We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPANBut rules cannot substitute for character.
More Alan Greenspan Quotes
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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The process of innovation is, of course, never ending.
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Political decisions are never random and will always lose out to innovative alternatives.
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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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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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They seem to sense… that gold and economic freedom are inseparable.
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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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Indeed, better risk management may be the only truly necessary element of success in banking.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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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 we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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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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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
ALAN GREENSPAN