Man of the new year. (Alan Greenspan) (editorial)

Economist (US), The, January, 1989

Man of the new year

THIS will be Alan Greenspan's year. The chairman of the Federal Reserve is not merely the top central banker in the world's biggest economy. He is the only moving part in America's policy-making machinery, clogged by pressure-group politics and checked and balanced into paralysis by the constitutional separation of powers. More, the Fed chairman is the closest thing there is to a world leader for economic policy. When he speaks, everybody listens. When he acts, everybody reacts. With those powers, in a normal year, go big responsibilities. In an unusual year, the responsibilities get awesome.

This 1989 will be an unusual year. In barely a fortnight George Bush moves into the White House, and thus notionally takes charge of America's...

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