In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPANThere is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
More Alan Greenspan Quotes
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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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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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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Amateurs want to be right. Professionals want to make money.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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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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And she always has so much fun doing it. We make a good team.
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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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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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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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I have long argued that paying down the national debt is beneficial for the economy.
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The free lunch has still to be invented.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
ALAN GREENSPAN