It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
ALAN GREENSPANGold stands in the way of this insidious process. It stands as a protector of property rights.
More Alan Greenspan Quotes
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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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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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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
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The Iraq War is largely about oil.
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Significantly opening up immigration to skilled workers solves two problems.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Whatever you tax you get less of.
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There are no easy choices. Easy choices are long gone.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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The process of innovation is, of course, never ending.
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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.
ALAN GREENSPAN