This thought-provoking new title, by the highly acclaimed author of Wall Street Capitalism and A Brief History of Economics, provides a much-needed counterbalance to the mythical distortions of Alan Greenspan. Canterbery exposes Greenspan�s fundamentalist market ideology as overwhelming rationality in the making of economic policy. He depicts a Fed selfishly guarding its political independence, even as Greenspan has his way in virtually every major economic and social policy affecting the global economy since the Ford Administration.

This book reveals the hidden nodes of power that give the Fed vast authority over the global economy. It also explains why it is so important not only to understand those powers, but also to appreciate why they are resistant to moderation.

Contents:

• Greenspan and the Myth of His Purity
• Adam Smith, Free Markets and the Greenspan Standard
• When Markets Have Failed, Greenspan Has Been on the Scene
• On the Independence of Alan Greenspan and the Federal Reserve System
• Fedspeak and the Innocent Hypocrisy of Independence
• White House Dependence and the Hypocrisy of Personal Interference
• Greenspanmail Redefines the New Democrats
• Fed and White House Dependence on Wall Street Investment Bankers
• The Fable of the Goldilocks Economy
• The Wolf at the Door of Ordinary Workers
• Global Market Failures
• The Collapse of the Great American Stock Market Bubble
• Derivatives: Throwing in the Chips
• Fed Dependence on Hedge Funds?
• Greenspan Takes Us from Goldilocks to the Soft Patch and Back Again
• The Housing Bubble Conundrum
• Social Insecurity: On the Cutting Edge of Federal Budget Deficits
• Getting Personal with Savings, at Home and Abroad
• King Alan II
• Prospects for Reform

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Readership: Trade Market: Readers of the financial news (especially those who invest in stocks, bonds and housing) and those with alively interest in public policy and how it is made; Academic: Supplementary text for professors and university students at all levels inbusiness, finance, money and banking, macroeconomics, principles of economics,economic history, contemporary history, and general social sciences.

�Canterbery writes for professional and scholarly readers and also in more popular vein for lay readers. Whatever the subject and the audience, he writes clear and interesting prose.�

James Tobin Nobel Prize, Economic Sciences, 1981

�There are few scholars whose work I have found more interesting, more useful, and who have more consistently elicited my respect and admiration. Canterbery is also original and not inhibited by conventional and controlling doctrine.�

John Kenneth Galbraith Harvard University

�Ray Canterbery is an unusual economist. In an age of narrow specialization he manages to cover a wide variety of subjects, from the history of economic thought to problems of foreign trade and finance, while also revealing an ability to perform econometric modeling at a highly technical level and to communicate with audiences at all levels.�

Robert Heilbroner Author of The Worldly Philosophers

�At last: A short, fast rundown of the Ayn Rand devotee who pulls the right-wing economic strings on the US and global economy! A satirical, fun read as well!�

Gar Alperovitz University of Maryland Author of America Beyond Capitalism: Reclaiming Our Wealth, Our Democracy and Our Liberty

�This book provides a nice antidote to recent works worshipping Greenspan ...�