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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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Antagonism Difficulty Gold Grasp Standard Statistic Understanding

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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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Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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Against Always Any Believe Fraud Law Need Probably
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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Benefit Deregulation Hard Important Look Overemphasize True Year
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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Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value
Productivity is notoriously difficult to predict.
ALAN GREENSPAN

Difficult Notorious Predict Productivity
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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Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
Greenspan, who knew so much more than most, knew far less than most supposed.
ALAN GREENSPAN

Far Greenspan Knew Less More Most Suppose
The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
ALAN GREENSPAN

Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
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If I say something which you understand fully in this regard, I probably made a mistake.
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Made Mistake Probably Regard Something Understand
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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Benefit Cash Guarantee Like Power Purchase
Credit-default swaps, I think, have serious problems associated with them.
ALAN GREENSPAN

Associate Credit Default Problem Serious Swap
Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
ALAN GREENSPAN

Adequate Ago Buffer Decline Deep Home One Piece Purchase Residence Year
I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
ALAN GREENSPAN

Clear Guess Out Particular Turn Warn You

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