Indeed, better risk management may be the only truly necessary element of success in banking.
ALAN GREENSPANCash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
More Alan Greenspan Quotes
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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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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
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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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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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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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…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 one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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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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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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These days, even out of office, I still read economic reports.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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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.
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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?
ALAN GREENSPAN






