Wednesday, October 23, 2013

Alan Greenspan:Fraud

I just received in the mail my copy of Alan Greenspan's new book,  The Map and the Territory: Risk, Human Nature, and the Future of Forecasting. The book is supposedly Greenspan's exhaustive  post-2008 study of financial crisis. Yet, he does not mention in the book any of the forecasters that accurately warned of the developing crisis (See Walter Block: Who Predicted the Housing Bubble?). Instead, he fraudulently claims, in the introduction, no one did:
On the face of it, the financial crisis also represented an existential crisis for economic forecasting. I began my postcrisis [sic] investigations, culminating in this book, in an effort to understand how we all got it so wrong, and what we can learn from the fact that we did.
A quick perusal of the index shows that no discussion of Austrian business cycle theory is mentioned in the book. Indeed, none of the great Austrian school scholars, who wrote on business cycle theory and limits of economic forecasting, such as Ludwig von Mises, Friedrich Hayek and Murray Rothbard, appear to be discussed in the book. Some exhaustive study.

I'll have a full review in a few days.


  1. Reading and reviewing a book authored by Greenspan is akin to watching yet another speech from Obama: simply too painful to contemplate. You have far more patience than I do.

  2. I sold all my stocks in Sept and Dec of 2007. It was obvious what was going to happen. I, like many, never re-entered the markets (I spent those $'s on my 2 boys' engineering degrees).