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Gold still represents the ultimate form of payment in the world.

Alan Greenspan

While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
ALAN GREENSPAN

Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
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.
ALAN GREENSPAN

Bitcoin Blue Bubble Imagination Intrinsic Really Stretch
If prices go down, we will have problems – problems in the sense of spillover to other areas.
ALAN GREENSPAN

Area Other Price Problem Spillover
You can’t have the capitalist system if an increasing number of people think it is unjust.
ALAN GREENSPAN

Capitalist Increase Number People System Unjust
Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
ALAN GREENSPAN

Confiscation Deficit Hide Scheme Simply Spend Wealth
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
The need for values is inbred. Their content is not.
ALAN GREENSPAN

Content Inbred Need Value
This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath History Period Premium Protract Reason Risk
Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
ALAN GREENSPAN

Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
ALAN GREENSPAN

Currency Dollar Evidence Gold Look Premier Remember Still
If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPAN

Say Think Understand
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
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

Absolute Believe Fact Figure Moral Otherwise Proposition
…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.
ALAN GREENSPAN

Colleagues Critical Depend Marlet System Trust World
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

Escalate Exuberance Irrational Unduly Value

Gold still represents the ultimate form of payment in the world.

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Gold still represents the ultimate form of payment in the world.

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