Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPANRegulators have not been able to achieve the level of future clarity required to act pre-emptively.
More Alan Greenspan Quotes
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The guiding purpose of the government regulator is to prevent rather than to create something.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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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 number one problem in today’s generation and economy is the lack of financial literacy.
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If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
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Revolutions are something you see only in retrospect.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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If you think you understand what I am saying you do not understand what I am saying.
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I’m a better economist than I was a sax player.
ALAN GREENSPAN