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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
ALAN GREENSPAN

Excessive Grow Over Own Reversal Seed Show Time
And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPAN

All Change Job Percentage Rate Right Same Wage
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Clarinet Fact More Occasionally Pay Piano Sax
When trust is lost, a nation’s ability to transact business is palpably undermined.
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Ability Business Loss Nation Palpably Transact Trust Undermined
The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
ALAN GREENSPAN

Always Debt Default Money Print Probability States United
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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Corruption Exist Extend Favor General Government Sell Something
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…
ALAN GREENSPAN

Application Approach Derivative Grow More Relate Sophisticate Use
Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
ALAN GREENSPAN

Commodity Currency Demand God Gold Jewelry Thrust Unlike
Then fear hits, and it comes down very sharply. When I started to look at that.
ALAN GREENSPAN

Come Down Fear Hit Look Sharply Start That
No one has ever eliminated any of that stuff.
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Eliminate No One Stuff
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Country Crise Current End Financial Most Retrospect Since War Wrench
Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Gold Insidious Process Property Protector Right Stand Way
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Develop Fiscal Path Place Policy Protection Regard Reluctance Sustainable Trade
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
ALAN GREENSPAN

Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural

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