I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPANDeveloping 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.
More Alan Greenspan Quotes
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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I’m a better economist than I was a sax player.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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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 Iraq War is largely about oil.
ALAN GREENSPAN -
I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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And the percentage changes in wage rates would be the same for all job grades.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
ALAN GREENSPAN -
If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
ALAN GREENSPAN