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A central Banker reminisces, comments on present turbulence and reflects on the future,
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This review is from: The Age of Turbulence: Adventures in a New World (Hardcover)
Alan Greenspan as chairman of the Federal Reserve for almost two decades was at 'the commanding heights' of policy making in the world's most powerful economy. During his tenure the American Economy enjoyed remarkably good health which contributed to the almost iconic status of the author.
Interestingly for a banker, the book is excellent in that it is both intelligently written and pleasantly read. On occasions it is lively and candid. In this regard the author criticises President Bush for not exercising restraint in public spending while asserting that the Iraq war was largely about oil.
The first half of the book comprise reminiscences of the author while in the balance he reflects on the main economic issues which will confront governments in the decades to come.
The author relates America's economic history since the 1950s through his experience in business and in government and at the Federal Reserve Board. He comments on America's Presidents from Nixon to Bush and British Prime Ministers from Margaret Thatcher to Tony Blair.
Compared to only twenty years ago, the new financial world is turbulent - hence the title of the book - more flexible, resilient, open and fast changing.
Reflecting on the future the author speculates on China's prospects, Russia's prospects, Latin America's prospects, demographics, corporate governance, inequality, energy and the like.
Mr Greenspan has been criticised for not acting pre-emptively by keeping interest rates low for too long and thus precipitating bubbles in the stockmarket and real estate. He acknowledges the criticism but maintains his stance.
This popular book should appeal to a wide readership interested in World Economics