The Iraq War is largely about oil.
ALAN GREENSPANWe can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
More Alan Greenspan Quotes
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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.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.
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Significantly opening up immigration to skilled workers solves two problems.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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Productivity is notoriously difficult to predict.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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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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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
ALAN GREENSPAN