Then fear hits, and it comes down very sharply. When I started to look at that.
ALAN GREENSPANThere’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.
More Alan Greenspan Quotes
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Derivatives have permitted the unbundling of financial risks.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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What an ideology is is a conceptual framework with the way people deal with reality.
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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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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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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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The tub helps me relax, and it’s a great place to read.
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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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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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Whatever you tax you get less of.
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The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
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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.
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Significantly opening up immigration to skilled workers solves two problems.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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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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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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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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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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They seem to sense… that gold and economic freedom are inseparable.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
ALAN GREENSPAN