There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPANBy far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
More Alan Greenspan Quotes
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Any informed borrower is simply less vulnerable to fraud and abuse.
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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.
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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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The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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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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Then fear hits, and it comes down very sharply. When I started to look at that.
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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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What an ideology is is a conceptual framework with the way people deal with reality.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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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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It is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
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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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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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All taxes are a drag on economic growth. It’s only a question of degree.
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And the percentage changes in wage rates would be the same for all job grades.
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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 only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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The free lunch has still to be invented.
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
ALAN GREENSPAN