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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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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Absence Confiscation Good Inflation Protect Saving Standard
The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
And the percentage changes in wage rates would be the same for all job grades.
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All Change Job Percentage Rate Right Same Wage
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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Cannot Cause Far Forecast Future Go People Realize Probability
I’m a better economist than I was a sax player.
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Better Economist Player
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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Base Business Deal Fear Force Regulation Undermine
Whatever you tax you get less of.
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Economy Less Tax
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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Bank Decline Foreclosure Housing Level National Need Significant Substantial Trigger
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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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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Boost Different Process Rate Reason Suspect
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Antagonism Difficulty Gold Grasp Standard Statistic Understanding
The guiding purpose of the government regulator is to prevent rather than to create something.
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Create Government Guild Prevent Purpose Rather Regulation Something

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