Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
ALAN GREENSPANDerivatives have permitted the unbundling of financial risks.
More Alan Greenspan Quotes
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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Gold still represents the ultimate form of payment in the world.
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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If I say something which you understand fully in this regard, I probably made a mistake.
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It’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.
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The tub helps me relax, and it’s a great place to read.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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Revolutions are something you see only in retrospect.
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If I’ve made myself clear, I’ve misspoken.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN