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.
ALAN GREENSPANGold still represents the ultimate form of payment in the world.
More Alan Greenspan Quotes
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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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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The need for values is inbred. Their content is not.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Rules cannot take the place of character.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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How do we know when irrational exuberance has unduly escalated asset values?
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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There are no easy choices. Easy choices are long gone.
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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 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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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
ALAN GREENSPAN