Alan Greenspan

Revolutions are something you see only in retrospect.
Alan Greenspan

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense… that gold and economic freedom are inseparable.
Alan Greenspan

I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
Alan Greenspan

Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means.
Alan Greenspan

Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
Alan Greenspan

One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won’t tell you very much about what they’re doing.
Alan Greenspan
Business, Morning, Balance
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.
Alan Greenspan

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

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.
Alan Greenspan

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

I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
Alan Greenspan

If somebody had said to me in June or July of 1987, ‘We’d like you to become chairman of the Federal Reserve, but you’re never allowed to discuss any economics after you leave,’ I’d have said, ‘Forget it.’ What do they want me to do? Become an anthropologist?’
Alan Greenspan

People don’t realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but that’s as far as we go. And I’ve had a very successful career as a forecaster, starting in 1948 forward. The number of mistakes I have made are just awesome. There is no number large enough to account for that.
Alan Greenspan

Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
Alan Greenspan

The person I liked the best was Gerald R. Ford. He was the most decent man in politics I ever had any relationships with.
Alan Greenspan

Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
Alan Greenspan

I always believed in animal spirits. It’s not their existence that is new. It’s the fact that they are not random events, but actually replicate in-bred qualities of human nature which create those animal spirits.
Alan Greenspan

Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It’s – given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
Alan Greenspan

The only way you get economic progress, real standards of living moving higher, is to have the savings of the society continuously invested in the cutting-edge technologies. And those technologies which are obsolescent get dropped out.
Alan Greenspan

Diplomacy is really far less important than the stock movements within Russia.
Alan Greenspan

I’m a free-market economist from years and years back, and I’ve never veered from that.
Alan Greenspan

If I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
Alan Greenspan

Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
Alan Greenspan

I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
Alan Greenspan

Any informed borrower is simply less vulnerable to fraud and abuse.
Alan Greenspan

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