Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
ALAN GREENSPANI love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
More Alan Greenspan Quotes
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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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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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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And the percentage changes in wage rates would be the same for all job grades.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Political decisions are never random and will always lose out to innovative alternatives.
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If I say something which you understand fully in this regard, I probably made a mistake.
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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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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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 worst have failed; investors no longer fund them and are not likely to in the future.
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The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN