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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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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPAN

Abandonment Banking Credit Gold Made Possible Standard Statics System Use Welfare
History demonstrates that participants in financial markets are susceptible to waves of optimism.
ALAN GREENSPAN

Demonstrate Excessive Financial History Optimism Particular Wave
The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

Elegance Feel Generation Gut Important Mathematical More Old Trader Year
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
ALAN GREENSPAN

Cold Currency Down Gold Mine Move Question Relative Together
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Assume Grop Knowledge Possess Exist Senator Understand
Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPAN

Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPAN

Consider Distribution Economy Future Likely Outcome Path Possible
But rules cannot substitute for character.
ALAN GREENSPAN

Character Rule Substitute
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.
ALAN GREENSPAN

Deny Monoply Nature Need Readily Resolve Terrible Thing
The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
ALAN GREENSPAN

Chosen Customer Effective Elsewhere Investor Propensity Skill Technical
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPAN

Deserve End Lose Neither Power Principle Republication Swap
Senator, if I seem clear to you, you must have misunderstood me’.
ALAN GREENSPAN

Clear Misunderstood Seem Senator

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