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Thesis & Antithesis

A critical perspective on energy, international politics & current affairs

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Location: Washington, D.C.

greekdefaultwatch@gmail.com Natural gas consultant by day, blogger on the Greek economy by night. Trained as an economist and political scientist. I believe in common sense and in data, and my aim is to offer insight written in language that is clear and convincing.

19 October 2005

Greenspan, the Keynesian

As the discussion on Alan Greenspan’s successor intensifies, a column by Martin Wolf, of the Financial Times, puts together many of the problems that the new Fed chairman is likely to face. But there is one part that I thought I would share:

“By current standards, the Federal Reserve is almost antediluvian. Surprisingly for a man once known as a gold bug and disciple of Ayn Rand’s libertarian philosophy, Mr Greenspan has emerged as the policymaker closest in spirit to Maynard Keynes.

This is not because the chairman believes in the naive Keynesian economics of the 1950s and 1960s. But Keynes would not have done so either. What Mr Greenspan shares with the father of macroeconomics is his trust in his own judgment, in discretionary policymaking and in the wisdom of managing the long run by treating it as a series of short runs.”

This philosophy, aided and abetted by supreme competence, is what America and the global economy needs in a future chairman.

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