he was appointed Chairman of the Board of Governors of the Federal Reserve after the resignation of Paul Volcker. He received his baptism of fire two months after the oath: in October 1987, it happened, which, thanks to the actions of the FRS and Greenspan himself, was successfully overcome in a short time. In the 1990s, he worked closely with the administration of Democratic President William Clinton, the result of their joint work was in 1998-2001.
In total, he served five terms in his post. He retired early in February 2006, shortly before his 80th birthday. Accused by some economists as the culprit of the 2008-2009 world. According to these economists, the inaction of the Fed in 2002-2006 led to the fall of the boom, which in turn caused ruin and the beginning of a protracted global crisis. As a result of his work, he wrote the book "The Map and the Territory".
The Greenspan Phenomenon at the Fed
Greenspan's ascension to the throne of the chief regulator of the United States financial system was very modest - in 1987, the then chairman of the Federal Reserve, Paul Volcker, unexpectedly resigned. As his successor, President Ronald proposed Greenspan. Alan at that time was already 61 years old, but he was confident in his ability to understand the needs of the largest.
President Ronald Ronald Wilson Reagan
This was the chance for which Greenspan spent his whole life studying and defending master's theses. The head of the Fed has no right to advise anyone - and Alan liquidates his consulting company, in which he has worked all his life. In addition, the new post obliges not to be members of the board of directors - and Alan leaves very profitable places in aluminum, J.P. Morgan bank, Mobil oil company and food giant General Foods.
Greenspan embarks on the most ambitious task of his life. By the way, for the lowest among the heads of central banks of the "big seven" countries - only $171,900 a year.
Now Alan gets up no later than half past five in the morning. But from his old habit - every morning for an hour and a half "soak" in the bath - he could not give up. True, the bathtub was radically altered especially for Greenspan. It has become narrow so that armrests and shelves for papers are conveniently located on its sides. Now Alan used his morning to the fullest, reading documents in the bath and preparing the texts of reports in the same place.
From the very beginning, he showed himself to be a supporter of a tight monetary policy with the main goal - control over. At the same time, he remained a consistent supporter of the liberal economy and - in defiance of the views of his own father - minimizing state intervention in it. Rarely speaking in public and almost never revealing the background of his decisions, he became famous for his literally pinpoint strikes, which nevertheless turned out to be incredibly effective.
Literally immediately after his appointment as head of the Fed, Greenspan faced the American "Black Friday" - October 19, 1987, when he fell by 508 points during the day. Alan then took a number of measures, later recognized as infallible.
The cunning and far-sighted Alan even put his incredible authority at the service of the American economy. Before the publication in the 1990s of the next required report on his financial investments, he sold shares and purchased with the proceeds.
The publication of this information was sufficient for the shares to fall, and government securities to rise and, as a result, "cool down". In 1996, Greenspan managed to bring down the overheating by just mentioning that he didn't think the stock had gone too high. In 1998, Greenspan skillfully countered the impact on the American economy of the financial crises in the Southeast, Southeast and Southeast by lowering the discount rate three times.
Critics of Greenspan blame him for a clear preference for only the most necessary measures, insisting on the need for a long-term monetary policy. Its striking manifestation is the completely opaque and poorly predictable policy of the Fed to change the discount rate. While most of the world's central banks operate within inflation targets, Greenspan, when making decisions, has never advertised the criteria from which he proceeds. Even his direct reports have repeatedly complained that they do not know how the Fed's policy will change tomorrow.
What Alan valued above all was what Texas Congressman Frank Eicard called being able to know "how many flathead bolts are used in a Chevrolet and what will happen to the American economy if three of them stop tightening." And when the current President of the United States, George W. Bush, was asked what he would do first in the event of an economic emergency, he replied: "I will immediately contact Alan Greenspan."
Alan Greenspan, who has been at the helm of the US financial system for more than 18 years, predicts an imminent collapse. A well-known economist said on the sidelines of an investment conference in Orleans that the constant pumping of the American economy with unsecured currency will eventually lead to hyperinflation and the depreciation of the "green".
Greenspan headed the US Federal Reserve System (FRS) from 1987 to 2006 and for more than 18 years actually determined the direction of the country's monetary policy. Many call him the main culprit of the 2008 crisis.
According to Brian Lundin, a well-known American editor of the Gold Newsletter, in a private conversation, Greenspan shared with him his fears about the fate of the American economy. In the words of the former chairman of the Fed, the United States needs to prepare for "something big", and this "something" could turn into tragic events.
"Greenspan is very concerned about the rate of inflation," says Lundin. “He is most concerned about the fact that the Fed’s balance sheet has accumulated incredible reserves of fiat currency - about $ 3 trillion, and these hang over the US economy like a huge bubble that can burst at any moment.”
Another infusion of dollars into the American economy, which will definitely happen sooner or later, the financier is convinced, can become a spark. “He is absolutely sure that the release of excess to free markets will inevitably lead to a sharp rise in the price of gold and a jump in inflation,” said Lundin.
“Greenspan outlined a completely correct scenario,” agrees the well-known Russian economist Mikhail Khazin. “If the United States has nothing left to do but print dollars to resolve the current crisis, then America is really in for hyperinflation and a depreciation of the dollar.”
When the dollar bubble finally bursts, the cost of life for ordinary Americans will rise several times, Greenspan is sure. Faced with the fact that they can not afford food, people will take to the streets - mass riots will begin. "The government is doing nothing and just hoping to get through it," Lundin relays Greenspan's words.
It's time for Greenspan to marry a second time
Meanwhile, Greenspan at the peak of his fame, in 1997, married a second time. This time, Andrea Mitchell, an international columnist for the American television company NBC, became his chosen one. Before that, Greenspan dated her for 12 years. The couple live in the suburbs of Washington, in Andrea's townhouse. They are often seen together at the theater, and Alan himself loves to play tennis. He is now 79 years old, and now he is ready to become a pensioner.
He is succeeded as head of the Fed by the Chairman of the Economic Council under President George W. Bush. And although Bernanke has repeatedly spoken about the need for the Fed to set targets that could make its policy more predictable, no one in the market takes these intentions seriously. After all, for this he will have to break the order established by "the best head of the Fed of the twentieth century." And this is the same as encroaching on the authority of the L-rd G-d.
Greenspan's Five Steps to the Fed Chair
1. At the age of five, he can add three-digit numbers in his head, but prefers to learn how to play the clarinet.
2. In search of a purpose in life, he tours with a jazz orchestra for a year after school with Leonard Garment, the future leader of the group of advisers to President Richard R. Nixon.
3. Decides to become an economist. After graduation, he organizes his own corporate consulting company.
4. At the age of 48, he became interested in the functioning of public finances and defended a new dissertation on this topic.
5. He got into the civil service, becoming an economic adviser to the administration of US President Nixon R ..
Richard Milhouse Richard Nixon 37th President of the United States of America
Banker Greenspan, who walks by himself
Having served as head of the US Federal Reserve for 18 years, Alan Greenspan has repeatedly answered the question of his possible resignation as follows: "I myself will decide when it is time for me to leave. While I am full of strength and energy, I will still work hard so that America is a prosperous and stable state."
Alan Greenspan threw a bucket of water on his wife, TV presenter Andrea Mitchell
Alan Greenspan threw a bucket of water on his wife, TV presenter Andrea Mitchell, as part of the ALS Ice Bucket Challenge. Recall, pouring a bucket of cold water on themselves, celebrities take part in a charity event to combat amyotrophic lateral sclerosis.
MSNBC TV presenter Andrea Mitchell took over from Debbie Wasserman-Schultz, Rep. from Florida. Andrea's husband, Alan Greenspan, poured a bucket of cold water over her head in the video. Greenspan was Fed chief from 1987 to 2006 .
In the early stages of the formation of a monetary economy, it is possible to use several means of exchange simultaneously, since the above conditions will be met by very wide range goods. Nevertheless, one of the goods will gradually crowd out all the others, since it will be accepted in exchange by a wider circle of people.
Preferences for what is considered a store of value will shift in favor of a commodity accepted in exchange by a wider circle of people, further expanding this circle. Ultimately, this commodity will become the only medium of exchange. The use of a single intermediary good is highly advantageous for the same reasons that a money economy is preferable to a barter economy: it allows for exchange on an immeasurably larger scale.
Gold, silver, sea shells, cattle or tobacco can be a single intermediary in exchanges - it depends on the specific situation and the level of this economy. In fact, as a medium of exchange in different time almost everything has been used. Even in this century, the two main commodities, gold and silver, have been used as an international medium of exchange, with gold slowly beginning to dominate.
Having both an artistic and functional purpose and being a relatively rare commodity, gold has significant advantages over all other means of exchange. If all goods and services were to be paid for in gold, then it would be difficult to make large payments, and this would lead to a limitation in the level of division of labor and specialization in society.
In this regard, the logical continuation of the creation of a medium of exchange is the emergence and development of credit instruments (and), which act as substitutes for gold, but are exchanged for gold.
A free banking system based on gold allows expansion by issuing banknotes (cash) and creating deposits according to the production needs of the economy. Private owners of gold receive an incentive - in the form of interest payments - to place their gold in a bank on deposit (to which they can draw). At the same time, since it is very low that everyone suddenly wants to withdraw all their gold at the same time, the banker is required to keep only a part of the collected deposits in gold as a reserve.
This allows him to lend more than the amount of his gold (i.e., as security for his deposits, he does not keep gold, but claims on gold). However, the total amount of credit he can provide is not arbitrary: he must measure this amount against reserves and current state their investments.
When the bank allocates money to fund productive and profitable projects, the loans repay fairly quickly and bank credit continues to be publicly available. However, if bank-financed loans are less profitable and pay off slowly, bankers soon find that the amount of loans in relation to them becomes excessive, and reduce the issuance of new loans, usually by raising interest rates.
This limits the funding of new ventures and requires those with outstanding loans to improve their profitability before they can get credit for further expansion. Thus, under the gold standard, a free banking system acts as a guarantor of economic stability and balanced growth.
Credit conditions, interest rates and prices in all countries are formed, as a rule, according to the same model. For example, if banks in a country extend credit too generously, interest rates in that country should go down, encouraging savers to transfer their gold to foreign banks that pay higher interest rates. This will immediately entail a reduction in bank reserves in the country with "easy money", which will lead to a tightening of credit conditions and a return to the previous, higher interest rates.
A completely free banking system and a consistent gold standard have never been achieved anywhere. Nevertheless, before the First World War, the banking system of the United States (as well as many other countries) was based on gold, and even despite occasional government intervention, the banking system could be called free, not regulated.
Periodically, as a result of too rapid credit expansion, banks exhausted their gold reserves, interest rates rose sharply, further lending ceased, and the economy experienced a period of sharp but short-lived recession. (Compared to the depressions of 1920 and 1932, these earlier economic downturns were truly mild.) It was limited gold reserves that stopped the imbalanced growth in business activity, preventing it from developing into a catastrophe like those that occurred after the First World War.
Adjustment periods were short and the economy was quickly on a solid footing to resume growth. But this cure has been erroneously characterized as a disease: if a shortage of bank reserves leads to a recession, as advocates of government intervention believed, then why not find a way to increase bank reserves so that banks never run short!
If banks can lend money without any restrictions, as was argued then, then no crises in the economy will have to wait. For this, the Federal Reserve System was founded in 1913. It consisted of twelve regional Federal Reserve Banks, nominally owned by private bankers, but in reality they were financed, controlled and supported by the state.
The credit expansion carried out by these banks was backed up in practice (although it was not legalized) by the federal government's right to tax. Individuals were still entitled to own gold, and gold continued to be used as a bank reserve. However, now, in addition to gold, credit extended by the Federal Reserve Banks (“paper reserves”) could serve as a legal means for paying on deposits.
When the United States faced a slight decline in business activity in 1927, the Federal Reserve increased its paper reserves in an effort to preempt any possible bank reserves. More disastrous, however, was the attempt by the Federal Reserve to bail out gold that was flowing to the US, as the UK Central Bank refused to allow the growth interest rates when it was dictated by market forces (this was politically unacceptable).
Central Bank of Great Britain
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Alan Greenspan was born in Brooklyn on March 6, 1926 to German immigrants. His father was a stock broker. When Alan was five years old, his parents divorced, and he and his mother moved to New York. And although Father Herbert Greenspan was a well-known professional and even somehow presented nine-year-old Alan with his book Ahead - Out of the Crisis (about the need for government stimulation of the economy), his influence on the formation of his son's personality was small.
Alan had already learned to add three-digit numbers in his head at the age of five, and he was asked to count something in front of guests, while other children were asked to recite a poem. At the same time, at school, he studied playing the clarinet and saxophone. Everything that he undertook came so easily to the young Greenspan that he simply did not know what he liked more. When he graduated from the George Washington School in 1943, under his photograph in the alumni album was the inscription: "Very smart and talented."
It took Alan another year to make up his mind, which he toured with the Henry Jerome Orchestra as a professional musician, playing saxophone and clarinet. The loose artistic life did not suit Alan, who was pedantic to the point of tediousness, and at the age of 18 he entered the School of Commerce at New York University. In 1948, Greenspan received a bachelor's degree, and two years later, a master's degree in economics.
In 1954, Alan, along with securities specialist William Townsend, founded the Townsend-Greenspan consulting company, which opened an office on Wall Street and acquired a clientele that successfully fed partners. Townsend died in 1958, and Alan became president and majority owner of the company. At this job, Greenspan met Arthur Burns, who led the Federal Reserve System in the 70s. It was Burns who brought Greenspan's attention to government regulation of the financial system. And when, in 1974, his jazz bandmate Leonard Garment invited Greenspan to become President Nixon's economic adviser, the future career of America's future financial guru began to take a new turn. After becoming Nixon's economic adviser a month before his resignation, Greenspan remained in that post under the next president, Gerald Ford, until his successor, James Carter, fired Alan in 1977. Greenspan used this respite to complete a new master's degree from Columbia University in the practice of regulating public finances.
The removal from public office was short-lived - already in 1981, Greenspan headed the commission on social security reform in the administration of President Ronald Reagan, then was a member of the presidential advisory council on intelligence, the commission on financial institutions and their regulation, the commission on the transition to military service under the contract and others. After that, he changed many positions, working as a kind of "jack of all trades."
His numerous speeches at symposiums and conferences, in Congress invariably arouse great interest in the world economic and financial community. Greenspan's accomplishments have been recognized in his many awards. He was elected an honorary professor at the leading American and foreign universities - Harvard, Yale, Pennsylvania, Notre Dame, was awarded the honorary badge of the American Institute of Public Service, and was awarded the French Legion of Honor.
GREENSPAN'S APPEARANCE TO THE PEOPLE
Greenspan's ascension to the throne of the chief regulator of the financial system of the United States was very modest - in 1987, the then chairman of the Federal Reserve, Paul Volcker, unexpectedly resigned. As his successor, President Ronald Reagan proposed Greenspan. Alan was 61 years old at the time, but he was confident in his ability to understand the needs of the world's largest economy. This was the chance for which Greenspan studied all his life and defended his master's theses. The head of the Fed has no right to advise anyone - and Alan liquidates his consulting company, in which he worked all his life. In addition, the new post obliges not to be members of the boards of directors of companies - and Alan leaves very profitable places in the Alcoa aluminum corporation, J.P. Morgan bank, Mobil oil company and food giant Genegal Foods. Greenspan embarks on the most ambitious task of his life. By the way, for the lowest salary among the heads of central banks of the G7 countries - only $ 171,900 per year (the salary level of a qualified doctor, less than the income of an average cosmetic surgeon).
Very soon, Americans could no longer imagine how they could live without Greenspan. From the very beginning, he showed himself to be a supporter of a tight monetary policy with the main goal of controlling inflation. At the same time, he remained a consistent supporter of the liberal economy and, in defiance of the views of his own father, the minimization of state intervention in it. Rarely speaking in public and almost never revealing the background of his decisions, he became famous for his literally pinpoint strikes, which nevertheless turned out to be incredibly effective.
Literally immediately after his appointment as head of the Fed, Greenspan faced the American "Black Friday" - October 19, 1987, when the Dow Jones fell by 508 points during the day. Alan then took a number of measures, later recognized as infallible.
FINANCIAL GURU OF THE 20TH CENTURY
From that moment on, Greenspan's actions began to be perceived as divine revelations, and he himself was called "the best head of the Fed in the 20th century." The cunning and far-sighted Alan even put his incredible authority at the service of the American economy. Before the publication in the 90s of the next statutory report on his financial investments, he sold shares and purchased government bonds with the proceeds. The disclosure of this information was enough for the price of shares to fall, and for government securities to rise, and, as a result, the market “cooled down”. In 1996, Greenspan managed to reduce the overheating of the stock market with the mere mention that, in his opinion, stocks did not fly too high. In 1998, Greenspan skillfully countered the impact on the American economy of the financial crises in Latin America, Southeast Asia and Russia by cutting the discount rate three times.
Critics of Greenspan blame him for a clear preference for only the most necessary measures, insisting on the need for a long-term monetary policy. Its striking manifestation is the completely opaque and poorly predictable policy of the Fed to change the discount rate. While most of the world's central banks operate within inflation targets, Greenspan, when making decisions, has never advertised the criteria from which he proceeds. Even his direct reports have repeatedly complained that they do not know how the Fed's policy will change tomorrow.
Nevertheless, Greenspan's actions led to the fact that in the late 90s the US unemployment rate fell to the lowest level in more than two decades - 4%, and the inflation rate to 1.5%, the lowest level in the last 11 years. Therefore, it is not surprising that Greenspan has remained the permanent head of the Fed under four US presidents, Democrats and Republicans. What Alan valued above all was what Texas Rep. Frank Eicard called being able to know "how many flathead bolts are used in a Chevrolet car and what would happen to the American economy if three of them were left unscrewed." And when US President George W. Bush was asked what he would do first in the event of an economic emergency, he replied: "I will immediately contact Alan Greenspan."
Alan Greenspan was born in March 1926 in Brooklyn, in an area called "Frankfurt on the Hudson" because many Jewish immigrants from Germany settled there. The parents of his father, a stockbroker, were also from Germany. By maternal line his ancestors were immigrants from Poland. When Alan was 5 years old, his parents divorced and he was raised by his mother and her parents. His mother, Rose, after the divorce, moved with Alan to her parents in a small 2-room apartment in a six-story building on the corner of Broadway and 163rd Street and went to work in a furniture store. Next to them lived the family of Rose's sister, Mary, and her husband, Jacob Halpert, who had two children, a boy and a girl. It was with them and with their father that young Alan spent most of his time.
Protectionist policies will not help us in creating new jobs, because if foreigners want to fight it, we will certainly continue to see job losses continue.
When Alan Greenspan was 9 years old, his father, on one of his infrequent visits, presented him with his recently published book, which was called Ahead - the way out of the crisis. In it, Herbert Greenspan argued for the need for government programs to stimulate the economy. Who knows, maybe it was this book by my father that already aroused interest or, at least, curiosity in economics among the future head of the Fed. Moreover, already in childhood, young Alan Greenspan was distinguished by outstanding abilities. At the age of 5, he could freely add up three-digit numbers in his mind. His mother often demonstrated this skill to guests and neighbors. At school, he clearly stood out among his peers, according to their reviews, "Alan always did great things". At the same time, he grew normal child: playing with friends, doing sports.
In 1952, Alan Greenspan married Joan Mitchell, an artist. However, their marriage was short-lived - they broke up after a year. But it was his first wife who introduced Alan to Ayn Rand, a writer and social philosopher whose views had a strong influence on the young Greenspan. It was Ayn Rand who, according to Alan Greenspan, made him think that "capitalism is not only an efficient and practical system, but also a moral one". Greenspan and Rand remained friends until her death in 1982. Alan Greenspan decided to enter into a second marriage only 45 years after the first, in 1997, after 12 years of relationship with a new chosen one - Andrea Mitchell, an international journalist from the NBC television company.
Greenspan received a bachelor's degree in 1948 and a master's degree in economics in 1950 from New York University. He was briefly a graduate student at Columbia University, and in 1977 he received his Ph.D. in economics from New York University.
Alan Greenspan's career
After graduating from university, Alan Greenspan held important government economic positions and also worked in private business.
During the periods 1954-74 and 1977-87. Alan Greenspan served as chairman and president of Townsend-Greenspan & Co., a private advisory firm he co-founded with securities specialist William Townsend. After Townsend's death in 1958, Greenspan became the principal owner of the company. In 1974, he accepted President Richard Nixon's offer to chair the President's Council of Economic Advisers, the nation's important economic policy body.
He took over the board on September 1, 1974, a month before Nixon's resignation, and continued to serve under President Gerald Ford until President James Carter took office in 1977. Another important government position held by Alan Greenspan already under Reagan in 1981-83 was chairman of the National Commission on Social Security Reform.
When in 1987 the former chairman of the Federal Reserve System (US Central Bank) Paul Volcker unexpectedly resigned, President Reagan proposed Greenspan as his successor. After that, Alan Greenspan closed his consulting company and focused on government work.
In addition to the civil service, Greenspan managed to work hard in the private sector: he was a corporate director in the Aluminum Company America, in the corporations Automatic Data Processing, General Foods, JP Morgan, Mobil, and a member of the board of trustees of the research corporation " Rand, director of the Institute for International Economics, member of the Supervisory Board of the Hoover Institution. The entire track record would take up too much space. His knowledge, ability to think strategically, make correct forecasts were always in demand. At the same time, it is curious that Alan Greenspan - one of the most staunch supporters and advocates of the free market and entrepreneurship - spent most of his life in the civil service. Some of his close associates even believe that he is doing this on purpose to make it easier to fight from within the main evil of capitalism - the bureaucracy and the state itself.
American economy savior Alan Greenspan
Alan Greenspan is a consistent Republican, an adherent of liberal (in the Russian sense) views on the economy and economic policy. From the very beginning of his government activity, he showed himself as a supporter of a tight monetary policy in order to prevent excessive inflation, which earned him the respect of the entire US financial community. In America, they believe that it was Alan Greenspan who, thanks to a skillful monetary policy, managed to minimize the devastating consequences for the economy of the so-called "Black Friday" - the stock market crash on October 19, 1987, when the Dow Jones index fell by 508 points.
As a result of the actions of the head of the Fed, the collapse of stock market turned out to be much less painful for the US economy. In his subsequent work, Alan Greenspan concentrated on fighting inflation. He managed to convince the new president, Bill Clinton, of the correctness of his approaches and continued to work for a democratic administration. In 1996, according to many experts, Greenspan was able to reduce the “overheating” of the stock market with just one mention of the fact that stocks on the stock exchange soared, in his opinion, too high. A massive sale of shares began and the situation on the stock exchange was discharged.
In 1998, Alan Greenspan skillfully countered the impact on the American economy of the financial crises in Latin America, Southeast Asia, and Russia by persuading his Fed colleagues to lower the discount rate three times. Largely due to the policy of the head of the Fed in the late 90s, the unemployment rate in the country reached its lowest level in more than two decades (4%), and the inflation rate to its lowest level in 11 years (1.5% year on year).
No crisis is like another, but each of them is based on the same reason: in a period of prosperity, people tend to believe that the favorable time will not dry up and will last even longer.
However, it would be wrong to say that Greenspan has no opponents and critics. For example, George Grant, publisher of the Interest Rate Review magazine, argues that it was Greenspan's fault that in the late 1990s a huge soap bubble "inflated" on the American stock exchange, which led to excessive investment in the economy, its "overheating" and the threat of inflation. According to some experts, it was the head of the Fed who mistakenly recommended raising the discount rate in 1998 and 2000, which led to the economic recession in March 2001.
Sometimes critics accuse Alan Greenspan of using a predominantly "anti-crisis approach" in the Fed's activities, and long-term monetary policy is required. As Rich Miller, a columnist for the influential Business Week magazine, points out, “if such a policy really existed, then in July 2003 the discount rate should have been cut by 0.5 percentage points instead of 0.25, as the Fed did”. As some analysts believe, in the stagnation of the early 2000s, the loss of confidence in the Fed's policy in the United States did take place among American and foreign investors.
He consistently continued to oppose the growing protectionism in US economic policy. Despite the growing US trade deficit, Alan Greenspan firmly believes that protectionism can harm the competitiveness of US companies in a globalizing economy. For example, in a speech at the Cato Institute in November 2003, Greenspan expressed dismay at the growing balance of payments deficit, which reached 5% of GDP ($480 billion), well above the previous record of 3.5% of GDP in 1986. Together However, he stressed that the undoubted evidence of the strength of the US economy today is the absence of signs of any inflationary pressure on the economy, despite the fact that over the past 2 years the dollar has fallen in price against other major world currencies by about 20%.
Money Maestro
At least twice a year, the head of the Federal Reserve System speaks to the US Congress with a report on the situation in the economy and in the field of finance. Politicians and analysts around the world listen carefully to his words. From one forecast of the head of the Fed, stock quotes can soar up or fall. Aware of his influence, Alan Greenspan often tries to be rather vague and ambiguous. He himself owns the phrase: “If I seem too clear to you, then it is very likely that you did not understand me”. In fact, his style of speech has become so cautious and ambiguous that even his wife is said to have to ask him twice what he wants. Perhaps in this caution and in the awareness of his economic influence lies the secret of his power?
Alan Greenspan regularly speaks in the scientific and economic press on the most pressing economic issues. So, among his works, for example:
- "Global Economic Integration: Opportunities and Challenges", 2001;
- "Income Inequality: Issues and Policy Options", 2002.
His numerous speeches at symposiums and conferences, in Congress invariably arouse great interest in the American and world economic and financial community. Greenspan's accomplishments have been recognized in his many awards. He was elected an honorary professor at the leading American and foreign universities - Harvard, Yale, Pennsylvania, Notre Dame, was awarded the honorary badge of the American Institute of Public Administration, and was awarded the French Legion of Honor.
Even in the computer age, traditional brick-and-mortar walls give us a sense of security.
Curiously, Alan Greenspan's salary is the lowest among G7 central bankers: "only" $171,900 a year. For example, the head of the Italian Central Bank receives 743 thousand dollars, and the Bank of England - 446 thousand dollars a year. However, the name of the head of the US Federal Reserve is clearly much more famous than the names of many of his colleagues, and, of course, his authority is higher. Maybe even for a banker money does not always bring happiness. Moreover, news from Alan Greenspan is always very important and can significantly affect the economic situation in the whole world.
Thus, Alan Greenspan served as the head of the Fed for 18.5 years, during which time 4 US Presidents were replaced.
Subsequently, in 2011, the Commission of Inquiry into the Causes of the Crisis found that the 2008 global financial crisis was due to Greenspan's failure to stop trading. securities in the conditions of a soap bubble and financial deregulation.
Books by Alan Greenspan
You can also read about Alan Greenspan's career in a book by Takkill Jerome called.
We also offer to watch a video about Alan Greenspan (in English)
