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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.

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Always Debt Default Money Print Probability States United

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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Necessary Out Policy Preëmptive Rule Situation Tight
The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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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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Asset Escalate Exuberance Irrational Unduly Value
Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Able Archive Been Clarity Emotively Future Pre Regulator Require
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
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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Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
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Basic Communication Education Foundation Importance Learn Solid Soon Succeed
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset.
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Develop Fiscal Path Place Policy Protection Regard Reluctance Sustainable Trade
If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
ALAN GREENSPAN

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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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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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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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Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
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Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
Amateurs want to be right. Professionals want to make money.
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Credit-default swaps, I think, have serious problems associated with them.
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