In a number of ways and a number of times Alan Greenspan shares his view that a
‘Central Bank’, the Federal Reserve, and paper money are an imperfect but necessary
compromise with populism and democracy. In a round about way he cuts the base out of
the notion that an ‘asset based’ currency devoid of social manipulation is possible.
Instead he also in an indirect way shows his belief that the competition between
currencies and the market’s judgment of fiscal soundness is a surrogate for the efficacy of
a pure currency. Right now, America’s fiscal management is being judged in a negative
way which will bring about a re-balancing of value of sorts.
And that brings me to Alan Greenspan’s most solid tenet … that of open markets. The
more open and transparent free markets in all assets become, the more monetarily and
socially wealthy we will become.
But I’ve only told you about the plot of his book and not about the characters.
Like all the omnibus books of our time, Greenspan’s is laced with characters. The
presidents start with Nixon, who he originally liked and because of him became politically
involved to George Bush Jr. who appointed him for his last term as chairman of the Fed.
The most interesting discussion is that of Nixon, who disappointed him intensely over
time. Apparently on the surface he was a congenial, gregarious and charming man … but
in his private moments was mean, nasty and a bully. This schism in Nixon’s personality
caused Greenspan to quietly step away from direct involvement in politics and to view
things in less an idealistic fashion.
Later, he almost comes back around politically when working with Gerald Ford, who by all
accounts fit all the aspirations of the presidency and of leadership in general. It appears
from his description that Gerry kept Alan a Republican.
Of course, there is his almost ungracious relationship that is illustrated in some photo ops
included with the Clintons. To this day even Clinton’s inner circle take council with Alan as
was obvious when George Stephanopoulus interviewed him about this book on ABC’s
‘This Week’ and talked about old times in an almost clubby fashion. Alan Greenspan and
Bill Clinton worked well together and almost inoculated America from Republicanism.
At the end of his book, Greenspan goes through the ground work of what he believes is
developing in the future. Although optimistic, he believes the advances in ‘market
economics’ made over the last 30 years are under attack from a few corners. Populism
driven by an anti-globalization sentiment seeks to regulate certain facets of emergent
global commerce which could make systems more rigid and vulnerable to sharp down
turns. The wealth divide accelerating in the US largely because of a failed education
system is making the incredible center of acceptance for the ‘creative destruction’ of
capitalism wane opening up the institutions to conservative forces again which could
create rigidity and allow events to be more traumatic. And then there are the issues
discussed more often … corporate governance, baby boom retirement liabilities, and
‘peak oil’ or the coming ‘energy squeeze’. All these are challenges to a system that grew
out of the notion of an invisible hand, but he goes on to conclude his book with a chapter,
the Delphic Future.
To paraphrase his final chapter, our future rests in economic productivity, and like many
observers he sees us in the midst of a ‘information revolution’ that will make a few turns
along the way. So despite the many challenges we face, he sees us progressing to a
more fulfilling place and mankind advancing socially with technology and markets.
So, in the end, this book is a must read. While reading one of those other tomes, you
could be forgiven for screaming ‘Where’s the Beef !’, but Greenspan delivers page after
page of easy to read and satisfying morsels.
The only disappointment in this book is his suave incorporation of his past idealism into
his 'evolution' (as I alluded to earlier) and that this radicalism is excused in his discussion
of democracy, populism, and the role of the central bank ... and then as mentioned his
departure from 'scrooge' capitalism to a discussion of how income disparity, and the
ebbing of populist sentiment as one of the biggest threats to market capitalism. This
brings me to his lack of discussion about his Randian peers, his departure from the
puritanism, and finally where does he feel he stands now relative to the 'objectivist'
movement. Is he the 'evolutionary' step to its future?
So I have to take half a point away for keeping the juiciest parts private, but overall this
book is a gem because of its relavence, clarity, and simply because its fun to read. So it's
a 9.5 out of 10.
len
‘Central Bank’, the Federal Reserve, and paper money are an imperfect but necessary
compromise with populism and democracy. In a round about way he cuts the base out of
the notion that an ‘asset based’ currency devoid of social manipulation is possible.
Instead he also in an indirect way shows his belief that the competition between
currencies and the market’s judgment of fiscal soundness is a surrogate for the efficacy of
a pure currency. Right now, America’s fiscal management is being judged in a negative
way which will bring about a re-balancing of value of sorts.
And that brings me to Alan Greenspan’s most solid tenet … that of open markets. The
more open and transparent free markets in all assets become, the more monetarily and
socially wealthy we will become.
But I’ve only told you about the plot of his book and not about the characters.
Like all the omnibus books of our time, Greenspan’s is laced with characters. The
presidents start with Nixon, who he originally liked and because of him became politically
involved to George Bush Jr. who appointed him for his last term as chairman of the Fed.
The most interesting discussion is that of Nixon, who disappointed him intensely over
time. Apparently on the surface he was a congenial, gregarious and charming man … but
in his private moments was mean, nasty and a bully. This schism in Nixon’s personality
caused Greenspan to quietly step away from direct involvement in politics and to view
things in less an idealistic fashion.
Later, he almost comes back around politically when working with Gerald Ford, who by all
accounts fit all the aspirations of the presidency and of leadership in general. It appears
from his description that Gerry kept Alan a Republican.
Of course, there is his almost ungracious relationship that is illustrated in some photo ops
included with the Clintons. To this day even Clinton’s inner circle take council with Alan as
was obvious when George Stephanopoulus interviewed him about this book on ABC’s
‘This Week’ and talked about old times in an almost clubby fashion. Alan Greenspan and
Bill Clinton worked well together and almost inoculated America from Republicanism.
At the end of his book, Greenspan goes through the ground work of what he believes is
developing in the future. Although optimistic, he believes the advances in ‘market
economics’ made over the last 30 years are under attack from a few corners. Populism
driven by an anti-globalization sentiment seeks to regulate certain facets of emergent
global commerce which could make systems more rigid and vulnerable to sharp down
turns. The wealth divide accelerating in the US largely because of a failed education
system is making the incredible center of acceptance for the ‘creative destruction’ of
capitalism wane opening up the institutions to conservative forces again which could
create rigidity and allow events to be more traumatic. And then there are the issues
discussed more often … corporate governance, baby boom retirement liabilities, and
‘peak oil’ or the coming ‘energy squeeze’. All these are challenges to a system that grew
out of the notion of an invisible hand, but he goes on to conclude his book with a chapter,
the Delphic Future.
To paraphrase his final chapter, our future rests in economic productivity, and like many
observers he sees us in the midst of a ‘information revolution’ that will make a few turns
along the way. So despite the many challenges we face, he sees us progressing to a
more fulfilling place and mankind advancing socially with technology and markets.
So, in the end, this book is a must read. While reading one of those other tomes, you
could be forgiven for screaming ‘Where’s the Beef !’, but Greenspan delivers page after
page of easy to read and satisfying morsels.
The only disappointment in this book is his suave incorporation of his past idealism into
his 'evolution' (as I alluded to earlier) and that this radicalism is excused in his discussion
of democracy, populism, and the role of the central bank ... and then as mentioned his
departure from 'scrooge' capitalism to a discussion of how income disparity, and the
ebbing of populist sentiment as one of the biggest threats to market capitalism. This
brings me to his lack of discussion about his Randian peers, his departure from the
puritanism, and finally where does he feel he stands now relative to the 'objectivist'
movement. Is he the 'evolutionary' step to its future?
So I have to take half a point away for keeping the juiciest parts private, but overall this
book is a gem because of its relavence, clarity, and simply because its fun to read. So it's
a 9.5 out of 10.
len
How many omnibus books have I tried to read that speak to the
events that led to our present day times. Forget Chretien, Clinton,
Mulroney, Obama, or the many others … the version worth reading
and easy to read is by the master of obfuscation and king of paper
money, Alan Greenspan.
You could call his book, “The Age of Turbulence”, an autobiography
but it is more than that. It is more a book about what he sees
around him, but to frame the reference he speaks of himself to start
with.
It is kind of amazing for the chairman of the federal reserve to hold
onto his many views through his life including his essays expounding
the gold standard in Ayn Rand’s collection called “Capitalism, The
Unknown Ideal.” He describes his changing view as a maturation or
evolution of his knowledge of economics, to cut to the chase. Also
incredible is his description of Ayn Rand as an old friend and mentor
that side swipes the acrimony that some of her more stringent
disciples hold for him.
events that led to our present day times. Forget Chretien, Clinton,
Mulroney, Obama, or the many others … the version worth reading
and easy to read is by the master of obfuscation and king of paper
money, Alan Greenspan.
You could call his book, “The Age of Turbulence”, an autobiography
but it is more than that. It is more a book about what he sees
around him, but to frame the reference he speaks of himself to start
with.
It is kind of amazing for the chairman of the federal reserve to hold
onto his many views through his life including his essays expounding
the gold standard in Ayn Rand’s collection called “Capitalism, The
Unknown Ideal.” He describes his changing view as a maturation or
evolution of his knowledge of economics, to cut to the chase. Also
incredible is his description of Ayn Rand as an old friend and mentor
that side swipes the acrimony that some of her more stringent
disciples hold for him.
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Copyright © 2007 itsonlysteam.com
The Age of Turbulence (Adventures in a New World)
by Alan Greenspan rating: 9.5/10.0
Contributor: len
Twentieth Century Fades (version Greenspan)
by Alan Greenspan rating: 9.5/10.0
Contributor: len
Twentieth Century Fades (version Greenspan)