January 31st was a momentous day for financial markets. It was Alan Greenspan's last day as Chairman of the Federal Reserve, without a doubt the world's most important financial job. After an 18 year tenure, he will be replaced by Ben Bernanke. The Chairman of the Federal Reserve is so important because he chairs the Federal Open Markets Committee (FOMC), the body that sets US interest rates (www.ocbc.com). US interest rates are important because they represent the price of money in the largest economy in the world (they also influence the price of money in many other economies too).…
