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.
ALAN GREENSPANNor 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.
More Alan Greenspan Quotes
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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The Iraq War is largely about oil.
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…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.
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If I say something which you understand fully in this regard, I probably made a mistake.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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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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These days, even out of office, I still read economic reports.
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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.
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History cannot be reduced to a set of statistics and probabilities.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
ALAN GREENSPAN