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 GREENSPANSome succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
More Alan Greenspan Quotes
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American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Derivatives have permitted the unbundling of financial risks.
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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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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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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’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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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
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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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If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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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.
ALAN GREENSPAN