Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPANIt’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
More Alan Greenspan Quotes
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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The free lunch has still to be invented.
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And the percentage changes in wage rates would be the same for all job grades.
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Revolutions are something you see only in retrospect.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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Productivity is notoriously difficult to predict.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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The tub helps me relax, and it’s a great place to read.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN