Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
ALAN GREENSPANMarket financed withdrawals of home equity in recent years.
More Alan Greenspan Quotes
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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Greenspan, who knew so much more than most, knew far less than most supposed.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
ALAN GREENSPAN