Fiat money in extremis is accepted by nobody. Gold is always accepted.
ALAN GREENSPANIt 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.
More Alan Greenspan Quotes
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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I’m a better economist than I was a sax player.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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But rules cannot substitute for character.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Derivatives have permitted the unbundling of financial risks.
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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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Amateurs want to be right. Professionals want to make money.
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They seem to sense… that gold and economic freedom are inseparable.
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If I seem unduly clear to you, you must have misunderstood what I said.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
ALAN GREENSPAN