Alan Greenspan’s Enduring Bond with Ayn Rand

Alan Greenspan, the distinguished former central banker, shared a significant intellectual connection with author Ayn Rand. Renowned for shaping conservative thought, Rand’s 1957 novel, Atlas Shrugged, was highlighted by the Library of Congress as influential in shaping America. Their association began in Greenspan’s mid-twenties when he crossed paths with Rand, a well-established author due to her 1943 best-seller, The Fountainhead.

Introduced through his then-wife, Canadian art historian Joan Mitchell, Greenspan met Rand via connections with Nathaniel Branden, Rand’s protege and longtime companion. Although Greenspan and Mitchell’s marriage in 1952 ended in divorce within a year, his enduring friendship with Rand lasted until her death in 1982.

Greenspan became part of Rand’s “Collective,” a group gathering at her Manhattan apartment to deliberate on politics, global affairs, and ideas. His presence in the Collective marked a significant aspect of his life. In his 2007 memoir, The Age of Turbulence: Adventures in a New World, Greenspan noted Rand’s whimsical nickname for him, “the undertaker,” referencing his preference for dark attire and serious demeanor.

Aside from his economics career, Greenspan was an accomplished musician. He initially studied clarinet at Juilliard and played in a swing band with Stan Getz before pursuing economics at New York University. Although his musical tastes were conservative, his political views mirrored them. His memoir reflected a dismissive stance on post-big band popular music, describing it as “on the edge of noise.”

Greenspan contributed to Rand’s magazine, The Objectivist, authoring a notable essay on the gold standard in 1966. The essay was later included in Rand’s book, Capitalism: The Unknown Ideal. When Greenspan was appointed chairman of the Council of Economic Advisers during the Ford administration, Rand, alongside her husband Frank O’Connor and Greenspan’s mother Rose Goldsmith, attended his swearing-in ceremony.

In his memoir, Greenspan credited Rand as a “stabilizing force” in his life, applauding her original thinking and analytical rigor. Rand and Greenspan aligned on many values, particularly the emphasis on mathematics and intellectual discipline.