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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.

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Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare

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

Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPAN

Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still
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 GREENSPAN

Always Debt Default Money Print Probability States United
And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN

Always Do Make Fun Good Much Team
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Event Expansion Extraordinary Far Finance Most Significant
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Function Human Keep Minimum Nature Regrettably Successful
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
ALAN GREENSPAN

Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
ALAN GREENSPAN

Buddle Call Clear Issue National Overall Pattern Pretty Unsustainable Without
While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
ALAN GREENSPAN

Accelerate Circumstance Dramatic Economic Innovation Offer Return Tendency Train
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN

Excessive Optimism Retrospect Something
I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
ALAN GREENSPAN

Continue Go Higher Market More Stock
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN

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What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Country Inconvenient Large Saddened
Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN

Associate Credit Default Problem Serious Swap
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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Absence Confiscation God Inflation Protect Save
Then fear hits, and it comes down very sharply. When I started to look at that.
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The Iraq War is largely about oil.
ALAN GREENSPAN

Country Largely Oil War
History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Demonstrate Excessive Financial History Optimism Particular Wave
Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
ALAN GREENSPAN

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Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN

Far Greenspan Knew Less More Most Suppose
I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap

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