Greenspan’s New Book
“The Age of Turbulence: Adventures in a New World”
In his new book released today, former Federal Reserve Chairman Alan Greenspan said China will be the U.S.’s major competitor by 2030 and the world’s economic fate depends on how much more Chinese leaders embrace markets. “If China continues to press ahead toward free-market capitalism, it will surely propel the world to new levels of prosperity,” wrote Greenspan. He also predicts faster U.S. inflation, slower productivity growth and interest rates of at least 10% that will lead politicians to challenge the Fed’s independence. The success of every nation — big or small — will depend on the extent to which it allows free trade and open markets, Greenspan declared.
“Even as nations as mighty as the United States and China vie for economic supremacy in that new world, they may find themselves partially bending to a force more powerful still: full-blown market globalization,” Greenspan wrote.
