Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPANDerivatives have permitted the unbundling of financial risks.
More Alan Greenspan Quotes
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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If I’ve made myself clear, I’ve misspoken.
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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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If I seem unduly clear to you, you must have misunderstood what I said.
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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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There are no easy choices. Easy choices are long gone.
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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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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Amateurs want to be right. Professionals want to make money.
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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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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN