The Age of Turbulence: Adventures in a New World | Alan Greenspan

The Age of Turbulence: Adventures in a New World | Alan Greenspan | Mr. Greenspan Explains The Fed. Reserve Dynamics

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The Age of Turbule...

	The Age of Turbulence: Adventures in a New World Alan Greenspan Penguin Press HC, The, 2007 - 544 pages average customer review:based on 232 reviews view larger image
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highly recommended

Read it and weep!

I'm giving the book five stars because I think it's important to read (but not believe). This book will tell you a lot about the intentions and actions of the Fed. So sad.

* Ever wonder why we had subprime loans being pushed on the market with the Feds blessing, and now we're bailing out irresponsible investment banks?

* Ever wonder why we have a bursting housing bubble that was driven by low interest rates?

* Ever wonder why Greenspan didn't speak out against Bush's tax cuts even though the budget surplus from the late 90s vanished with the stock market crash?

* Ever wonder why the Fed ENCOURAGED speculation in stocks that resulted in the astronomical prices paid for technology stocks in the late 90s?

Some of the book actually makes sense, but unfortunately, common sense doesn't always come thru in the Fed's actions. Greenspan's rambling book is worth reading if only to understand how the Fed is frequently NOT a responsible institution by seeing the fruits of it's PAST actions TODAY.

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Mr. Greenspan Explains The Fed. Reserve Dynamics

This has to be the most important book I have ever read ... explaining the USA Federal Reserve system and International finance dynamics and interrelationships.

As importnant is Mr. Greenspan's fears for the political future of USA government. A must read for all Americans.

Vote very carefully in 2008.

Why did the Soviet Union collapse?

Greenspan explains one of the most momentous events of the 20th century and integrates the event with his overall world view: markets work; command economies don't.

Greenspan takes exception with the typical conservative explanation that Ronald Reagan's arms build-up in the 1980's caused the Soviet Union to collapse in 1991. Nonsense says Greenspan. The Soviet Union abandoned the arms race before Reagan became president. It never tried to compete with Reagan's arms build-up. It was already teetering towards its final collapse when Reagan took office in 1981. The amazing thing about its collapse was that it completely surprised all the pundits, politicians, and Soviet experts in the West. None of them had any inkling of how weak the Soviet Union had become.

What happened? Greenspan says observers after the collapse reported that the entire country looked like a slum. Everything appeared devastated. The Soviet socialist system had simply ruined the economy. The textbook economic criticisms of socialism had proven stunningly accurate. Without markets, prices, or incentives, the country eventually just couldn't function. It collapsed of its own weight, not from any outside force.

Greenspan laments that many in the West have not learned anything from the collapse of the Soviet Union. Those who don't learn from history may be doomed to repeat it. Overall, however, he is optimistic.

Admittedly, in this review I focus on just one very interesting chapter of Greenspan's book. But there are many more which other reviewers have already highlighted. Whether you agree or disagree with Greenspan, you should certainly find him worth reading.

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Mandatory read

As chairman of FED for almost 20 years, Alan Greespan is a mandatory read for all people who is interested in economy and finance through the world.

reviews: 1, 2, 3, 4, 5, 6, 7, page 8, 9, 10, 11, 12, 13, 14, 15, 16, 17

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