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The Age of Turbulence
Adventures in a new world
Alan Greenspan
| April 2, 2009
By Reg Nordman
Reading this book immediately after The Snowball, I was struck by the similarities in world view between Buffett and Greenspan. They both believe in free market capitalism, they are both mathematical wizards and they grew up personally protected from the Great Depression. Yet they followed very different paths. Buffett went on to be the premier capitalist and Greenspan became the consummate public servant.
The history lessons in this book are terrific and give another side to many of the events that Buffett discussed. The real gem in my mind is Greenspan’s analysis of the BRIC, South American and EU nations plus their challenges. Taking his projections and today's events you see pretty well exactly how things will progress. We are seeing some of it already. If you are doing business worldwide you must read these chapters as well as the McKinsey work (and the Economist stats tables weekly) - if you desire to succeed (survive) in these markets. Greenspan’s 40 years at the tiller and numerous interactions at G7 and G20 meetings are invaluable.
I believe he is right. Inflation will return, as will higher oil prices. The US has education (k-12), retirement and unfunded medicare and social security crises ahead of it. He makes telling arguments against propping up old manufacturing industries. His analysis of the current meltdown rises above today's politicizing. His is also the first logical voice that shows the dangers of populism in politics, raising a fear that Obama may get himself into some dreadful morasses.
It surprised me that this was such an easy-to-read book. Greenspan does mention that learning Fed Speak meant the loss of the use of English until he left. Good for a back-and-forth coast-to-coast plane ride. You will want to savour this one.
The Age of Turbulence
Adventures in a new world
Alan Greenspan
2008
ISBN 9780143114161
Reading this book immediately after The Snowball, I was struck by the similarities in world view between Buffett and Greenspan. They both believe in free market capitalism, they are both mathematical wizards and they grew up personally protected from the Great Depression. Yet they followed very different paths. Buffett went on to be the premier capitalist and Greenspan became the consummate public servant.
The history lessons in this book are terrific and give another side to many of the events that Buffett discussed. The real gem in my mind is Greenspan’s analysis of the BRIC, South American and EU nations plus their challenges. Taking his projections and today's events you see pretty well exactly how things will progress. We are seeing some of it already. If you are doing business worldwide you must read these chapters as well as the McKinsey work (and the Economist stats tables weekly) - if you desire to succeed (survive) in these markets. Greenspan’s 40 years at the tiller and numerous interactions at G7 and G20 meetings are invaluable.
I believe he is right. Inflation will return, as will higher oil prices. The US has education (k-12), retirement and unfunded medicare and social security crises ahead of it. He makes telling arguments against propping up old manufacturing industries. His analysis of the current meltdown rises above today's politicizing. His is also the first logical voice that shows the dangers of populism in politics, raising a fear that Obama may get himself into some dreadful morasses.
It surprised me that this was such an easy-to-read book. Greenspan does mention that learning Fed Speak meant the loss of the use of English until he left. Good for a back-and-forth coast-to-coast plane ride. You will want to savour this one.
The Age of Turbulence
Adventures in a new world
Alan Greenspan
2008
ISBN 9780143114161
