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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

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Revolutions are something you see only in retrospect.
ALAN GREENSPAN

Retrospect Revolution See Something
We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten
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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Coin Consecutive Head Investor Million Percent Pick Probably Stock Ten Tosser
Whatever you tax you get less of.
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Economy Less Tax
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
ALAN GREENSPAN

Competency Experience Foundation Manipulation Mathematics Numerical Understand
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
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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All Always Argue Benefited Country Draw Fact Immensely Over People World
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
ALAN GREENSPAN

Antagonism Difficulty Gold Grasp Standard Statistic Understanding
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

Among Configuration Market Occasionally Price Priest Some Succeed
There is no evidence that the business cycle has been repealed.
ALAN GREENSPAN

Business Cycle Evidence Repeat
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Decade Development During Event Expansion Extraordinary Far Finance Most Significant
Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Accept Extremis Fiat God Money Nobody
The number one problem in today’s generation and economy is the lack of financial literacy.
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Economy Financial Generation Lack Literacy Number Problem Today
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
History cannot be reduced to a set of statistics and probabilities.
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History Probability Reduce Set Statics
This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Aftermath History Period Premium Protract Reason Risk
The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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Art Development Economy Habit Idea Importance Mind Skill Worker
I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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Absolute Believe Fact Figure Moral Otherwise Proposition
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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Already Economic Evidence Expansion Increasingly Influence Recent Suggest Underway Well
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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Capacity Drive Enable Household Improvement Information Lead Out Practice Reach Technology Tender
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
Market financed withdrawals of home equity in recent years.
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Equity Financial Home Market Recent Withdrawl Year
But rules cannot substitute for character.
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Character Rule Substitute
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
The need for values is inbred. Their content is not.
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Content Inbred Need Value
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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Alleged Baseball Country Decide Finish Guy Highly Original Philosopher True
And she always has so much fun doing it. We make a good team.
ALAN GREENSPAN

Always Do Make Fun Good Much Team

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