Hey, Alan Greenspan: Your Tale is Eight Years Too Late

None of this seems to bother Mr. Greenspan, who told an interviewer something to the effect that the bubble has been worth it because, “Protection of property rights, so critical to a market economy, requires a critical mass of owners to sustain political support.” Someone might want to tell Alan that his critical mass of owners is on the verge of vaporizing faster than the polar ice cap.

Perhaps what will be the most remembered line in his book says that “the Iraq War is largely about oil.” No sooner had the reactions to that started popping off all over the place than Mr. Greenspan began to backtrack.

In an interview with Bob Woodward, Mr. Greenspan said he never heard the president or Vice President Cheney “basically say, ‘We’ve got to protect the oil supplies of the world,’ but that would have been my motive.” Mr. Greenspan said he made his argument to various administration officials, but one of them told him that they couldn’t talk about oil.

To borrow H. L. Mencken’s oft-quoted remark about money, “If they say it isn’t the oil, it’s the oil.”

Perhaps Mr. Greenspan’s most intriguing remark was made to The Wall Street Journal’s Greg Ip. He said, “Now it turns out politics is less important, domestically, than it was, because globalization is taking over an ever increasing part of the decision making process with the exception of national security.”

In other words it does not matter what the pygmies may think of me or whether you have your elections, whether you pick Hillary or Obama or some lefty fruitcake; you don’t get to decide the big stuff. The major decisions are made away from you by the big guys playing the big game sometimes in New York, sometimes in London, sometimes in Tokyo or Dubai, but always where you cannot see it or know what’s done until it is done, and then it doesn’t matter what you do because you cannot do or undo anything.