End of an era for the world

George Bush has made his choice to replace Alan Greenspan. Despite initial praise, Ben Bernanke faces months of close scrutiny and the markets face a period of increased uncertainty. Demonstrating his independence will be key to Bernanke's success, writes David Rowe


Early in James Michener's book Hawaii, a South Sea island is experiencing the rise of a new and violent deity. The high priest of this new religion periodically turns and points to a bystander who must be sacrificed to appease the new god's anger. A haunting phrase echoes through these pages as people lament that "life is dangerous when the gods are changing". Well, Alan Greenspan hasn't quite been deified but he has become widely regarded as the apotheosis of a central banker.

Having worked

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