There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.

ALAN GREENSPAN

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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.

Alan Greenspan

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The need for values is inbred. Their content is not.
ALAN GREENSPAN

Inbred
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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Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium
The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
ALAN GREENSPAN

Economy Flexible Foster Increase Shock
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 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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Crise Current End Financial Most Retrospect Since Wrench
I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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Amaze Day Next Subject
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.
ALAN GREENSPAN

Correct Economy Flexible Greater Inevitable More Self Unanticipated
The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPAN

Finance Leverage Significantly Unless Very
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.

ALAN GREENSPAN

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.
ALAN GREENSPAN

Shied Shortage
If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN

Misunderstood Must Said Seen Unduly
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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Bell Economy Evolve Financial International Rapid System Whistle
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Basic Learn Solid Succeed
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Fiscal Protection Reluctance Sustainable Trade
The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
ALAN GREENSPAN

Development Economy Idea Worker
Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.

ALAN GREENSPAN

Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
ALAN GREENSPAN

Adequate Ago Buffer Decline One Piece Purchase Residence Year
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.

ALAN GREENSPAN

Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Excessive Over Own Reversal
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

ALAN GREENSPAN

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
ALAN GREENSPAN

Confiscation Inflation Protect

There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.

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