Ling Huawei: Farewell to the Greenspan Myth

Greenspan has passed away at the age of 100. He is the longest-serving chairman in the history of the Federal Reserve, at one point creating a myth of the highest prestige, and also experiencing the subsequent collapse, perhaps an elegy for the past decades of an era forging ahead into the torrent of globalization. Globalization has not ended, nor will it completely come to an end, but the golden age of heading toward globalization is over.

In that uphill path, the United States first ushered in decades of low interest rates, low inflation, and low unemployment, the Great Moderation era when any crisis could be resolved, which largely overlapped with Greenspan's 18 and a half years as chairman of the Federal Reserve. From 1987 to 2006, Greenspan served through multiple terms of three Republican presidents and one Democratic president, becoming a mythical figure in U.S. politics and Wall Street. But the global financial crisis that erupted in the heart of Wall Street in 2008 ended this long-boom dream, and also began to reverse the United States' basic view on globalization, sparking endless debates over whether it has benefited or lost more. To this day, this tension has not ended.

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