We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPANTo succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
More Alan Greenspan Quotes
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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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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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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 seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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But rules cannot substitute for character.
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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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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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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 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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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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If I seem unduly clear to you, you must have misunderstood what I said.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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If I say something which you understand fully in this regard, I probably made a mistake.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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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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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Amateurs want to be right. Professionals want to make money.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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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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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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I’m a plain soap kind of guy.
ALAN GREENSPAN