Productivity is notoriously difficult to predict.
ALAN GREENSPANThe gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
More Alan Greenspan Quotes
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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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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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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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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Amateurs want to be right. Professionals want to make money.
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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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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Revolutions are something you see only in retrospect.
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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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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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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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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.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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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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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Derivatives have permitted the unbundling of financial risks.
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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.
ALAN GREENSPAN