Alan Greenspan, the former Federal Reserve chairman whose policies reshaped global finance, has died at the age of 100. Sources close to his family confirmed the news late this evening. His death marks the end of an era for an economic titan who wielded unparalleled influence over Wall Street and central banks worldwide.
Greenspan, who served as Fed chairman from 1987 to 2006, was the architect of the modern US economy. He navigated the 1987 stock market crash, the dot-com boom, and the aftermath of 9/11. His tenure was defined by a belief in deregulation and free markets, policies that fostered growth but also sowed the seeds of the 2008 financial crisis.
I first crossed paths with Greenspan in 1999, while digging into the deregulation of derivatives. My sources at the time described him as an oracle, a man who could whisper into the ear of capital and make markets tremble. But those same sources warned that his faith in self-regulation was a dangerous illusion. The collapse of Lehman Brothers in 2008 proved them right.
Greenspan's legacy is a study in contrasts. He was lauded as the maestro who orchestrated the longest economic expansion in US history. Yet his support for tax cuts for the wealthy and his opposition to oversight of exotic financial instruments laid the groundwork for a catastrophe that cost millions their homes and jobs.
Uncovered documents from the Federal Reserve archives show that Greenspan was warned repeatedly about risky lending practices. He dismissed these concerns, arguing that banks would police themselves. That hubris is now a cautionary tale.
In Britain, where his influence was deeply felt, the tribute is more measured. The Bank of England acknowledged his contributions to global monetary policy but noted the lessons of 2008. A former senior official told me: 'Greenspan's theories sounded elegant. But they failed when tested by reality.'
His death at 100 closes a chapter. But the debates he ignited over regulation, inequality, and the role of central banks will persist. As I sit in my cluttered office, far from the polished corridors of power, I can't help but think: he shaped the world we live in, for better and worse. And we are still counting the cost.
