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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.

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Almost Came Deficit Destabilize Chronic Realization Stark Surplus

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

The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation Something
I’m a plain soap kind of guy.
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Guy Kind Plain Soap
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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Characteristics Corruption Embezzlement Everywhere Exist Regrettably
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.
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Hesitate Issue Other Some Table Throw
The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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Art Development Economy Habit Idea Importance Mind Skill Worker
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Among Configuration Market Occasionally Price Priest Some Succeed
As long as we issue fiat currency, I see no alternative to a legal tender law.
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Alternative Currency Issue Law Legal Long Tender
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
Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Buddle Call Clear Issue National Overall Pattern Pretty Unsustainable Without
We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Necessary Out Policy Preëmptive Rule Situation Tight
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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Belief Context Dramatical General Growth Institution Market Occur Risk Structure
The free lunch has still to be invented.
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Free Invent Lunch Still
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
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten

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