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.
ALAN GREENSPANWas sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
More Alan Greenspan Quotes
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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There is no evidence that the business cycle has been repealed.
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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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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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There are no easy choices. Easy choices are long gone.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Market financed withdrawals of home equity in recent years.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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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.
ALAN GREENSPAN