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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.

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Almost Came Deficit Destabilize Chronic Realization Stark Surplus

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Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN

Excessive Optimism Retrospect Something
Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Accept Extremis Fiat God Money Nobody
This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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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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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Excessive Grow Over Own Reversal Seed Show Time
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
ALAN GREENSPAN

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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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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.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Rules cannot take the place of character.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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