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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.

Alan Greenspan

I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
ALAN GREENSPAN

Anything Day Expect Must Reduce Say Talk
Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
ALAN GREENSPAN

Capitalism Condition Crony Essentially Favour Private Public
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 GREENSPAN

Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
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
Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN

Among Configuration Market Occasionally Price Priest Some Succeed
I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
ALAN GREENSPAN

Almost Came Deficit Destabilize Chronic Realization Stark Surplus
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…
ALAN GREENSPAN

Application Approach Derivative Grow More Relate Sophisticate Use
We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
ALAN GREENSPAN

Being Central Century Government Midst Once REquired Tsunami
You can’t have the capitalist system if an increasing number of people think it is unjust.
ALAN GREENSPAN

Capitalist Increase Number People System Unjust
Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPAN

Dominant Euphoria Fear Force Many Multiply Size
It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
ALAN GREENSPAN

Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
ALAN GREENSPAN

Belief Context Dramatical General Growth Institution Market Occur Risk Structure
There are no easy choices. Easy choices are long gone.
ALAN GREENSPAN

Choice Easy Gone Long No
I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
ALAN GREENSPAN

Clear Guess Out Particular Turn Warn You
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
ALAN GREENSPAN

Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
They seem to sense… that gold and economic freedom are inseparable.
ALAN GREENSPAN

Economic Freedom Gold Inseparable See Sense

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.

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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.

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Popular Authors

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