The Man Who Knew

The Man Who Knew by Sebastian Mallaby is a compelling and meticulously researched biography that delves into the life and legacy of Alan Greenspan, one of the most influential figures in the world of finance. This book takes readers on a journey through Greenspan's remarkable career, from his humble beginnings to his unprecedented influence on global economic policy.

As a child born in 1926, Greenspan was raised in Manhattan by a single mother and immigrant grandparents during the hardships of the Great Depression. Despite these challenging circumstances, his quiet intellect and insatiable curiosity led him to become a towering figure in financial history. Appointed by President Ronald Reagan as the Chairman of the Federal Reserve, Greenspan held this powerful position for eighteen years. During his tenure, he oversaw a period of significant economic stability and low inflation, gaining reverence among economists and adoration from investors. His counsel was sought by leaders from Beijing to Frankfurt, cementing his status as a global financial 'maestro'.

However, Greenspan was a man of contradictions. A staunch advocate of the Gold Standard, yet his great success lay in proving that the discretionary judgments of a money-printing central bank could stabilise an economy. As a data-hound, he meticulously analysed economic indicators to guide his policies; yet, as an eligible society bachelor, he navigated high society with equal aplomb.

Greenspan's ability to foresee economic trends was both his acclaim and his downfall. He warned early of the irrational exuberance in the marketplace, a prescient observation that would haunt him when the financial crash of 2008 occurred, just two years after his resignation. Critics laid part of the blame on his policies, despite his earlier cautions.

In The Man Who Knew, Sebastian Mallaby paints a nuanced portrait of Greenspan, showcasing the complexities and subtleties of his legacy. The book is richly filled with high-octane political infighting, incisive dialogue, and vivid storytelling. Mallaby's extensive research and gripping narrative unravel the story of the making of modern finance, highlighting Greenspan's unique role in shaping contemporary economic thought.

Winner of the 2016 FT & McKinsey Business Book of the Year Award, this biography offers an unprecedented insight into the enigmatic figure of Alan Greenspan. It is a must-read for anyone interested in the intricacies of economic policy and the individuals who influence its direction.