The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
ALAN GREENSPANThe number of mistakes I have made are just awesome. There is no number large enough to account for that.
More Alan Greenspan Quotes
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I have long argued that paying down the national debt is beneficial for the economy.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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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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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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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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Political decisions are never random and will always lose out to innovative alternatives.
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Revolutions are something you see only in retrospect.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN