What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPANGold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
More Alan Greenspan Quotes
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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 increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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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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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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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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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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The guiding purpose of the government regulator is to prevent rather than to create something.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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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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I’m always amazed that my wife can handle different subjects – one day politics, the next day foreign policy.
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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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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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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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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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An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
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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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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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And she always has so much fun doing it. We make a good team.
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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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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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If I say something which you understand fully in this regard, I probably made a mistake.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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