A New Era Begins
Nope, not the post-Rove White House; not Iraq post-Constitutional certification; not even Texas Tech post-whipping by Texas. I’m talking instead of the scheduled naming today, in about an hour-and-a-half, of the nominee for Chairman of the Federal Reserve. Alan Greenspan, make no mistake, is a colossal figure in the world of central banks. Let no one think that he has not been one of the world’s most significant players over the last couple of decades.
Greenspan, a onetime member of the inner circle of Ayn Rand(!), took over the reins from the quite capable Paul Volcker, who did so much to tame the beast of inflation, and he more than lived up to that legacy. Economics is such a tricky business that it is hard to unravel all of the factors at play at any given time, so it would be an exaggeration to lay the relative prosperity and strong growth of the Greenspan era totally at the Maestro’s feet; yet surely, it is not a coincidence, either.
At times Greenspan has been vilified, more often enshrouded in hagiographic praise; he is, of course, a mere mortal…but no history of central banking or monetary policy would be complete without a section on the man I shall remember as The Chairman. If his successor has a third of Greenspan’s success, he will do quite well, indeed…
UPDATE 10:52 a.m.: The MinuteMan has a great suggestion for killing two birds with one stone…
UPDATE 2 11:52 a.m.: Ben Bernanke is the nominee…
I’m very encouraged by what I’ve been reading so far. Bernanke looks like Greenspan II, only 25 years younger.
At least it’s no divisive Harriet Miers pick.
You can say that again…
I’ll second (or third) Dennis’ comment. Greenspan will be a well-nigh impossible act to follow, but the little I’ve seen about Bernanke so far makes him look very good. And I’m breathing a huge sigh of relief that this wasn’t another divisive, questionable nomination.
“member of the inner circle of”
Is that what they’re calling it these days?