Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
ALAN GREENSPANRules cannot take the place of character.
More Alan Greenspan Quotes
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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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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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These days, even out of office, I still read economic reports.
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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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Political decisions are never random and will always lose out to innovative alternatives.
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We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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The Iraq War is largely about oil.
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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
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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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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
ALAN GREENSPAN