All taxes are a drag on economic growth. It’s only a question of degree.
ALAN GREENSPANAs long as we issue fiat currency, I see no alternative to a legal tender law.
More Alan Greenspan Quotes
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Indeed, better risk management may be the only truly necessary element of success in banking.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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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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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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If I seem unduly clear to you, you must have misunderstood what I said.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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And she always has so much fun doing it. We make a good team.
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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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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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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.
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If I say something which you understand fully in this regard, I probably made a mistake.
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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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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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Credit-default swaps, I think, have serious problems associated with them.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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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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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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If I’ve made myself clear, I’ve misspoken.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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.
ALAN GREENSPAN