While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
ALAN GREENSPANDeficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
More Alan Greenspan Quotes
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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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.
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Credit-default swaps, I think, have serious problems associated with them.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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No one has ever eliminated any of that stuff.
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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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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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I’m a plain soap kind of guy.
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These days, even out of office, I still read economic reports.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Productivity is notoriously difficult to predict.
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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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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN