GREENSPAN'S FRAUD: How Two Decades of His Policies Have Undermined the Global Economy

In 1987, Alan Greenspan was appointed chairman of the Federal Reserve, and Batra had a bestseller predicting a depression deeper than the Great Depression, lasting from 1990 to 1996. Batra's second book, two years later, predicting the crash of 1990 did less well, and his books predicting disaster in 1996, 1997, 1998 and 1999 found fewer readers, lucid as they were. Batra did correctly predict a stock market downturn in 2000, but erred by blaming the Y2K computer bug and forecasting high inflation and deep, long lasting negative growth. Now Batra has switched from predicting the future to criticizing the past. Readers expecting sensational charges will be disappointed. "This is not fraud in the legal sense," the author reassures us. Instead, Greenspan has "seriously afflicted the finances of millions of families." Batra faults Greenspan's views on social security, minimum wage, taxes and the trade deficit. As always, his economic arguments are expressed elegantly. Missing is a direct link to Greenspan, who had only a peripheral advisory role in these issues (his job is setting interest rates, financial policy and bank regulation) and voices only highly modulated views when he does give opinions. The misplaced focus weakens the sound economic arguments, and the title is sensationalized at best. 100,000 first printing. $100,000 ad/promo. (May 9)