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Whose fault was it, then?

Alan Greenspan appears to have learnt nothing from his time at the top of the Fed

By Philip Coggan   November 2013

The Map and the Territory: Risk, Human Nature and the Future of Forecasting by Alan Greenspan (Allen Lane, £25)

It is never too late for a sinner to repent. Alan Greenspan, former Chairman of the Federal Reserve and high priest of free market capitalism, has come to appreciate that markets sometimes get it wrong. He once talked of “irrational exuberance” in the stock market and did nothing about it. But in his new book, he writes that it may be possible “to identify emerging asset price bubbles in equities, commodities and exchange rates—and even to anticipate the economic consequences of…

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