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.
ALAN GREENSPANTo 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.
More Alan Greenspan Quotes
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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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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As long as we issue fiat currency, I see no alternative to a legal tender law.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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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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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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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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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Gold still represents the ultimate form of payment in the world.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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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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They seem to sense… that gold and economic freedom are inseparable.
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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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Senator, if I seem clear to you, you must have misunderstood me’.
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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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I have long argued that paying down the national debt is beneficial for the economy.
ALAN GREENSPAN