unique strengths and deep experience in inflation‐linked markets.

manuscript was critical of Greenspan and his policies, and stated clearly where they would probably lead us, permission was not granted. At that time, major financial institutions hesitated to challenge Greenspan, and they were very cautious about allowing any of their employees to do so in a public forum. Now that I am no longer part of the Wall Street Establishment, and the result of Greenspan’s policies have been realized, I have decided that it is time to air these opinions and share some of my concerns and suggestions for the future. This is, to be sure, not as timely now as it would have been then. While it would be presumptuous of me to suggest that publishing this book at that time would have made any difference in what subsequently has taken place, it is worth trying to dispel the myth, propagated by the Fed itself, that “no one could have seen this coming” so that we can stop it from happening again. In fact, many of us saw something like this as inevitable.