Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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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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The tub helps me relax, and it’s a great place to read.
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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’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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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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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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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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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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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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But rules cannot substitute for character.
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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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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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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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The guiding purpose of the government regulator is to prevent rather than to create something.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN