“People called him a maestro, a visionary, the best economist ever. But who was this person who had catapulted into the spotlight from virtually nowhere? Did the world really know Alan Greenspan?…He may be a legendary figure in the eyes of many but when you carefully explore what he has wrought, the aura of public reverence around him can evaporate quickly…”
–Excerpt from ‘Greenspan’s Fraud’ by Ravi Batra
How Two Decades of His Policies Have Undermined the Global Economy
In this hard hitting and comprehensive look at Alan Greenspan’s career over the last two decades, bestselling author Ravi Batra reveals the devastating economic effects of the Federal Reserve Chairman’s ideas and policies. Greenspan has reigned over the U.S. economy since 1987, if not since 1981, outlasting at least three presidents. His views have shifted so frequently with the political tides that his actions, in Batra’s opinion, amount to an intellectual as well as a tax fraud against the people. This is unfortunate, because the chairman’s words resonate loudly around the world.
Greenomics, Batra argues, has extracted trillions of dollars in excess taxes from the American middle class, lowered wages for working families, and hurled millions into poverty. He pinpoints Greenspan’s glaring inconsistencies on Social Security, income tax cuts, free trade and the minimum wage and shows that many of his views are illogical and deeply flawed. Batra demonstrates how Greenspan unwittingly brought about a global crash; how he helped spread the virus of regressive taxation, which is the main culprit behind stagnating wages around the world.
In this revealing portrait, the enigmatic head of the Fed stands exposed. Few realize that he once regarded President Kennedy as a fascist dictator, considered America’s big business as a persecuted minority, argued that inflation hurts the stock broker more than the elderly, and paid lower wages to female employees while taking “better quality” work from them. In short, Greenspan emerges as a true friend of the rich and a covert foe of the poor and toiling workers. Not surprisingly, the U.S. economy, shepherded by the chairman for over two decades, now stays afloat on a subsidy of nearly $2 billion per day from the rest of the world. Such a pitiful state cannot endure. Batra offers practical economic reforms to do away with Greenomics and restore the comforts of the middle class that have vanished in the Greenspan era.
This book is a must read for anyone interested in bringing sanity to the global economy, which is currently afflicted with numerous debts, deficits and special interests. It is also a must read for those seeking an objective evaluation of the Bush administration’s policies making headlines today. The simplicity with which Batra presents his arguments and counters the orthodoxy will astound you.
The book also includes Batra’s forecast made in 1980 that Islam would convulse the western world around the year 2000. The 9/11 massacre was clearly foreseen by the author.
Reviews of Book:
Book Review: Greenspan’s Fraud, by Ravi Batra
December 05, 2005
Here is a book by an outstanding professor of economics, who predicted the date of the crash of the end-of-’90s economic bubble. Ravi Batra deflates Greenspan’s reputation as an economic wizard by presenting in great detail how Greenspan undermined the global economy. Batra calls Greenspan a fraud because Greenspan flip-flopped often in order to stay in the good graces of powerful people. Although supposedly a conservative, the main principle he followed was to always please the rich and powerful.
Greenspan, as head of the Federal Reserve, was supposed to maintain an economy that supports us all. But Batra says this about Greenspan’s approach:
“Greenspan’s economics may be abbreviated to Greenomics, which essentially turns out to be Greedomics, signifying a view that nothing should be done to interfere with business greed and the pursuit of profits.”
Greenspan believes in rugged individualism and laissez faire. He and Ayn Rand were of the same mind about the virtue of selfishness. I had read some time ago that Ayn Rand said that Big Business is America’s “persecuted minority.” From Batra I learned that she got that idea from Greenspan.
“Greenspan’s Fraud” — Thom Hartmann’s Independent Thinker Review
What do you do when you want to screw only the working people of your nation with the largest tax increase in history and hand those trillions of dollars to your wealthy campaign contributors, yet not have anybody realize you’ve done it? If you’re Ronald Reagan, you call in Alan Greenspan.
Through the “golden years of the American middle class” – the 1940s through 1982 – the top income tax rate for the hyper-rich had been between 90 and 70 percent. Ronald Reagan wanted to cut that rate dramatically, to help out his political patrons. He did this with a massive tax cut in the summer of 1981.
The only problem was that when Reagan took his meat axe to our tax code, he produced mind-boggling budget deficits. Voodoo economics didn’t work out as planned, and even after borrowing so much money that this year we’ll pay over $100 billion just in interest on the money Reagan borrowed to make the economy look good in the 1980s, Reagan couldn’t come up with the revenues he needed to run the government.
Coincidentally, the actuaries at the Social Security Administration were beginning to get worried about the Baby Boomer generation, who would begin retiring in big numbers in fifty years or so. They were a “rabbit going through the python” bulge that would require a few trillion more dollars than Social Security could easily collect during the same 20 year or so period of their retirement. We needed, the actuaries said, to tax more heavily those very persons who would eventually retire, so instead of using current workers’ money to pay for the Boomer’s Social Security payments in 2020, the Boomers themselves would have pre-paid for their own retirement.
More on Greenspan: