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Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy Hardcover – April 14, 2005
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Top Customer Reviews
Ravi Batra is a Professor of Economics at SMU Dallas TX. This very readable book is partly about Greenspan’s career in government, and politics, but mostly about the economic policies of the last three decades. Batra explains how the Federal Reserve has impoverished most Americans to enrich the wealthy, and attacked the middle class to benefit Big Business.
Chapter 1 tells the real impact of Alan Greenspan, how he unwittingly effected a global crash and spread economic misery (p.5). Greenspan’s fraud swindled millions of families (p.6), while he benefited from his tax policies. Chapter 2, one of the most important, explains the fraud that was used to raise Social Security taxes in 1983 and then squander this money on tax cuts for the wealthy (p.12)! Greenspan’s fraud was that he helped to raise payroll taxes, then sought to lower Social Security benefits (p.36). Chapter 3 discusses Greenspan’s worship of “free profits” (p.48). Adam Smith was against mergers of competitors, and government regulation to restrict competition (p.50). The fallacy of Classical Economics is they could not account for depressions of falling output and rising unemployment (p.60). Batra explains the fallacy of “Supply Side Economics” (pp.68 70). Chapter 4 explains “Greenspan’s Intellectual fraud” (p.74) as deceiving an audience by using fake or selective data for monetary gain. Greenspan saved the country from a Reagan Depression in 1987 by flooding the markets with liquidity (p.91). Afterwards he raised interest rates to regain this money and prevent inflation (p.92). Chapter 5 reports the global effects of Greenspan’s policies. The 1981 tax cut led to soaring interest rates and a steep recession (p.123).Read more ›
Probably ALL of us know something about Mr Greenspan. He has been in the public eye as part of the politico-economic elite ever since President Ford appointed him Chairman of the Council of Economic Advisors in 1974. He became Chairman of the Fed in 1987, in the wake of the great Paul Volcker, and quickly established himself as Savior of Global Financial Markets after his prompt and brilliantly successful response to the Crash of `87. (How ironic that his Fed career should also ends with a crash: the Millennial Meltdown of 2000-2002). To the rest of us, Greenspan is probably best known for what is sometimes called "Fed-speak," a contorted, convoluted, pretzel-logic kind of economese that passes all understanding. (It might more reasonably be called "GreenSPAM"!) These tidbits aside, however, few of us know much about Mr. G. or the Federal Reserve.Read more ›
Most Recent Customer Reviews
It is true. Reaganomics is a fraudulent and wrong-ish paradigm. The unrestricted free trade arguments are also false. Read morePublished on October 9, 2013 by Ryan Costa
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This book is just terrific in explaining the social cycles that are present in the world, and how he forecasts events so accurately. Read morePublished on May 7, 2010 by A. beal
A informative book about economy with nice analogies and philosophy flashes that give a fluid rythm to the reading.Published on May 4, 2009 by Celia Pereira
Very clear explanation of how the increasing income gap between the middle class and the very rich was engineered.Published on April 18, 2009 by Kindle Customer
Excellent book. It provides extensive and detailed evidence of how Alan Greenspan has ruined the lives of millions of Americans and many more around the world with his policies... Read morePublished on April 16, 2009 by Paul Stone