Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
ALAN GREENSPANIf all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
More Alan Greenspan Quotes
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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But rules cannot substitute for character.
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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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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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There is no evidence that the business cycle has been repealed.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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Senator, if I seem clear to you, you must have misunderstood me’.
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What an ideology is is a conceptual framework with the way people deal with reality.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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There are no easy choices. Easy choices are long gone.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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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.
ALAN GREENSPAN






