We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
ALAN GREENSPANI have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
More Alan Greenspan Quotes
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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.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
Whatever you tax you get less of.
ALAN GREENSPAN -
It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPAN -
And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN -
As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN -
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN -
In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
ALAN GREENSPAN -
Credit-default swaps, I think, have serious problems associated with them.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
ALAN GREENSPAN -
Amateurs want to be right. Professionals want to make money.
ALAN GREENSPAN