The need for values is inbred. Their content is not.
ALAN GREENSPANWe can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
More Alan Greenspan Quotes
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As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN -
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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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Gold still represents the ultimate form of payment in the world.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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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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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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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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And the percentage changes in wage rates would be the same for all job grades.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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These days, even out of office, I still read economic reports.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
ALAN GREENSPAN