In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
ALAN GREENSPANI’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
More Alan Greenspan Quotes
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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.
ALAN GREENSPAN -
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.
ALAN GREENSPAN -
I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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If you think you understand what I am saying you do not understand what I am saying.
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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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What an ideology is is a conceptual framework with the way people deal with reality.
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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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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 -
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Gold still represents the ultimate form of payment in the world.
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Anyone 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
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN -
I’m a better economist than I was a sax player.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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I have long argued that paying down the national debt is beneficial for the economy.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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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.
ALAN GREENSPAN -
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPAN -
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Derivatives have permitted the unbundling of financial risks.
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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.
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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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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN