Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPANI am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
More Alan Greenspan Quotes
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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They seem to sense… that gold and economic freedom are inseparable.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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Amateurs want to be right. Professionals want to make money.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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I have long argued that paying down the national debt is beneficial for the economy.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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 don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
ALAN GREENSPAN