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The architect of the modern American economy passes away

Politiko 2026-06-22 16:37:43

 

The architect of the modern American economy passes away

Alan Greenspan, the former chairman of the US Federal Reserve and one of the most influential figures in the global economy, has died at the age of 100. The news was confirmed by his wife, NBC News journalist Andrea Mitchell, who said he died as a result of complications from Parkinson's disease.

Greenspan led the Federal Reserve from 1987 to 2006, serving under several US presidents. During his nearly two decades at the helm of the US central bank, he was considered one of the most powerful men in the world and one of the main architects of the long period of US economic growth in the 1990s.

Born in New York on March 6, 1926, Greenspan began life as a jazz musician before devoting himself to economics. He became a staunch supporter of free markets and built a long career as an economic advisor before being appointed by President Ronald Reagan to head the Federal Reserve.

During his term, he was praised for managing financial crises and stabilizing markets, but later faced criticism for his low interest rate policies and excessive reliance on self-regulation of financial markets, factors that many economists linked to the 2008 global financial crisis.

In 2008, Greenspan publicly admitted that he had been wrong in his belief that financial institutions would always act in their own long-term interests. However, he remained one of the most important figures in modern American economics, continuing to comment on economic developments even after leaving office.

During his career, he was awarded the Presidential Medal of Freedom and an honorary knighthood by Queen Elizabeth II. Alan Greenspan celebrated his 100th birthday in March 2026 and will be remembered as the man who influenced American monetary policy more than anyone else in the late 20th and early 21st centuries.

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