The Age of Turbulence: Adventures in a New World

I was pleasantly surprised by how informative and insightful this book is... As a trained economist I have never paid much attention to Chairman Greenspan’s musings in the media because I thought they were too cryptic, as he points out in the book he often relied on Fed speak to communicate with the public. Having read this book I now understand why he rose to the top of his trade and advised 5 U.S. presidents over 5 decades : solid understanding of how the economy works and healthy skepticism about the limits of government intervention in the economy. His base case economic scenario for 2030 in my view is in the ball park, and the key assumptions should raise the alarm, given current policy direction. I also agree with his read on major challenges for the U.S. in the coming years i.e. 1-address income inequality through investments in education and a more effective immigration policy... 2-provide support for people displaced by the effects of globalization and let creative destruction take us to a better place. He points out in 2007 that if the U.S. does not address the impact of globalization middle income families we run a risk that a populist government take a short-cut and raise trade barriers with serious negative consequences for the U.S. as well as the global economy. You could safely say that he predicted the 2016 election. This book is a must read, specially for those currently advising the POTUS.

Greenspan’s book surprisingly interesting to me as a non-economist although arcane in certain sectionsIn his epilogue he seems at a loss as far as preventing another 2007 economic disaster. Summarized ‘these things only happen once or twice in a century and that does not justify central control’. I agree with the latter inclination but suggest that we adopt a play from the medical malpractice handbook. CEO’s and governing boards SHOULD NOT be immune for deviating from ‘best practices’ and therefore liable for taking excessive risk. I would go further and force the biggest investors in a default to take on the lion’s share of the losses (if indeed it is not a total loss). Such institutions would likely find it necessary to secondarily insure for liability. Perhaps the equivalent of Lloyd’s of London for conceptual purposes. Regardless, that company would find it in their interest to keep close tabs in order to assure ‘best practices’. A privatized solution that avoids centralized ‘one size fits all’ and puts decision makers (as well as those who have the greatest influence on them) at risk.

I gave this book 5 stars primarily for the vast information it contains.As someone who was a titan in the business and consulting world and then held the post of the federal reserve chairman, (one of the top five most powerful positions in the world) for over two decades, he has a tremendous story to tell. The first half of the book which talks about his professional life, largely provides a historical glance into 20th century America, from the great depression till date. The second (part), delves into his take on issues such as world economics, corporate governance, inequality, globalization, capitalism, market forces, deregulation etc. In most, if not all instances, he offers a convincing argument and explanation for his stances.At times his language is a little difficult to grasp but overall it is a fantastic read.I recommend heartily.

Excellent book overall. Lots of great insights. Don't look to this book for any "gossip" or insider fodder on the Presidents and administrations her has worked for. The first half is a biography and the second half is his views on a range of economic subjects.

I purchased the CDs to listen in my car while I commute to learn more about Global and Macroeconomics. While it was not a classroom education it was well worth the time and money.The first several CDs cover Mr. Greenspan's early life and give a great deal of insight into how his views developed. They are very light, laced with dry (but quite amusing) humor and move along very quickly. Upon learning of his close friendship with Ayn Rand, much of his manner and opinion comes into clear focus.Namely, Mr. Greenspan is a unapologetic Free Market Capitalist. His arena is Global Macroeconomics and he embraces "Creative Destruction" wholeheartedly. While he does address the hardships of this, it is in a purely pragmatic approach. I get the feeling he does care about the socioeconomic fallout but this is not the purpose of these CDs.The middle CDs are sometimes difficult for a lay person to follow but are worth repeating to gain a better understanding. His explanations of Developing Markets, Populism, and the demise of Central Planning are very detailed and interesting.I found I enjoyed the last CDs the most as they address current global uncertainties. The spike in oil prices, the fall of the dollar, accounting scandals, changing labor markets, and need to address energy consumption. You may not agree with him on principal but he presents solid arguments in his favor.I recommend this collection to lay people interested in gaining a better understanding of Global macroeconomics and, oddly, those opposed to Globalization. While the latter may sound odd Mr. Greenspan presents his argument clearly and concisely. There are no vaguaries in his points and this allows reasoned response to to these issues.

A well written book, however AG like other leaders of world financial institutions failed to predict the collapse of LB, this sent the world into financial melt down.His theories are well presented but they did not work the way there were supposed to be.This shows, with hindsight, how difficult it is to read the world economy.Not sure lessons have been learned as we seem to be near another dot.com bubble with internet companies being hugely overvalued.

In very good condition

Greenspan's early interactions with politicians in the US well worth reading. He has 100% confidence that he could run the economy to target just after WWII. Hung out with the Ayn Rand intellectual crowd. Gets a bit woolly with age, events seem to be getting out of his control.

Some sense mixed with blowing his trumpet. Lucidly written but over-the-top. Stiglitz is much better.

from one of the money men who could have made a bigger contribution to roping in the dirty tricks brigade but would not have been around to tell the tale.