The Iraq War is largely about oil.
ALAN GREENSPANBut 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?
More Alan Greenspan Quotes
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But rules cannot substitute for character.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
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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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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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The tub helps me relax, and it’s a great place to read.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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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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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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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.
ALAN GREENSPAN