Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPANWhile 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.
More Alan Greenspan Quotes
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How do we know when irrational exuberance has unduly escalated asset values?
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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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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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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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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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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The free lunch has still to be invented.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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The need for values is inbred. Their content is not.
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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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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Greenspan, who knew so much more than most, knew far less than most supposed.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
ALAN GREENSPAN