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The Age Of Turbulence Essay

2032 words - 9 pages

The Age of Turbulence
The Age of Turbulence, Alan Greenspan’s classical piece of work, is written both on the basis of his personal life account, as well as a compilation of articles that put across his judgment and forecast of the global economic picture (Greenspan 14). This makes it essentially hard to place it as a textbook and at the same time a memoir of his political and economic life story. In his article, the author makes good use of time and a reflection of his past life experience. The author skillfully narrates the story through the different happenings of his life. The events include his education, career life as well as his 19 year tenure as the ‘U.S. Federal Reserve Bank’ ...view middle of the document...

He mentions so little about his marriage first to Joan Michelle then shortly afterwards to Andrea Mitchell and his family life. The author does not fail to mention his high regards for Ayn Rand, author of “The Fountain Head” for having taught him to always look at the broader picture of “human beings, their values, how they work, what they do and why they do it, and how they think and why they think” (Greenspan 80). Throughout his manuscript, Greenspan evidently portrays how he got inspired by Rand’s theories of “human nature” as well as economic and political decisions.
The author sites his growing reputation on economic matters, as a stepping stone that gave him a chance to provide his services at a rather high level. He gives a description of how he was the economic advisor of presidents Nixon and Ford, among others and how he assisted their governments to overcome some of the economic hard times they experienced in those days. He goes ahead to narrate his experience in Washington as well as the experience he learned during the time in which he interacted with different leaders and politicians of that time. At this time and point, the author puts more of his energy in giving the profile of those leaders rather than their political ideologies which may not be interesting to readers (Greenspan 178). He seems candid enough to share his views on a number of individuals’ characters based on his interaction with them. He mentions how Ford was his favorite president as he perceived him to be “the most normal” of them all. However, despite this high regard he held for president Ford, he still criticized his “Whip Inflation Now” campaign between the years 1973-1975 and even terms it as “unbelievable stupidity” (Greenspan 205).
Irrational Exuberance
The birth of the ‘Dot Com’ happened after there was an unexpected increase in the trading of “Netscape”, a software developer located in ‘silicon valley’ (Greenspan 164). It was doing so poorly on the markets for the initial two years that nearly no gains were made from its business. This transpired in the year 1995. This rise was so rapid that Netscape overtook the profit making capability of some of the most prominent commodities in the market, for instance the delta airlines. The result was a change of focus into the software writers, makers of the chips and the persons who put up the networks and those who incorporated ‘information technology’ into companies and organizations in addition to’ entertainment’(Greenspan 172).
Millennium Fever
This was marked by the changes in economic powerhouses. This was during the 80s where the Germans were taking over as economic giants. This made the Americans worried of this trend since even their “vast military power suddenly felt irrelevant, and international status was now defined by economic prowess” (Greenspan 182). There existed a significant amount of uncertainty which resulted to fear since the economic prowess of the U.S, which had lasted for over 7 years,...

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