The Age of Turbulence: Adventures in a New World by Alan Greenspan - Paperback

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

Awesome..highly recommended seller...Awesome..highly recommended seller...

Greenspan's early interactions with politicians in the US well worth reading. He has 100% confidence that he could run the economy to target just after WWII. Hung out with the Ayn Rand intellectual crowd. Gets a bit woolly with age, events seem to be getting out of his control.

Every major reviewer, minor reviewer and broadcast personality has taken one or two sentences from this book and made an entire production of it. Well, this book is far more than one sentence or one sound bite. Alan Greenspan has given us the wisdom and experience of a man with years of rich living and a tremendous base of knowledge. He has allowed us into his private world.Greenspan writes with a keen and biting wit. He writes with a deep interest and concern for this country and its people. I was impressed with the fact that everything he writes about have exact dates and many have the time of day that they happened. He even mentions how long some of his telephone and in-person conversations and meetings were. This includes some dates well before he was in public life --- many decades ago. One is made aware of the fact that he surely was not keeping a diary in his twenties. Yet all the dates are there.He is a detail-oriented person and this makes the book a very effective documentation of events.The book is a combination of autobiography, history, economics, politics and prognostication. Greenspan admits his mistakes. Unlike many who write such books, he makes no pretense about always having been right or always having had the answers.We see Greenspan as a kind man. We see him as a man interested in human affairs, a deep interest in economics and business. We see him as a man who is not a politician, though he has certain political views as they relate to economics and the human condition.He learned to relate to the human condition from his friend, Ayn Rand. She taught him how economics is more than number crunching. It is based on the reaction that people have to certain conditions and how those reactions, in turn, affects the economy.He gives credit to each person in his life who has added a richness and color to his life. He speaks ill of no one really. There are a few people he mentions in the context of something they did that he felt was in poor judgment. But he is never unkind.While I've always admired Greenspan, this book gave me a new respect for him as a person and, yes, an economist and fed chairman. It's easy to look back and say that his easing the interest rates started the housing debacle we are now in. But with all the information at his disposal, he did what he believed to be right for the economy given the current circumstances at that time. History will tell if it was a mistake.The Economist magazine this week did make this statement regards Greenspan, "Under Mr Greenspan, whose memoirs came out this week, the Fed won a name for being quick to cut rates when markets squealed but slow to raise them when the economy picked up. The housing boom--and today's mess--are the result."So one could argue, with some reason, that Greenspan may have made major mistakes in his handling of the economy on his watch.Two words in the book struck me. They struck me because the author used them more than any other words. Fear and sadness. I don't know if these are words Greenspan peppers his everyday speech with or if the subjects of this book lend themselves to these two emotions in his mind. But when two words are used so many times in some 500 pages, it is pause for consideration.I found Greenspan's book exciting. I found it colorful and and extremely well-written. I found it timely.This is perhaps one of the most important books that's been written in years. Everyone who cares about the western world, especially the United States, should read this book.Whether you are a Greenspan fan or foe, the book is important. The characters are important. The times and the events are important. And the thinking of the man who controlled the economy for so many years is just about the most important thinking we could have the privilege to study.I thank Mr. Greenspan for writing this book and for sharing his life and his work. The one thing I felt while reading the book was that I was reading an honest account by an honest man. That's uncommon in the world today and it brings much value to this book, no matter what opinions the reader may hold.

So bezeichnet Alan Greenspan seinen politischen Standpunkt, der, so mein Gefühl, im deutschen Spektrum kaum existiert, zumindest zumindest nicht in der Presse und Parteipolitik. Ungeniert bewundert er das "eighteenth century Enlightenment" und vor allem Adam Smiths "Wealth of Nations". Marktwirtschaftliches Denken durchzieht das Buch und kommt -zumindest im englischen Original- in einer ausgewogenen, realistischen und freundlichen Sprache, ohne ideologische Verbohrtheit daher.Er übersieht nicht den bemerkenswerter Widerspruch zwischen den in den letzten Jahren oft guten wirtschaftlichen Zahlen und den eher ungünstigen Umfrageergebnissen. Arbeitsplatz-Unsicherheit bedrückt auch diejenigen, die stets einen guten Job finden. Vom schumpeterschen Prinzip der "schöpferischen Zerstörung" sehen viele nur die "Zerstörung", sagt er an einer Stelle, wohingegen sich das "schöpferische" in Form steigender Produktivität im volkswirtschaftlichen Zahlenwerk niederschlägt.In einem eigenen Kapitel 21 untersucht er die seit den 80er Jahren in den USA rasch zunehmende Einkommensungleichheit. Er sagt: "If material well -beeing is our goal, I see no alternative to global market capitalism. Its Achilles' heel is the widspread perception that its rewards are not justly distributed. That issue, as I have argued in chapter 21, sorely needs to be addressed." Greenspans Darstellung des Ausmaßes und der Entwicklung der Einkommensungleichheit deckt sich im wesentlichen mit derjenigen von Paul Krugman in "The Conscience of a Liberal". Die Ursache sieht er jedoch vor allem im schlechten Niveau der amerikanischen Schulen. Deren Abgänger genügen nicht dem, was heute der Arbeitsmarkt verlangt. Das ist sicher nicht falsch, erklärt aber das Ausmaß der Zunahme der Einkommensungleichheit allenfalls zu einem kleinen Teil, wie z.B. Paul Krugman klar deutlich gemacht hat. Überhaupt nicht geht er auf die in den letzten Jahren stark von den Republikanern bestimmte Steuerpolitik als mögliche Ursache ein. Als ob er die republikanische Partei schonen möchte. Das ist unnötig. Er sieht sich durchaus als eher kritischer Parteianhänger.Geschickt entwickelt sich der Schwerpunkt im Buch vom Lebensrückblick zu einer Kollektion von Essays, so gewissermaßen vom "wie wurde ich der ich bin" zum "was denke ich". Dieses ist Gelungen und wirkt durchaus nicht als unzusammenhängendes Sammelsurium. Greenspans Sichtweisen klingen ungewohnt für einen, der, wie ich, seine Ansichten aus dem Politikunterricht, aus den Tagesthemen, der Zeit, dem Spiegel oder den großen deutschen Tageszeitungen entwickelt hat. Gerade das, macht sie aber interessant.