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Alan’s bubble

Alan Greenspan, the second most powerful man in the US, adheres to the "radical capitalist" of Ayn Rand. But by following rather than leading the markets he has created a bubble

By Edward Chancellor   November 1999

Alan greenspan, chairman of the Federal Reserve Board, is the second most powerful man in the US. He is also the most widely respected figure in American public life, whose every utterance attracts national attention. His influence has grown to the point where he exercises an unofficial veto over US economic policy. Shortly after taking office, he was credited with mitigating the fallout from the stock market crash of October 1987. Subsequently, he has been praised for curbing inflation and guiding the economy through its longest period of growth this century. He presides over the “Goldilocks economy”-not too hot, not…

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