Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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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Derivatives have permitted the unbundling of financial risks.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Anything that we can do to raise personal savings is very much in the interest of this country.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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Rules cannot take the place of character.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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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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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Whatever you tax you get less of.
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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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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Significantly opening up immigration to skilled workers solves two problems.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPAN