Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPANThe recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
More Alan Greenspan Quotes
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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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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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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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I’m a plain soap kind of guy.
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Amateurs want to be right. Professionals want to make money.
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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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The only effective regulation lies in the propensity of customers to choose alternatives, of investors to move their funds elsewhere and of labour to acquire technical skills’.
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I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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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.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN