Former Federal Reserve Chairman Alan Greenspan passes away at age 100

BlockBeats News, June 22 — According to NBC citing a statement from Alan Greenspan's wife, former Federal Reserve Chairman Alan Greenspan passed away on June 22 at the age of 100.

Greenspan was one of the longest-serving Federal Reserve Chairmen in U.S. history, holding the position for 18 consecutive years from 1987 to 2006, spanning the presidencies of Reagan, George H. W. Bush, Clinton, and George W. Bush. He was known for fighting inflation and maintaining financial stability, leading a decade-long economic boom in the 1990s, and was revered by the market as the "Economic Czar."

However, Greenspan's legacy is highly controversial. His long-standing advocacy for financial deregulation and maintaining low interest rate policies are considered by many economists as key factors that contributed to the 2008 global financial crisis. At that time, the U.S. housing bubble burst, and the subprime mortgage crisis erupted, triggering a worldwide financial tsunami. Greenspan himself admitted during a congressional hearing in 2008 that there were "flaws" in his belief in market self-regulation, shocking Wall Street.

Greenspan's passing marks the end of an era shaped by a figure who helped forge the modern global financial system.