President Reagan may be convinced that Alan Greenspan is the Great Conservative Hope (June 7, "Which Greenspan Will Surface as Head of the Fed?"), but to academic libertarians, it has long been obvious that Greenspan is not the same man he was when he was writing articles for Ayn Rand's the Objectivist.
Though James Srodes, the author of the column, may think that loyalty to Presidents has "led (Greenspan) to temper some of his most deeply held beliefs," a more likely explanation for his woeful record is that his desire for steady employment has led him to abandon and sell short his rather shallowly held posturings. A man who purportedly holds disdain "for any kind of manipulation of the money supply" would not agree to become the Federal Reserve's chief puppeteer. Actions speak far louder than philosophical stances, and if anyone were prone to make a bet, it would be that Alan Greenspan will enter the Fed as a conservative "libertarian" and exit it as a free-spending apologist for inflation, presiding over the worst economic debacle this nation will have seen.
Paul A. Volcker was wise to get out while the getting was good.