Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPANThe problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
More Alan Greenspan Quotes
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Gold still represents the ultimate form of payment in the world.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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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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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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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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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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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.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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If I say something which you understand fully in this regard, I probably made a mistake.
ALAN GREENSPAN