Alan Greenspan, one of the most powerful and influential economists in American history, has died at the age of 100. The information was confirmed by his wife, journalist Andrea Mitchell, and later by the Federal Reserve, the American central bank.
Greenspan ran the Federal Reserve for nearly two decades, from 1987 to 2006crossing Republican and Democratic governments. Originally appointed by President Ronald Reagan, he was retained in office by George HW Bush, Bill Clinton and George W. Bush, a rare feat in American politics. During this period, he became one of the most respected voices in global financial markets.
Known as “The Maestro” of Wall Street, Greenspan led United States monetary policy during some of the most important moments in the modern economy. Among them, the stock market crash of 1987, the Asian financial crisis of the 1990s, the explosion of the technology bubble, known as the “dot-com” bubble, and the economic impacts of the terrorist attacks of September 11, 2001.
His period at the helm of the Fed coincided with one of the longest phases of economic growth in American history. Inflation remained relatively controlled, unemployment fell and financial markets experienced years of strong appreciation. Investors, businesspeople and governments around the world followed every word Greenspan spoke in search of signs about the direction of the largest economy on the planet.
But his career was also marked by controversies. After the 2008 global financial crisis, many economists began to blame part of its policies for having contributed to the formation of the real estate bubble that preceded the collapse of the financial market. Greenspan himself later admitted that he had overestimated the ability of financial institutions to regulate themselves.
Born in New York in 1926, Greenspan had an unusual trajectory. Before becoming an economist, he played saxophone and clarinet in jazz bands. Later, he migrated to economics, became a consultant for large companies and ended up reaching the top of American economic policy.
The death of Alan Greenspan closes an important chapter in the economic history of the United States. For admirers, he was the architect of American prosperity in the 1990s. For critics, he helped create the conditions that led to the biggest financial crisis since the Great Depression. In both cases, his legacy remains among the most relevant and debated in the world economy.
