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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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Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy + The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos + The Myth of Free Trade: The Pooring of America
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Product Details

  • Hardcover: 288 pages
  • Publisher: Palgrave Macmillan Trade; 1St Edition edition (April 14, 2005)
  • Language: English
  • ISBN-10: 1403968594
  • ISBN-13: 978-1403968593
  • Product Dimensions: 1 x 6.3 x 9.3 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (46 customer reviews)
  • Amazon Best Sellers Rank: #1,258,932 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

In 1987, Alan Greenspan was appointed chairman of the Federal Reserve, and Batra had a bestseller predicting a depression deeper than the Great Depression, lasting from 1990 to 1996. Batra's second book, two years later, predicting the crash of 1990 did less well, and his books predicting disaster in 1996, 1997, 1998 and 1999 found fewer readers, lucid as they were. Batra did correctly predict a stock market downturn in 2000, but erred by blaming the Y2K computer bug and forecasting high inflation and deep, long lasting negative growth. Now Batra has switched from predicting the future to criticizing the past. Readers expecting sensational charges will be disappointed. "This is not fraud in the legal sense," the author reassures us. Instead, Greenspan has "seriously afflicted the finances of millions of families." Batra faults Greenspan's views on social security, minimum wage, taxes and the trade deficit. As always, his economic arguments are expressed elegantly. Missing is a direct link to Greenspan, who had only a peripheral advisory role in these issues (his job is setting interest rates, financial policy and bank regulation) and voices only highly modulated views when he does give opinions. The misplaced focus weakens the sound economic arguments, and the title is sensationalized at best. 100,000 first printing. $100,000 ad/promo. (May 9)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From Booklist

It is hard to decide who has the bigger ego, Federal Reserve Chairman Alan Greenspan or prolific author and professor Batra, who has written, among other books, The Great Depression of 1990 (1987). Batra takes great glee in demonstrating, step by step, how Greenspan has committed all kinds of fraud, starting with Social Security on through the trade deficit. When it comes to Social Security, the author claims, Greenspan has been operating a three-part ploy: raise an alarm about the deficit, ask workers for yet more sacrifices, then spend the extra monies on various government programs. Laissez-faire reigns supreme; the principle of an economy untouched by government holds sway. What's more, Batra includes charts detailing events pivotal to the chairman's fraud. His statistics are impressive, such as the fact that the bottom 20 percent of the country (or 56 million people) live on 3.6 percent of the national income. So are his visions of an economic democracy, including stability, fair and efficient treatment, and a far better standard of living for all; however, Batra's emotional presentation lessens his book's effectiveness. Barbara Jacobs
Copyright © American Library Association. All rights reserved

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Most Helpful Customer Reviews

69 of 84 people found the following review helpful By Acute Observer on June 6, 2005
Format: Hardcover
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 [...] swindled millions of families (p.6), while he benefited from his tax policies. Chapter 2, one of the most important, explains the [...] 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 [...]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 [...]" (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). Cutting the interest rate resulted in higher stock prices (p.136).
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42 of 50 people found the following review helpful By David N. Buckley on May 20, 2005
Format: Hardcover
     Despite its title, this is less a book about the "Maestro" Alan Greenspan (the current Chairman of the Federal Reserve System) than a review of the recent travails of the U.S. economy and the imbalances it has spawned at home and abroad by its plutocratic excesses. That Mr. G. is a privileged member of that plutocracy of wealth none would deny; he has after all been hailed as Chief Gnome of the Global Economy ever since the Stock Market Crash of 1987; but that he is also the chief architect of its manifold shenanigans and manifest frauds is a stretch, and a claim which Mr Batra can't make stick. Which is unfortunate because the U.S./global economy desperately needs a scapegoat right now!

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.
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36 of 46 people found the following review helpful By Terrence Mitchell on May 16, 2005
Format: Hardcover
Pick a day of the week a throw a dart. That seems to be what decides whether Fed Chairman Alan Greenspan will tell us we are headed for disaster or doing fabulously on any given day. It has reached the point where it is not just fence straddling, but truly troublesome psychosis. And it has been going on for a while now. Look at this from last year. First, from May 6, 2004 comments to a banking conference: "Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances." Then a few months later to the House Budget Committee: "The most recent data suggest that, on the whole, the expansion has regained some traction." One day he is pointing out that there is an "inverted yield curve," a little thing that precedes every recession and never appears except when there is a recession about to occur, and the next he is saying the economy is wonderful - even in the face of all obvious evidence to the contrary, such as seen in this Washington Post quote typical of the situation: "Greenspan was upbeat about the economy in remarks to the House Budget Committee, and did not suggest there would be any major changes in the Fed's monetary policy, which was a welcome relief to rate-wary investors. But the short-term cheer over his comments was not enough to allay the market's deeper concerns." The problem, though, is not Greenspan himself but something we see play out on a much, much larger scale, and which has the entire nation confused about the current state of the economy, which is actually very simple to explain. You see, it is the job of the entire investment firm profession to get you to buy stocks and bonds. And economists serve these people, and tend to be Republicans.Read more ›
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