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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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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History cannot be reduced to a set of statistics and probabilities.
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I’ve been in and out of Wall Street since 1949, and I’ve never seen the type of animosity between government and Wall Street. And I’m not sure where it comes from, but I suspect it’s got to do with a general schism in this society which is really becoming ever more destructive.
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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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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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They seem to sense… that gold and economic freedom are inseparable.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Market financed withdrawals of home equity in recent years.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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If I seem unduly clear to you, you must have misunderstood what I said.
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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.
ALAN GREENSPAN