Machines of Loving Grace. 2

Dive into the fascinating intellectual relationship between a Russian-born novelist and the man who would control America's financial system for nearly two decades. This episode explores how Ayn Rand's radical philosophy of individualism and rational self-interest profoundly influenced Alan Greenspan, the enigmatic Federal Reserve Chairman who presided over both economic boom and catastrophic bust.

We trace Greenspan's journey from a young economist in Rand's inner circle—her "Collective" of devoted followers—to becoming the most powerful economic figure in the world. Learn how the fictional characters and uncompromising ideology of Rand's novel "Atlas Shrugged" shaped Greenspan's fundamental beliefs about markets, government, and human behavior.

The episode examines Greenspan's crusade for financial deregulation and his almost religious faith in technology's power to create a new economic paradigm immune to traditional constraints. We'll explore the contradiction between his famous warning about "irrational exuberance" in the markets and his reluctance to act on those concerns, along with the political pressures that influenced his decisions.

Adding a layer of human drama, we delve into the complex personal dynamics of Rand's circle, including her affair with Nathaniel Brandon and how these relationships reflected and sometimes contradicted her philosophical principles.

Join us for this compelling exploration of how a controversial novelist's ideas traveled from the pages of fiction to the highest levels of economic policy-making, ultimately helping to shape both the unprecedented prosperity and the devastating financial crisis that defined an era.