We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPANIf all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
More Alan Greenspan Quotes
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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Revolutions are something you see only in retrospect.
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If I’ve made myself clear, I’ve misspoken.
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And the percentage changes in wage rates would be the same for all job grades.
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Derivatives have permitted the unbundling of financial risks.
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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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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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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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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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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPAN