As long as we issue fiat currency, I see no alternative to a legal tender law.
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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It signals problems with respect to currency markets. Central banks should pay attention to it.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Credit-default swaps, I think, have serious problems associated with them.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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Derivatives have permitted the unbundling of financial risks.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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Gold still represents the ultimate form of payment in the world.
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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.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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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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Significantly opening up immigration to skilled workers solves two problems.
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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.
ALAN GREENSPAN