The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
ALAN GREENSPANNo one has ever eliminated any of that stuff.
More Alan Greenspan Quotes
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Rules cannot take the place of character.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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How do we know when irrational exuberance has unduly escalated asset values?
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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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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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 number one problem in today’s generation and economy is the lack of financial literacy.
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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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But rules cannot substitute for character.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Revolutions are something you see only in retrospect.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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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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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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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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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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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
ALAN GREENSPAN