I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
ALAN GREENSPANIf one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
More Alan Greenspan Quotes
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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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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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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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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Market financed withdrawals of home equity in recent years.
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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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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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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.
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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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But rules cannot substitute for character.
ALAN GREENSPAN