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.
ALAN GREENSPANThe need for values is inbred. Their content is not.
More Alan Greenspan Quotes
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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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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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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If I’ve made myself clear, I’ve misspoken.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
ALAN GREENSPAN -
There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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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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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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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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Gold still represents the ultimate form of payment in the world.
ALAN GREENSPAN