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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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Distortion Economy Experience Imbalance Local National Price Seem Severe Significant

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

History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath Dealt History Period Premium Protracted Risk
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.
ALAN GREENSPAN

Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPAN

Derivative Financial Permit Risk Unbound
They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
ALAN GREENSPAN

Alternative Benefit Choice Judgement Policy Probability
Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
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
Gold stands in the way of this insidious process. It stands as a protector of property rights.
ALAN GREENSPAN

Gold Insidious Process Property Protector Right Stand Way
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
ALAN GREENSPAN

Bell Call Economy Evolve Financial International Rapid System Whistle
If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN

Clear Misunderstood Must Said Seen Unduly
If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.
ALAN GREENSPAN

Action Allow Freedom Terrorism Undermine
If I’ve made myself clear, I’ve misspoken.
ALAN GREENSPAN

Clear Made Misspken Myself
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.
ALAN GREENSPAN

Appear Corner Cut Deny Manipulate Material Succeeded
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
Whatever you tax you get less of.
ALAN GREENSPAN

Economy Less Tax
How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

Escalate Exuberance Irrational Unduly Value
There is no evidence that the business cycle has been repealed.
ALAN GREENSPAN

Business Cycle Evidence Repeat

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