A New Book from Mr. Alan Greenspan - A Continued Dialogue with Young People Everywhere.

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In his latest text as published for the commonweal (click here for "New York Times" review,) Mr. Alan Greenspan, former chairman of the Federal Reserve System in the U.S., notably under the great national economic boom that took place during the years mostly of the Clinton presidency, talks about his various points of view on the new economy and his old metier - forecasting.  In a radio interview published over PBS airwaves a few days ago, he spoke about the major themes in his latest book including the "new" economy in the U.S., the presently (from decades ago) applicable economic theories of Joseph Schumpeter (with which the writer here does not overall agree as to their current popular and trumpeted application to current U.S. and international economic climes,) and the salient topics of things like the aging of the principal working population in the U.S. right now and productivity of the workforce here.  He also discussed somewhat and in quite slow and clear language the issues of Medicare, unemployment and the federal budget.  With respect to this, it might be necessary to recall his previous work in a 2007 publication, The Age of Turbulence, of which the following:

a.  His brief account of living in New York, his training and how he became involved in policy - making, industry, and banking, etc., as an economist and consultant, and then as an official.
b.  The "New World" of economics and self - correcting character of the U.S. capitalist system; the nature of the challenges of the nebulous character of world commerce and economics today and its related changes vis - a - vis the past.
c.  The end of the Cold War as a continuing salient issue in economics and its effects, including the 1998 Russian financial crisis, the currency crises in Asia during the late 1990's, and the movement of the national economy in PRC from a non - market economy to a managed one.  One might also note the related effects of the end of the Cold War on developing countries everywhere.  One also needs remember with respect to these the budgetary surplus in the U.S. at the time that was so un - characteristic of any federal regime here in years (since 1969,) and that in 1998 petroleum sold at one time as low as $ 11 per barrel.  Note as well Wall Street considerations at that time, including the default and failure of Long Term Capital Management.
d.  The keystones of "Clintonomics" as emphasizing competitive markets and the rule of law in addition to other themes including entrepreneurship and business optimism.
e.  Recent history of the development and primacy of applied mathematics and statistics to the social sciences and their related acceptance and greater use in the various economics clubs of the world to which Mr. Greenspan belonged and belongs.
f.  Continued importance, especially in view of concerns for global climate, of the study of efficiency, technology, environment friendliness and labor issues in heavy industry.
g.  Recent history of interest rates and FOMC conduct.
h.  NAFTA and other trade agreements with near countries, and trade agreements and the flux in economic and political relations with the great powers.
i.  The arrival of the internet / world wide web and the invocation and an applicable interpretation of Schumpter's theories of "creative destruction."
j.  The stock market boom during the 1990's and into the 2000's.
k.  The overall and pervading mood of uncertainty in the "New World Economy" at present and dangers of inflation, the collapse of Social Security in the U.S., possibly the dangerous collapse of the social net in the U.S. in the future as a result of gaffes by officials, the promise of slower future economic growth and continued and more acute and unnecessary legalism and litigiousness of American society.
l.  Increasing dangers of increased populism in American politics and policy - making and the dangers of current economic policies in inviting more deficit spending, inflation and currency devaluation.
m.  The renewed importance of international financial centers such as London and others, and the necessity of nations to improve their employment situations and the country's social net.

In the details and in your reading of the 2007 Greenspan text, there is yet another world of topics, themes, items and issues to read of that affect your and everyone's finances and standard of living, employment situation and other features of living in the U.S. and what it means to be American.  Mr. Greenspan probably reluctantly repeats some of this message in his new book as in the last one his voice might not have been heard in important spheres.  The 2007 text as examining the topics above as well as other very urgent and important ones affecting urban and country settings in the U.S. right now, in background and actual perusal make excellent material for what must be his outstanding new book.