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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

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Economy Extraordinary Flexible Foster Increase Shock

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

It signals problems with respect to currency markets. Central banks should pay attention to it.
ALAN GREENSPAN

Attention Bank Central Currency Market Problem Respect Signal
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still
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.
ALAN GREENSPAN

Gold Governor Happen Little Market Question Raise Treasury
Political decisions are never random and will always lose out to innovative alternatives.
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Alternative Decision Innovative Lose Political Random
And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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Destruction Mass Over Publicize Weapon Whatever
The guiding purpose of the government regulator is to prevent rather than to create something.
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Create Government Guild Prevent Purpose Rather Regulation Something
Productivity is notoriously difficult to predict.
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Difficult Notorious Predict Productivity
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Buddle Call Clear Issue National Overall Pattern Pretty Unsustainable Without
I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Hesitate Issue Other Some Table Throw
Then fear hits, and it comes down very sharply. When I started to look at that.
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Come Down Fear Hit Look Sharply Start That
As long as we issue fiat currency, I see no alternative to a legal tender law.
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Alternative Currency Issue Law Legal Long Tender
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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Country Decade Escalate Irrational Past Subject
…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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Colleagues Critical Depend Marlet System Trust World
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
Gold still represents the ultimate form of payment in the world.
ALAN GREENSPAN

Gold Payment Represent Ultimate World

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