Revolutions are something you see only in retrospect.
ALAN GREENSPANWe can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
More Alan Greenspan Quotes
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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How do we know when irrational exuberance has unduly escalated asset values?
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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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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Senator, if I seem clear to you, you must have misunderstood me’.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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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Then fear hits, and it comes down very sharply. When I started to look at that.
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Gold still represents the ultimate form of payment in the world.
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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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You can’t have the capitalist system if an increasing number of people think it is unjust.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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If I say something which you understand fully in this regard, I probably made a mistake.
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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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Any informed borrower is simply less vulnerable to fraud and abuse.
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There are no easy choices. Easy choices are long gone.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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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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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.
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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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Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN