I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
ALAN GREENSPANDeveloping 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.
More Alan Greenspan Quotes
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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There are no easy choices. Easy choices are long gone.
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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.
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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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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.
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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’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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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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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Excessive optimism sows the seeds of its own reversal.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Amateurs want to be right. Professionals want to make money.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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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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Gold still represents the ultimate form of payment in the world.
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But rules cannot substitute for character.
ALAN GREENSPAN