The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPANIt’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
More Alan Greenspan Quotes
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I have long argued that paying down the national debt is beneficial for the economy.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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The free lunch has still to be invented.
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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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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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
ALAN GREENSPAN






