It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
ALAN GREENSPANAnyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
More Alan Greenspan Quotes
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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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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
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I have long argued that paying down the national debt is beneficial for the economy.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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The process of innovation is, of course, never ending.
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But rules cannot substitute for character.
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When trust is lost, a nation’s ability to transact business is palpably undermined.
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And the percentage changes in wage rates would be the same for all job grades.
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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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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
ALAN GREENSPAN