13 Quotes & Sayings By Alan Greenspan

Alan Greenspan was born in New York City on June 1, 1926. He attended prep school at the prestigious St. Paul's School, an elite boarding school in Concord, New Hampshire. He received his bachelor's degree from the University of North Carolina at Chapel Hill and his Master's degree from the Wharton School of Business at the University of Pennsylvania Read more

He was a professor of economics at the University of California, Berkeley, where he was awarded an honorary Doctor of Laws Degree in 1982. He then served as Chairman of the Council of Economic Advisers under President Gerald Ford. He then served as Chairman of the Federal Reserve under Presidents Ronald Reagan and George H.W.

Bush. Greenspan was awarded many honors for his work, including being named “The Greatest Living American" by Life Magazine in 1999, being named "America’s Greatest Entertainer" by Comedy Central, receiving the Presidential Medal of Freedom in 2005, and being appointed to two additional terms as Chairman by President George W. Bush.

1
Under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth... 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... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation Alan Greenspan
2
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
3
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
4
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
5
Any informed borrower is simply less vulnerable to fraud and abuse. Alan Greenspan
6
Finance is wholly different from the rest the economy. Alan Greenspan
7
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
8
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual. Alan Greenspan
9
You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can. Alan Greenspan
10
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
11
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
12
Unless you are willing to compromise, society cannot live together. Alan Greenspan