Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy

The Two Faces Of Alan Greenspan

October 19, 1987, is known as Black Monday, the day the New York Stock Exchange suffered the worst crash in history, with a banf that echoed around the world. The Dow Jones Index (the Dow in short) then sank 22.6 percent, almost double the single-day drop in the motorious crash of 1929. From toronto to Tokyo. London to Sydney, Buenos Aires to Brasilia, share markets shed tears, mourning the demise of the Dow. Wall Street and investors across the globe agonized over a bleak future. They had been caught off guard, because no financial wizard had foreseen the debacle. But in one of financial history’s biggest ironies, Black Monday launched thebrilliant future of someone named Alan Greenspan It propelled him into glory and celebrity, giving him unprecedented influence over the global economy.

Barely two months before the disaster of dow, with large bipartisan support, Greenspan had been appointed the chairman of the Federal Reserve (the Fed in short), a coterie of 12 regional banks that control the levers of money supply in the United States. He came with no banking experience; his credentials as an econmist were considered by some to be mediocre, but he had foresight and business acumen that few can develop from their scholarship alone. He had not done any path-breaking work in economics, at least none that was commonly cited. Yet he was savvy enough to know when to open and shut the money pump that lubricates financial markets. He had made his marks through business forecasting, which had brought him close to big firms on wall street.

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