Greenspan saw this playbook in the 90s, and it is running again today. Productivity was subdued in the late 90s because of tech investment, which helped keep inflation in check even as the economy boomed. "Warsh, Bessent, Trump, everybody has said productivity is the big game in town; we're going to grow our way out of the debt." Amazon is the live test case. Robot workforce, drone delivery, self-driving vans. Margins going vertical. "The US economy should follow the same path." FT @raoulGMI @BitcoinJesusETH @Nexo

Greenspan telling Congress in 2005 (in Greenspan-speak) that "The US' $100 trillion+ in off-balance sheet Entitlement obligations are owed in a hard currency the US cannot print": Those off-balance sheet liabilities are now coming on- bal sheet at $3T/yr & growing 2x US receipts

Alan Greenspan passed away today, leaving behind a legacy that helped shape modern financial markets and lessons that remain relevant as we build the next generation of finance. His career reminds us that markets are never static. Technology evolves, access expands, and financial infrastructure must continuously adapt to serve a growing and increasingly interconnected world. Three lessons stand out: Innovation will always move faster than institutions. The challenge is not stopping progress but creating rules that allow innovation to develop responsibly. Expanding access matters. The strongest financial systems are those that give more people the ability to save, invest, and participate in economic growth. Trust creates liquidity. Markets only scale when participants have confidence in the rules, institutions, and infrastructure that support them. As we enter an era of tokenized assets, digital finance, and 24/7 markets, these lessons remain as important as ever. The future of finance will not be built by technology alone. It will be built by combining innovation with trust, access, and sound market structure. Markets won’t wait. They never have. The responsibility of our generation is to build the next era of finance faster, more accessible, and more transparent than the one we inherited.

Alan Greenspan, hailed as the greatest Federal Reserve chairman when he retired in 2006 but derided for a severe financial crisis that followed barely two years later, died aged 100, his wife said

Alan Greenspan’s decades of honorable public service grew out of his love of country and commitment to its progress. The arc of his career reflected - and shaped - the story of modern finance. Respected by both parties even when they disagreed with him, he made the @FederalReserve a more transparent and forward-looking institution. From Washington Heights to the heights of Washington, he’s an example of how anything in America is possible.

In honor of Alan Greenspan's passing today let's flashback to Ron Paul's interrogation of him in February of 2000. *Just weeks before the dot com bust* Where Dr. Paul got Mr. Greenspan to admit that he had no ideo how to measure the supply of "money". Just a brilliant moment.

If only we could ask Alan Greenspan about how to deal with this debt problem. Oh wait, Greenspan warned about this 20 years ago & 10 years ago, concluding, "Unfortunately, I don't see how we're going to get out of this before we have a crisis." PS: Jamie Dimon agreed with him👇

Don Kohn, who tutored Alan Greenspan in the inner-workings of the Fed and served for the chairman's entire tenure as either a senior adviser or fellow rate-setter, reflects: "Once when he asked me what I thought we should be doing on policy, I started my response with, 'My gut tells me…' He quickly cut me off: 'That’s not your gut, Don, that’s your experience and knowledge.'"

Markets are pricing a series of Fed rate hikes. But a look back at the Alan Greenspan Fed shows Chair Kevin Warsh has ample room to prove the consensus wrong, @JonathanJLevin (via @opinion)