. SouthAmerica: The clock is ticking on the Alan Greenspan era. Greenspan's term ends in January, when his term as Fed governor expires on Jan. 31, 2006. On radio and on television shows lately a lot of people are asking: Who will be the next Fed Chairman? The media is reporting a short list of candidates who are under Bushâs consideration as a possible successor to Alan Greenspan at the Fed and they are: Martin Feldstein of Harvard University, Glenn Hubbard, a former head of Bush's Council of Economic Advisors; and Ben Bernanke, who left the Fed to head the CEA earlier this year, and Lawrence Lindsey the architect of Bushâs tax cut plan. Among the other names being considered for the job are: Donald Kohn, Roger Ferguson, and John Taylor. Probably the best candidate for the job is not being mentioned today by anyone, but I would put his name on top of the list of people to replace Alan Greenspan. We have to keep in mind that after Greenspan retires, the US canât afford to do business as usual. Greenspanâs successor will inherit an economic mess, and a global economic situation that is foreign to most of the âbusiness as usualâ type of economists. Today the reality is that the United States lost its independence, because America is buried under a pile of debt, and Americans are no longer âMasters of their own destinies.â You can live in the world of illusion if you want, but your masters today live in Asia. They call the shots these days; without their financing to keep America afloat, the US economy would sink like the âTITANIC.â Today, the United States has outstanding debt of over $ 3 trillion dollars that the US has borrowed from foreigners. The US is the biggest debt-nation that we ever had in our planet. These people that lent the money to you are your real âMasters.â Please donât fool yourself in thinking that the US rules the world today. A real world power would not do it on credit from foreigners; including their enemies. THE BEST CANDIDATE FOR THE JOB IS. Alan Greenspan, Federal Reserve Chairman, successor should be: Stephen S. Roach - (Chief Economist and Director of Global Economic Analysis at Morgan Stanley's Global Economics Team) Since September of 2004 I have been advocating that Mr. Greenspan had a good run at the Federal Reserve, but it is time for him to retire, and give the opportunity to a new person. He had a good run as Chairman of the Fed, but it is time for him to retire and give that job to someone who understands what is happening in the new global economy. If I were making the decision to pick a replacement for Alan Greenspan, I would offer the job to: Stephen S. Roach - (Chief Economist and Director of Global Economic Analysis at Morgan Stanley's Global Economics Team) In my opinion the most qualified economist today, here in the United States, for the job of chairman of the Federal Reserve is Mr. Roach. He has a better understanding and grasp of many issues related to the global economy better than anyone that I know of. He is the best candidate for the job. He is the best person in terms of qualification and practical experience to replace Alan Greenspan. Mr. Roach has a deep understanding of how outsourcing affects the US economy, and also the job market in the US. He also understands that the US canât go on borrowing 89 percent of the entire planetâs savings forever. Today the US government-borrowing binge reminds me of two corporations; âENRONâ and âWORLDCOMâ President George W. Bush should not wait until January 2006 to replace Mr. Greenspan. He should ask Mr. Alan Greenspan for his resignation as soon as possible, and should offer the job to Mr. Stephen S. Roach â since he is the best candidate for the job. Today, we need an âOutstanding Fed Chairmanâ; someone with an outstanding record at the FED such as âPaul Volcker,â and Mr. Stephen S. Roach has the potential to become the new Paul Volcker of the future. I don't know if Mr. Roach is a democrat or a republican, all I can say is that he is the best man for that job based on his great understanding of the very complex global economy. .