New Delhi, June 23 -- Alan Greenspan, who died on 22 June at the age of 100, was one of the most consequential chairs that the US Federal Reserve Board has had in its 112 years of existence. This does not mean faultless. One might say that his tenure-the second-longest in Fed history-ultimately vindicated much of what he'd opposed.

The young and even middle-aged Greenspan did not seem destined to lead the world's most powerful central bank. Born in 1926 and raised in New York by a single mother, he had not anticipated a career in economics and finance. His passion was jazz clarinet and saxophone, a career he pursued professionally, although he distinguished himself mainly by keeping his band's books.

With music offering less than a stab...