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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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Abandonment Banking Credit Gold Made Possible Standard Statics System Use Welfare

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

This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath History Period Premium Protract Reason Risk
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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Being Central Century Government Midst Once REquired Tsunami
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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Cold Currency Down Gold Mine Move Question Relative Together
There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Confiscation Deficit Hidden Safe Scheme Spend Store Value Wealth
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Alternative Benefit Choice Judgement Policy Probability
I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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Baseball Listen Love Music Olf Play Redskin Root Tennis
The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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Business Competitive Economy Force Mark More Period Productive Recent Technology Transformation
Any informed borrower is simply less vulnerable to fraud and abuse.
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Abuse Borrower Fraud Inform Less Simply Vulnerable
The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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Elegance Feel Generation Gut Important Mathematical More Old Trader Year
Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Accordingly Before Logical Met People Positivist
Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN

Excessive Optimism Retrospect Something
But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Come Exploit Material Other Possible Satisfy Success
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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Cannot Cause Far Forecast Future Go People Realize Probability
Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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Ability Ambiguous Decision Dominate Enhance Financial Making Person Quantitative Relationship
History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Demonstrate Excessive Financial History Optimism Particular Wave
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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Derivative Extraordinary Marketplace Over Useful Year

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