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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?

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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
ALAN GREENSPAN

Against Always Any Believe Fraud Law Need Probably
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.
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Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Box Effect Fund Lock Make Need Phantom Real Trust
In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
ALAN GREENSPAN

Corruption Exist Extend Favor General Government Sell Something
All taxes are a drag on economic growth. It’s only a question of degree.
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Degree Drag Economic Growth Only Question Tax
We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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Anything Common Crise Human Like Look Nature
While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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Accelerate Circumstance Dramatic Economic Innovation Offer Return Tendency Train
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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Capitalism Cardinal Demand Integrity Interest Market Piece Trustworthy Vice Virtue
Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Gold Insidious Process Properly Right Stand
I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
Productivity is notoriously difficult to predict.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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Derivatives have permitted the unbundling of financial risks.
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Derivative Financial Permit Risk Unbound
Rules cannot take the place of character.
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Character Place Rule
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Credit-default swaps, I think, have serious problems associated with them.
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