As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPANIn the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
More Alan Greenspan Quotes
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Market financed withdrawals of home equity in recent years.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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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 was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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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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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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If I seem unduly clear to you, you must have misunderstood what I said.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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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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The worst have failed; investors no longer fund them and are not likely to in the future.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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Senator, if I seem clear to you, you must have misunderstood me’.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
ALAN GREENSPAN -
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN -
The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN -
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN -
We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
ALAN GREENSPAN