Alan Greenspan was the man who could create or destroy markets with a well-worded sentence. As the most powerful central banker the world has ever seen -- probably the most powerful central banker the world ever will see before the whole idea is totally discredited in the upcoming economic collapse -- it's only fitting that he's given us the largest credit bubble that the world has ever seen.
A few years ago we listened to his every word and to many people he looked like the world's best economist. Now, as the credit bubble falls apart around us and looks like it may take down the entire post-WWII global economic and political system, he looks like the world's biggest dumb-ass.
But is that right?
I'm not so sure. Greenspan was a Randite, and a supporter of the gold standard, long before he became a central banker; that's about the greatest possible transition in economics. But did he ever really change?
In 'Atlas Shrugged', one of Rand's ideas was that the productive people of the world could destroy the looters by giving them exactly what they wanted. What most people want today is free money for doing nothing, and with his credit bubble Greenspan has given that to them good and hard. If that leads to the collapse of the US economy, the end of the American Empire and the demise of the paper dollar, hey, he was just doing his job, right?
Dumb as a rock or a brilliant Randian strategist who's laughing at the chaos he's caused just by giving people what they wanted? Who is Alan Greenspan?