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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.

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Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
ALAN GREENSPAN

Cold Currency Down Gold Mine Move Question Relative Together
Derivatives have permitted the unbundling of financial risks.
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Derivative Financial Permit Risk Unbound
It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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Anything Deteriorate Escape Fiat Money Perceive Seem
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
ALAN GREENSPAN

Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
The free lunch has still to be invented.
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Free Invent Lunch Still
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.
ALAN GREENSPAN

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
Indeed, better risk management may be the only truly necessary element of success in banking.
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Bank Better Indeed Management Necessary Only Risk Truly
Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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Disbelief Institution Interest Lend Self Shareholder Shock
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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Absolute Believe Fact Figure Moral Otherwise Proposition
The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
ALAN GREENSPAN

Economy Extraordinary Flexible Foster Increase Shock
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Almost Came Deficit Destabilize Chronic Realization Stark Surplus
So there is no reason to suspect that the actual process of boosting rates would be any different.
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Boost Different Process Rate Reason Suspect
It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Function Human Keep Minimum Nature Regrettably Successful
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Assume Grop Knowledge Possess Exist Senator Understand

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