Before I met Ayn Rand, I was a logical positivist, and accordingly,
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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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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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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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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Derivatives have permitted the unbundling of financial risks.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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Credit-default swaps, I think, have serious problems associated with them.
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Rules cannot take the place of character.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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Productivity is notoriously difficult to predict.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN