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 GREENSPANThe companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
More Alan Greenspan Quotes
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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But rules cannot substitute for character.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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If you think you understand what I am saying you do not understand what I am saying.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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Excessive optimism sows the seeds of its own reversal.
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Significantly opening up immigration to skilled workers solves two problems.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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What an ideology is is a conceptual framework with the way people deal with reality.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
ALAN GREENSPAN