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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices.

Related Topics

Asset Caution Consequence Debt Elevate Increase Investor Lowe Onset Premium Price Risk Value

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

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

Gold Payment Represent Ultimate World
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
ALAN GREENSPAN

Decade Development During Event Expansion Extraordinary Far Finance Most Significant
I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
ALAN GREENSPAN

Animosity Between Descriptive E Even Government More Out Since Street Suspect Type Wall
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPAN

Abnormal Exposure Haul Long Matter No Return Scheme Skillful Sustain Trade
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
ALAN GREENSPAN

Deal Effect Measure Psychology Thermometer Use
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
ALAN GREENSPAN

Asset Clearly Earning Higher Imply Inflation Less Lower Premium Risk Stock Sustain
Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
ALAN GREENSPAN

Central Cloud Country Number Outlook Projection Tendency Uncertain
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.
ALAN GREENSPAN

Better Built Decade Example Financial Market Mousetrap People
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
ALAN GREENSPAN

Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN

Group Minute Pleasantries Political Rhetoric Security Solve
I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
ALAN GREENSPAN

Deny Monoply Nature Need Readily Resolve Terrible Thing
Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
Market financed withdrawals of home equity in recent years.
ALAN GREENSPAN

Equity Financial Home Market Recent Withdrawl Year
Then fear hits, and it comes down very sharply. When I started to look at that.
ALAN GREENSPAN

Come Down Fear Hit Look Sharply Start That

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