The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
ALAN GREENSPANIt’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
More Alan Greenspan Quotes
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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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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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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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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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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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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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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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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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The tub helps me relax, and it’s a great place to read.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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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.
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Market financed withdrawals of home equity in recent years.
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Revolutions are something you see only in retrospect.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Amateurs want to be right. Professionals want to make money.
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Senator, if I seem clear to you, you must have misunderstood me’.
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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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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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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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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN