In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPANBut 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?
More Alan Greenspan Quotes
-
-
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.
ALAN GREENSPAN -
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN -
And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
I’m a better economist than I was a sax player.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
Whatever you tax you get less of.
ALAN GREENSPAN -
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
But material success is possible in this world and far more satisfying when it comes without exploiting others.
ALAN GREENSPAN -
So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN -
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN -
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN