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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.

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Being Central Century Government Midst Once REquired Tsunami

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPAN

Dominant Euphoria Fear Force Many Multiply Size
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
You can’t have the capitalist system if an increasing number of people think it is unjust.
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Capitalist Increase Number People System Unjust
Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN

Associate Credit Default Problem Serious Swap
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.
ALAN GREENSPAN

Basic Communication Education Foundation Importance Learn Solid Soon Succeed
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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Deal Effect Measure Psychology Thermometer Use
The worst have failed; investors no longer fund them and are not likely to in the future.
ALAN GREENSPAN

Fail Future Investor Likely Longer Worst
Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPAN

Bank Better Indeed Management Necessary Only Risk Truly
It signals problems with respect to currency markets. Central banks should pay attention to it.
ALAN GREENSPAN

Attention Bank Central Currency Market Problem Respect Signal
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.
ALAN GREENSPAN

Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
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.
ALAN GREENSPAN

Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
ALAN GREENSPAN

Borrow Down Equity Historical Payment Significant Some Unusual Wipe
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
ALAN GREENSPAN

Banker Become Central Incoherence Member
American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
ALAN GREENSPAN

Country Economy Function Harbor Violence World

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