The magazine Time The February 15, 1999, issue of the magazine featured three men on its cover with a condescending air and the headline "The Committee to Save the World." In the center, Alan Greenspan, then the all-powerful chairman of the Federal Reserve (the Fed, the US central bank), appeared surrounded by US Treasury Secretary Robert Rubin and his deputy, Lawrence "Larry" Summers. The magazine highlighted the three economists' role in managing the recent financial crises in Mexico, Southeast Asia, and Russia. That cover served as a springboard for Summers, the least known of the three. In July of that same year, 1999, he replaced Rubin as head of the Treasury (equivalent to the Ministry of Economy) and for many years was one of the most respected economists in the US, where he stood out as one of the architects of the Democratic Party's neoliberal shift: he was a staunch advocate of financial deregulation, free trade, and free markets.