Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds.
ALAN GREENSPANI guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
More Alan Greenspan Quotes
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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But rules cannot substitute for character.
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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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They seem to sense… that gold and economic freedom are inseparable.
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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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If you think you understand what I am saying you do not understand what I am saying.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
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American and British authorities were also concerned about violence in an area that harbors a resource indispensable for the functioning of the word economy.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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Institutions of the newer participants in global finance had not been tested, until recently…recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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These days, even out of office, I still read economic reports.
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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
ALAN GREENSPAN