There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
ALAN GREENSPANDeficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
More Alan Greenspan Quotes
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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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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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If you think you understand what I am saying you do not understand what I am saying.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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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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The worst have failed; investors no longer fund them and are not likely to in the future.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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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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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN