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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.

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Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural

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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.
ALAN GREENSPAN

Currency Dollar Evidence Gold Look Premier Remember Still
Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
ALAN GREENSPAN

Against Always Any Believe Fraud Law Need Probably
If you think you understand what I am saying you do not understand what I am saying.
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Say Think Understand
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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Adherence Business Deal Gain Honest Honesty Satisfaction Strict Success
So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
If I seem unduly clear to you, you must have misunderstood what I said.
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Clear Misunderstood Must Said Seen Unduly
Revolutions are something you see only in retrospect.
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Retrospect Revolution See Something
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPAN

Absence Confiscation Good Inflation Protect Saving Standard
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN

Excessive Optimism Retrospect Something
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
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

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
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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Decade Development During Event Expansion Extraordinary Far Finance Most Significant
What an ideology is is a conceptual framework with the way people deal with reality.
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Conceptual Del Framework Ideology People Reality
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Derivative Extraordinary Marketplace Over Useful Year
Amateurs want to be right. Professionals want to make money.
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Amateur Money Professional Right

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