UK to knight Greenspan for role in helping “global economic stability”

BRITAIN is to award US Federal Reserve chairman Alan Greenspan an honorary knighthood, the UK Treasury has said.

The honour, approved by the Queen, is for Dr Greenspan’s “contribution to global economic stability”.

The 76-year-old has been dubbed the second most powerful man in America and has steered the country’s economy through four presidencies.

A Treasury spokesman said: “Her Majesty the Queen has approved the award of an honorary KBE to Dr Alan Greenspan.

“The award is in recognition of his outstanding contribution to global economic stability and the benefit that the UK has received from the wisdom and skill with which he has led the US Federal Reserve board,” he said.

“Dr Greenspan will receive the award when he next visits the UK.”

Because he is not a British citizen, Dr Greenspan will not be able to style himself Sir Alan, but he will be able to use the letters KBE after his name.

He is expected to be in Britain in early autumn, the spokesman added.

Dr Greenspan was decorated with France’s prestigious Legion of Honour (Commander) title, in 2000.

He has also received honorary degrees from Harvard, Yale, Pennsylvania, Leuven (Belgium), Notre Dame, Wake Forest, and Colgate universities.

The son of a stockbroker and a retail worker, Dr Greenspan displayed a gift for figures as a youngster.

He gave up an academic career in the early 1950s to become a professional economist, going on to found an economic consulting firm.

During the 1970s he became President Gerald Ford’s top economic adviser and took up his current post just months before the stock market crash of 1987.

He has kept his position through the presidencies of Reagan, Bush Sr, Clinton and Bush Jr.

His fourth four-year term as chairman of the Federal Reserve Board, known as the Fed, ends in 2004.

Dr Greenspan controls US monetary policy by influencing short-term interest rates.

The honorary knighthood would have been recommended by the Foreign Office before being approved by the Queen.

Other recipients include Ronald Reagan, Steven Spielberg, Colin Powell, Andre Previn and Bob Geldof.