Been reading the autobiography of the previous Federal Reserve Chairman.
He is one truly remarkable man, with a gift of economic sense, integrity and belief that compels him through several changes of presidents - from Nixon, to Reagan, Ford, Bush Snr, Clinton and now Bush Junior.
A firm believer in free market and a subscriber to Schumpeter's creative destruction, this is one man who has the opportunity to verify what many previously speculate about the triumph of free market economics over central planning. Many in the past compared the communist economy with the West through production numbers - e.g. number of cars produce from each country. But there were no close comparison between the quality of the cars produced. While the communist blocs were able to increase their production numbers, they fail miserably in the quality aspect. They produce the same model year after year, long after the model has outlived it's obsolescence.
There are many insights into behind the scenes conversations and thinking behind the events that shook the world and America. How the budget surpluses in America that came about during Clinton's turn on presidency is not really entirely due to him. How the collapse of USSR could not be contained unlike those in East Germany or Hungary.
I've yet to finished reading it. Hope to do so before the term begins.