The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
ALAN GREENSPANIf you think you understand what I am saying you do not understand what I am saying.
More Alan Greenspan Quotes
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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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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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It’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.
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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.
ALAN GREENSPAN