I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
ALAN GREENSPANIn the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
More Alan Greenspan Quotes
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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Revolutions are something you see only in retrospect.
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But rules cannot substitute for character.
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I’m a better economist than I was a sax player.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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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.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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If I say something which you understand fully in this regard, I probably made a mistake.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
ALAN GREENSPAN