Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
ALAN GREENSPANIf all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
More Alan Greenspan Quotes
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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And the percentage changes in wage rates would be the same for all job grades.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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Market financed withdrawals of home equity in recent years.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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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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Amateurs want to be right. Professionals want to make money.
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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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
ALAN GREENSPAN