Alan Greenspan Quotes

Rules cannot take the place of character.

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What an ideology is is a conceptual framework with the way people deal with reality. Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.

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

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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.

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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.

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Since I've become a central banker, I've learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.

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These days, even out of office, I still read economic reports.

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The guiding purpose of the government regulator is to prevent rather than to create something.

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

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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... Derivatives have permitted the unbundling of financial risks.

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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.

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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.

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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.

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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.

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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

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Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove a proposition with facts and figures, it was without merit.

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Whatever you tax you get less of.

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As long as we issue fiat currency, I see no alternative to a legal tender law.

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Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.

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The process of innovation is, of course, never ending.

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