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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…

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Political decisions are never random and will always lose out to innovative alternatives.
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Gold still represents the ultimate form of payment in the world.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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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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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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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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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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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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If I say something which you understand fully in this regard, I probably made a mistake.
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