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50 of 67 results found for - "Alan Greenspan"  
[Quote No.23542] Need Area: Mind > Learn
"To 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." - Alan Greenspan
American economist and ex-Federal Reserve Chairman
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[Quote No.63081] Need Area: Money > Income
"Relative compensation in our society is market determined, and reflects the value preferences of all participants in our economy. Is there a better arbiter?" - Alan Greenspan
The Age of Turbulence [2007].
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[Quote No.1134] Need Area: Money > Tax
"All taxes are a drag on economic growth. It's only a question of degree." - Alan Greenspan
ex-Chairman of the U.S Federal Reserve
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[Quote No.33504] Need Area: Money > Tax
"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 [and thereby keep poverty and social unrest to acceptable levels while balancing the need to not discourage the economic risk and productivity that provides for the needs of society and supports the whole government structure]. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale." - Alan Greenspan
Economist and later Chairman of the U.S. Federal Reserve. Quoted in 'Gold and Economic Freedom', published 1966.
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[Quote No.34931] Need Area: Money > Tax
"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. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale." - Alan Greenspan
Economist and later Chairman of the US Federal Reserve Bank. Quote from 'Gold and Economic Freedom', 1966.
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[Quote No.36609] Need Area: Money > Tax
"In the absence of the gold standard, there is no way to protect savings from confiscation through [the deliberate, 'secret' government tax called] inflation. There is no safe store of value." - Alan Greenspan
Economist and former Chairman of the US Federal Reserve Bank.
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[Quote No.37412] Need Area: Money > Tax
"Deficit spending is simply a scheme for the hidden confiscation of wealth [by causing inflation through borrowing and money printing to pay for the deficit]. Gold stands in the way of this insidious process [because it increases in value if the US dollar in which it is denominated is devalued by oney printing]. It stands as a protector of property rights [when used to back the currency because it stops the government spending money it doesn't have and then just printing money and causing inflation, which is a hidden tax, to pay back the loans to the US Treasury]." - Alan Greenspan
Economist and former Chairman of the US Federal Reserve.
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[Quote No.40329] Need Area: Money > Tax
"In the absence of the gold standard, there is no way to protect savings from confiscation through [the government's deliberate, secret tax, called] inflation. There is no safe store of value." - Alan Greenspan
Economist and Chairman of the US Federal Reserve.
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[Quote No.47908] Need Area: Money > Tax
"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! A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale." - Alan Greenspan
Economist who was the Chairman of the US Federal Reserve central Bank Board from 1987-2006. Quote from his work, 'Gold and Economic Freedom', 1966.
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[Quote No.44248] Need Area: Money > Save
"[Saving for retirement versus relying on government social security pensions and the effect of inflation:] We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power." - Alan Greenspan
(1926- ) Chairman of the U.S. Federal Reserve Board of Governors (1987-2006). Source: appearing before the U.S. Senate Banking Committee on February 15, 2005, in response to Democratic Senator Jack Reed of Rhode Island on the topic of funding Social Security.
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[Quote No.22244] Need Area: Money > Invest
"It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a person's ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making." - Alan Greenspan
American economist and ex- U.S. Federal Reserve Chairman
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[Quote No.22486] Need Area: Money > Invest
"When you get this far away from a recession [6 years] invariably forces build up for the next recession, and indeed we are beginning to see that sign...For example ...profit margins have begun to stabilize, which is an early sign we are in the later stages of a cycle." - Alan Greenspan
Former U.S. Federal Reserve Chairman
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[Quote No.23211] Need Area: Money > Invest
"Risk-taking is indeed a necessary condition for the creation of wealth. The ultimate values of all assets rest on their ability to produce goods and services in the future. And the future as we all know is uncertain and hence all investments are risky." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23212] Need Area: Money > Invest
"The most effective means we have for looking over the horizon is to try to identify which of the forces currently driving the economy are transitory and which are deeply seated and likely to persist in the longer term." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23213] Need Area: Money > Invest
"...recognizing the uncertainty around any given forecast, we endeavor to look at a range of forecasts and to form judgments of their relative probabilities...we also recognize the inevitability of errors in forecasts...[therefore this] requires an assessment of the consequences of various policy alternatives should they prove to be wrong." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23222] Need Area: Money > Invest
"History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism sows the seeds of its own reversal in the form of imbalances that tend to grow over time." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23223] Need Area: Money > Invest
"...how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions...?" - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23224] Need Area: Money > Invest
"A protracted decline in margins...is a recipe for recession." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23225] Need Area: Money > Invest
"History counsels us that sharp changes in direction [of the share market] are rarely, if ever, anticipated." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23226] Need Area: Money > Invest
"While home prices do on occasion decline, large declines are rare; the general experience of homeowners is a modest, but persistent rise in home values that is perceived to be largely permanent. This experience contrasts markedly from volatile and often ephemeral gains in stock market wealth." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23227] Need Area: Money > Invest
"When people are exposed to long periods of relative economic tranquillity, they seem inevitably prone to complacency about the future. This is understandable...As the memory of such past events fades, it naturally seems ever less sensible to keep up oneís guard against an adverse event in the future. [which exposes them to greater risk, should there be a reversal.]" - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23228] Need Area: Money > Invest
"...history tells us that sharp reversals in confidence occur abruptly, most often with little advance notice. These reversals can be self-reinforcing processes that can compress sizable adjustments into a very short period. Panic reactions in the [share] market are characterized by dramatic shifts in behavior that are intended to minimize short-term losses. Claims on far-distant future values are discounted to insignificance...this type of behavior has characterized human interaction with little appreciable change over the generations. Whether Dutch tulip bulbs or Russian equities, the market price pattern remains much the same." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23229] Need Area: Money > Invest
"There is no evidence that the business cycle has been repealed. Another recession will doubtless occur someday owing to circumstances that could not be, or at least were not, perceived by policymakers and financial market participants alike." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.23230] Need Area: Money > Invest
"The history of large swings in investor confidence and equity premiums for rational and other reasons counsels caution in the current context. We have relearned in recent weeks that just as a bull stock market feels unending and secure as an economy and stock market move forward, so it can feel when markets contract that recovery is inconceivable. Both, of course, are wrong. But because of the difficulty imagining a turnabout when such emotions take hold, periods of euphoria or distress tend to feed on themselves. Indeed, if this were not the case, the types of psychologically driven ebbs and flows of economic activity we have observed would be unlikely to exist." - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23231] Need Area: Money > Invest
"I do not say we are in a new era, because I have experienced too many alleged new eras in my lifetime that have come and gone. We are far more likely, instead, to be experiencing a structural shift similar to those that have visited our economy from time to time in the past. These shifts can have profound effects, often overriding conventional economic patterns for a number of years, before those patterns begin to show again over the longer term." - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23232] Need Area: Money > Invest
"Something had to snap. If it didnít happen in October, it would have happened soon thereafter. The immediate cause of the break was incidental. The market plunge was an accident waiting to happen. [After the steepest one day stock market drop in history that occurred on October 19, 1987...the same month as the 1929 stock crash which is why October is often called Droptober]" - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23233] Need Area: Money > Invest
"Economic systems are not only about numbers, facts, and statistics, but also about people. Systems that donít take into account human behavior are doomed to failure." - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23234] Need Area: Money > Invest
"If discipline from incurring losses from mistakes were mitigated [by intervention by government regulators] vigilance would be relaxed, the marketís natural adaptive response would be blunted, and the value of decentralized market decisions, as allocators of scarce capital resources, would be reduced." - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23235] Need Area: Money > Invest
"...any attempt to forecast [share market] investor behavior after a correction is probably futile. Once you get a decline started, itís not clear whether people choose that as a reason to sell or to buy." - Alan Greenspan
(1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board.
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[Quote No.23269] Need Area: Money > Invest
"...irrational exuberance...[might have]...unduly escalated asset values." - Alan Greenspan
U.S. Federal Reserve Chairman, in a December, 1996 speech.
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[Quote No.23270] Need Area: Money > Invest
"The American economy was experiencing a once-in-a-century acceleration of innovation, which propelled forward productivity, output, corporate profits and stock prices at a pace not seen in generations, if ever...Lofty equity prices have reduced the cost of capital. The result has been a veritable explosion of spending on high-tech equipment....And I see nothing to suggest that these opportunities will peter out anytime soon....Indeed many argue that the pace of innovation will continue to quicken....to exploit the still largely untapped potential for e-commerce, especially the business-to-business arena." - Alan Greenspan
U.S. Federal Reserve Chairman - [Quoted in January, 2000, just weeks short of the market peak. One week later, the Nasdaq peaked at 5048. It then proceeded to fall reaching a low of 1114 on October 9, 2002 losing 78% of its value. The broadly based S&P 500 stock index also dropped from its March 24, 2000 high of 1527 to an October 9, 2002 bottom at 777 for a loss of 49%!]
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[Quote No.25845] Need Area: Money > Invest
"Indeed, it's like someone who has an immune system that's not working very well is subject to all sorts of diseases and the economy at this level of [booming] growth is subject to all sorts of shocks." - Alan Greenspan
Famous economist and ex-Chairman of the U.S.A.'s Federal Reserve
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[Quote No.33995] Need Area: Money > Invest
"[If you feel you don't need to save and invest carefully yourself for your old age, because you believe the government will look after you remember this...] We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power." - Alan Greenspan
Chairman of the Federal Reserve US Central Bank, appearing before the Senate Banking Committee on February 15, 2005, in response to Democratic Senator Jack Reed of Rhode Island on the topic of funding Social Security.
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[Quote No.34021] Need Area: Money > Invest
"An almost hysterical antagonism toward the gold standard is one issue which unites statists [those that believe in expensive, powerful, big governments] of all persuasions. They seem to sense - perhaps more clearly and subtly than many consistent defenders of laissez-faire - that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other. [Statist governments know that if restricted by the gold standard, they cannot inflate and debase the currency, and thereby defraud the savers in and creditors of the country, thereby truly limiting their fiscal generosity to their political allies for their political ends and demanding economic competence and accountability]." - Alan Greenspan
Economist and later Chairman of the U.S. Federal Reserve. Quote from his work, 'Gold and Economic Freedom', published in 1966.
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[Quote No.34025] Need Area: Money > Invest
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
Economist and later Chairman of the U.S. Federal Reserve. Quoted in 1966.
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[Quote No.34128] Need Area: Money > Invest
"[Money supply in theory is a good forward indicator for the economy and inflation, however in practice it is problematic:] Let me suggest to you that the monetary aggregates as we measure them are getting increasingly complex and difficult to integrate into a set of forecasts. The problem that we have is not that money is unimportant, but how we define it. By definition, all prices are indeed the 'ratio of an exchange of a good for money.' And what we seek is what that is. Our problem is we used M-1 at one point as the proxy of money, and it turned out to be a very difficult indicator of any financial state. We then went to M-2 and had the similar problem. We have never done M-3 per se because it largely reflects the extent of expansion of the banking industry. And when in effect banks expand, in and of itself, it doesnít tell you terribly much about what the real money is. So our problem is not that we do not believe in sound money. We do. We very much believe that, if you have a debased currency, that you will have a debased economy. The difficulty is in defining what part of our liquidity structure is truly money. We have had trouble ferreting out proxies for that for a number of years. And the standard we employed is whether it gives us a good forward indicator of the direction of finance and the economy. Regrettably, none of those which (?) have been able to develop, including MZM Ė has not done that. That does not mean that we think that money is irrelevant. It means that we think our measures of money have been inadequate. And, as a consequence of that, we, as I have mentioned previously, have downgraded the use of the monetary aggregates for monetary policy purposes, until we are able to find a more stable proxy for what we believe is the underlying money in the economy. [Representative Ron Paul: 'So itís hard to manage something you canít define?'] It is not possible to manage something you canít define." - Alan Greenspan
Chairman of the U.S. Federal Reserve. Quote from his Humphrey-Hawkins testimony, February 17, 2000.
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[Quote No.34701] Need Area: Money > Invest
"An almost hysterical antagonism towards the gold standard is one issue which unites [the people who believe in a big government and a massive welfare state - or in other words] statists of all persuasions. They seem to sense ó perhaps more clearly and subtly than many consistent defenders of laissez-faire ó that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation [created as a result from big government's reckless spending and loose monetary policy]. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold [in the 1930's Great Depression]. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statistsí tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statistsí antagonism toward the gold standard." - Alan Greenspan
Economist and eventually Chairman of the US Federal Reserve. Quote from his essay 'Gold and Economic Freedom', published in 'The Objectivist', 1966. As Federal Reserve Chairman he did not follow his own advice and the Great Financial Crash of 2007-9, second only to the Great Depression' occurred as a result.
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[Quote No.35734] Need Area: Money > Invest
"The general assumption about measures of core inflation is that food and energy fluctuate, but have no trend. That is incorrect. [Rising incomes have shifted diets toward more protein, requiring more wheat crops while at the same time we are running out of arable land. This will create a long-term uptrend in food prices. Concerns over the security of oil supplies will also put oil prices on an upward trend. Over the counter derivatives (futures) have encouraged more storage of oil above ground in developed nations, providing a buffer. Otherwise, oil would be even higher right now.]" - Alan Greenspan
Former Chairman of the US Federal Reserve Bank. Quoted March 5, 2011.
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[Quote No.36052] Need Area: Money > Invest
"Deficit spending is simply a scheme for the 'hidden' confiscation of wealth [through increasing inflation]. Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
Economist and later Chairman of the US Federal Reserve Bank.
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[Quote No.36608] Need Area: Money > Invest
"In the absence of the gold standard, there is no way to protect savings from confiscation through [the secret government tax called] inflation. There is no safe store of value." - Alan Greenspan
Economist and former Chairman of the US Federal Reserve Bank.
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[Quote No.36677] Need Area: Money > Invest
"Gold still represents the ultimate form of payment in the world... Fiat money, in extremis, is accepted by nobody. Gold is always accepted." - Alan Greenspan
Economist and Chairman of the US Federal Reserve. Quote from remarks at the Economic Club of New York, December 2002.
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[Quote No.37778] Need Area: Money > Invest
"A government cannot become insolvent with respect to obligations in its own currency [since it can print the money it needs to repay its debts - but it must then be prepared to accept the devaluation of its own currency, the domestic inflation this will cause and the future reticence of foreigners to lend to them in the future.]" - Alan Greenspan
Chairman of the US Federal Reserve
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[Quote No.44073] Need Area: Money > Invest
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
(1926 - ), Chairman of the Federal Reserve Board of Governors (1987-2006). Quote from 1966.
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[Quote No.47853] Need Area: Money > Invest
"We [economists and central bankers] really can't forecast all that well. We pretend that we can but we can't. And markets do really weird things sometimes because they react to the way people behave, and sometimes people are a little screwy." - Alan Greenspan
Economist and former Chairman of the U.S. Federal Reserve central bank. Quote from an interview on 'The Daily Show', 21st October, 2013. [http://www.thedailyshow.com/watch/mon-october-21-2013/alan-greenspan ]
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[Quote No.57480] Need Area: Money > Invest
"We really can't forecast all that well, and yet we pretend that we can, but we really can't." - Alan Greenspan
Economist and former Chairman of the US Federal Reserve [central bank].
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[Quote No.23209] Need Area: Money > General
"For, at root, money Ė serving as a store of value and medium of exchange Ė is the lubricant that enables a society to organize itself to achieve economic progress. The ability to store the fruits of oneís labor for future consumption is necessary for the accumulation of capital, the spread of technological advances and, as a consequence, rising standards of living." - Alan Greenspan
1926 - ) Economist, Co-Founder of premier economic forecasting consultancy, Townsend-Greenspan & Co., and from 1987 until 2006, Chairman of the United States Federal Reserve Board. - February 26, 1997
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[Quote No.31798] Need Area: Money > General
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights [income and savings]. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard. [It stops fiscally irresponsible governments and politicians from 'buying' votes by spending more money than they have and then reducing the value of every dollar in circulation in order to make it easier for them to pay back the debt and increase taxation through progressive taxation bracket creep.]" - Alan Greenspan
Former Chairman of the U.S. Federal Reserve. From his book, 'Gold and Economic Freedom', published 1966.
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[Quote No.34712] Need Area: Money > General
"As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise [as more money chases the same goods]. Thus the earnings saved by the productive members of the society lose value in terms of goods [thereby reducing their incentives to work and contribute to their society above the bare minimum]. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by [the Federal Reserve] bank credit expansion [in essence a hidden tax of the assets of savers]...In the absence of the gold standard, there is no way to protect savings from [secret, forced] confiscation through inflation...Deficit spending [leading eventually to inflation in order to make paying government deficit and debt easier in the future] is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights [assets and therefore individual freedom from the tyranny of power-hungry, fiscally and eventually socially irresponsible governments]." - Alan Greenspan
Economist and later Chairman of the Federal Reserve, where he forgot about this previously astute quote and proceeded to cause along with others the 2009-11 Great Financial Crisis, second only to the Great Depression of the 1930's, by keeping interest rates artificially too low for too long encouraging a bubble in house and stock prices which when it burst created destitution, unemployment, havoc and misery.
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[Quote No.35779] Need Area: Money > General
"[A definition of crony capitalism:] When a government's leaders or businesses routinely seek out private sector individuals or business, and in exchange for political support bestow favors on them, the society is said to be in the grip of crony capitalism. The favors generally take the form of monopoly access to certain markets, preferred access to sales of government assets, and special access to those in power." - Alan Greenspan
former Chairman of the Federal Reserve Quote from his 2004 memoir, 'The Age of Turbulence: Adventures in a New World'.
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[Quote No.35814] Need Area: Money > General
"[Replying to a question about social security funding in 2005, Alan Greenspan, the US Federal Reserve Chairman, inadvertently nailed the fundamental problem of an inflationist welfare state:] We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power. [The same is also true for the sovereign debt - bonds. Since welfare payments, social security, pensions, etc are supposedly adjusted for inflation each year and many central banks have statuary inflation band goals, any government intent on debasing their currency through inflation in order to reduce their real debt and future spending obligations must find a way to understate their inflation rate. This is why many 'conspiracy' theorists doubt the current items, proportions and methodologies -i.e. hedonic regression used. At times when debasement is believed to be happening, despite whatever the official inflation figure, the demand for and therefore the price of gold as a store of value rises.]" - Alan Greenspan
Economist and ex-US Federal Reserve Chairman
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