If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPANNow, I only play very occasionally, and in fact, more piano than clarinet or sax.
More Alan Greenspan Quotes
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I’m a plain soap kind of guy.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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No one has ever eliminated any of that stuff.
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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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The need for values is inbred. Their content is not.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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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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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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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 only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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History cannot be reduced to a set of statistics and probabilities.
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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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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.
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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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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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They seem to sense… that gold and economic freedom are inseparable.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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There is no evidence that the business cycle has been repealed.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
ALAN GREENSPAN