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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

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

Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
ALAN GREENSPAN

Commodity Currency Demand God Gold Jewelry Thrust Unlike
The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
ALAN GREENSPAN

Ability Correct Economy Flexible Greater Inevitable More Response Self Unanticipated
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
ALAN GREENSPAN

Excessive Grow Over Own Reversal Seed Show Time
Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
ALAN GREENSPAN

Caution During Especially Past Price Regard Rise Sharp Two Warranted Year
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
ALAN GREENSPAN

Asset Escalate Exuberance Irrational Unduly Value
…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
Market financed withdrawals of home equity in recent years.
ALAN GREENSPAN

Equity Financial Home Market Recent Withdrawl Year
There is no evidence that the business cycle has been repealed.
ALAN GREENSPAN

Business Cycle Evidence Repeat
It’s a bubble. It has to have intrinsic value. 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

Bitcoin Blue Bubble Imagination Intrinsic Really Stretch
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.
ALAN GREENSPAN

Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten
I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
ALAN GREENSPAN

Deny Monoply Nature Need Readily Resolve Terrible Thing
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

Adherence Business Deal Gain Honest Honesty Satisfaction Strict Success
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
Gold still represents the ultimate form of payment in the world.
ALAN GREENSPAN

Gold Payment Represent Ultimate World

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