Any discussion on contemporary US economy will remain incomplete without reference to Alan Greenspan, who headed the US Fed for 19 years till 2006, and was revered as the ‘Money God’. In 2007, he wrote a book, The Age of Turbulence, in which he theorized that people in developing economies needed to save, but, not those in advanced economies, because they enjoy state-provided social security. He wrote: “Despite their lower incomes, households and businesses in developing countries save a greater share of their income than do households and businesses in developed countries. Developed countries have vast financial networks that lend…
Author: S Gurumurthy
S Gurumurthy
Swaminathan Gurumurthy, popularly known as a writer and journalist in India, is a corporate adviser, being a chartered accountant by profession. Highly rated for his investigative writing, he has ceaselessly campaigned against corruption at high places, exposing the bribery in Bofors arms deal and the nexus between corporates and government. Gurumurthy was rated among 50 most powerful persons in India in 1990 [Gentleman magazine]; as the 8th most powerful [Business Baron magazine 2004]; as the 17th most powerful [India Today magazine in 2005].