Greenspan was always a very interesting character, who did everything in life, and he also decided to die at over a hundred years old, and he succeeded, being born on March 6, 1926, he died on June 21, 2026. From a New York Jewish family, Greenspan distinguished himself in his time of greatest brilliance, for being the President of the Federal Reserve System, equivalent to the US central bank. He did not plan to be an economist, but rather a musician for the new generations of the professional jazz, always with the saxophone on his shoulder. But in 1948 he obtained a bachelor’s degree in Economics from New York University, and he excelled on that side.
Curiously, today we begin the comparisons as if the European system (ECB) were older than the North American system, the Federal Reserve System (the Fed). And specifically, the United States did not have a banking system with a central supervisor until 1913. That year, the banker JP Morgan told his great friend President Wilson: “There is no central bank in the United States, as there is in England, in France, or in other countries.” And thus the SRF or Fed was born, as a grouping of private banks from each of the twelve banking regions of the US.
Greenspan spent a lot of time doing things in the most scientific way. And he came to have, as he himself said, “up to 200 econometric models to decide where to place the type, a quarter (0.25 percent) more or less above or below. But in reality, despite all that model paraphernalia, in the end I have to be the one who decides whether to place the type higher or lower.” That’s why they call him “The Master.”
From here, we send our sincere condolences to Kevin Warsh, recently elected chairman of the Fed by Donald Trump.