I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan GreenspanRead
Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.
Interpretation
Gold is considered a reliable form of payment, while fiat money can lose its value and acceptance.
Alan Greenspan emphasizes the enduring value of gold as a form of currency, suggesting that unlike fiat money, which may fail in extreme situations or crises, gold maintains its acceptance and value across different contexts. This reflects a deep-rooted belief in gold as a stable financial asset that transcends the fluctuations of modern currencies.
In practice
In a finance lecture discussing the importance of asset stability.
I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
There's no other job in public life that is like chairman of the Fed.
Since 1948 I have spent every single day thinking how the economic and political worlds have changed.
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
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.
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.
If they are too big to fail, make them smaller.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
Capitalism and market forces are very powerful in producing wealth and innovation. But we need to ensure that these forces act in the common interest.
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
Never in the history of human credit has so much been owed.
Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class.
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