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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.

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Dominant Euphoria Fear Force Many Multiply Size

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

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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Application Approach Derivative Grow More Relate Sophisticate Use
Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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Commodity Currency Demand God Gold Jewelry Thrust Unlike
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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Assume Grop Knowledge Possess Exist Senator Understand
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
Revolutions are something you see only in retrospect.
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Retrospect Revolution See Something
Anything that we can do to raise personal savings is very much in the interest of this country.
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Anything Country Interest Much Personal Raise Say
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
Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Accurate Everyone Exist Ideology Need Question
The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Economy Extraordinary Flexible Foster Increase Shock
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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Creative Destructive Enormous Stage List Yet
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Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
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.
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Context Mean Price Psychology Thermometer Underlying
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Absence Confiscation Good Inflation Protect Saving Standard
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Bell Call Economy Evolve Financial International Rapid System Whistle
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
Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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Against Always Any Believe Fraud Law Need Probably
It signals problems with respect to currency markets. Central banks should pay attention to it.
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Attention Bank Central Currency Market Problem Respect Signal
I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
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Amateur Average Business Country Enroll Good Limit Professional Realize Soon
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Bank Equity Especially Interest Mistake Organisation Presume Self Share
Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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Clarinet Fact More Occasionally Pay Piano Sax
Indeed, better risk management may be the only truly necessary element of success in banking.
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Bank Better Indeed Management Necessary Only Risk Truly
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Excessive Grow Over Own Reversal Seed Show Time
Rules cannot take the place of character.
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Character Place Rule
No one has ever eliminated any of that stuff.
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Eliminate No One Stuff
I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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Always Amaze Day Different Foreign Handle Next Policy Politics Subject Wife
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

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