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

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPAN

Abandonment Banking Credit Gold Made Possible Standard Statics System Use Welfare
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

Cannot Conceive Cut Deficit Economy Harm Overdo Overdue Political Realistic Solution
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
The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
ALAN GREENSPAN

Equally High Income People Drive Those Workers
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
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.
ALAN GREENSPAN

Hesitate Issue Other Some Table Throw
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.
ALAN GREENSPAN

Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
ALAN GREENSPAN

Destruction Mass Over Publicize Weapon Whatever
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Assume Grop Knowledge Possess Exist Senator Understand
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPAN

Acknowledge Country Inconvenient Large Saddened
The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
ALAN GREENSPAN

Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
ALAN GREENSPAN

Base Business Deal Fear Force Regulation Undermine
If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN

Group Minute Pleasantries Political Rhetoric Security Solve
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPAN

Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
Anything that we can do to raise personal savings is very much in the interest of this country.
ALAN GREENSPAN

Anything Country Interest Much Personal Raise Say
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
While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
ALAN GREENSPAN

Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
The number of mistakes I have made are just awesome. There is no number large enough to account for that.
ALAN GREENSPAN

Account Awesome Enough Large Made Mistake Number
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
Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
ALAN GREENSPAN

Consider Distribution Economy Future Likely Outcome Path Possible
Before I met Ayn Rand, I was a logical positivist, and accordingly,
ALAN GREENSPAN

Accordingly Before Logical Met People Positivist
What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPAN

Characteristics Corruption Embezzlement Everywhere Exist Regrettably
Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
ALAN GREENSPAN

Derivate Negotiate Privately Profession Regulation Transaction
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
Whatever you tax you get less of.
ALAN GREENSPAN

Economy Less Tax

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