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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.

Related Topics

Jargon Mechanism More Nothing Scheme Welfare

Bagwalas

I’m a plain soap kind of guy.
ALAN GREENSPAN

Plain Soap
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Guild Prevent Rather Regulation Something
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Phenomenon Shock Sort
The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
ALAN GREENSPAN

Development Economy Idea Worker
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.

ALAN GREENSPAN

Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN

Foreigner Protectionism Retaliate Surely
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Expansion Finance Most Significant
I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.

ALAN GREENSPAN

I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
ALAN GREENSPAN

End Free Think
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.

ALAN GREENSPAN

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Clearly Earning Higher Imply Inflation Less Lower Premium
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPAN

Clarinet More Occasionally Piano Sax
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology
It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
ALAN GREENSPAN

Boost Finance Free Increase Keep Lower Productive Rate Real Saving
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Notorious Predict Productivity
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.

ALAN GREENSPAN

What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Marketplace Over Useful Year
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.

ALAN GREENSPAN

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.
ALAN GREENSPAN

Another Commodity Counterparty Derivative Often Restrict Supply Trade
It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.

ALAN GREENSPAN

It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
ALAN GREENSPAN

Goad Improve Mean Preventative Snoop Statics System
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Occasionally Priest Some Succeed

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