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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How do we know when irrational exuberance has unduly escalated asset values?
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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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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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Excessive optimism sows the seeds of its own reversal.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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Significantly opening up immigration to skilled workers solves two problems.
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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.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Political decisions are never random and will always lose out to innovative alternatives.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
ALAN GREENSPAN