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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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Absence Confiscation Good Inflation Protect Saving Standard

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

If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
ALAN GREENSPAN

Action Allow Freedom Terrorism Undermine
We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Benefit Cash Guarantee Like Power Purchase
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Confront Expectation Frightened Lack Problem Regulation Unrealistic
We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Box Effect Fund Lock Make Need Phantom Real Trust
And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPAN

All Change Job Percentage Rate Right Same Wage
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Acknowledge Country Inconvenient Large Saddened
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
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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Anything Common Crise Human Like Look Nature
There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
ALAN GREENSPAN

Confiscation Deficit Hidden Safe Scheme Spend Store Value Wealth
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ALAN GREENSPAN

Anything Country Interest Much Personal Raise Say
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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Abnormal Exposure Haul Long Matter No Return Scheme Skillful Sustain Trade
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Economy Less Tax
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Caution During Especially Past Price Regard Rise Sharp Two Warranted Year
Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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Capitalism Condition Crony Essentially Favour Private Public
If prices go down, we will have problems – problems in the sense of spillover to other areas.
ALAN GREENSPAN

Area Other Price Problem Spillover
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.
ALAN GREENSPAN

Arbitrary Death Guarantee Inspector Integrity Judgement Knowledge Nothing Superior

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