Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
ALAN GREENSPANIn the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
More Alan Greenspan Quotes
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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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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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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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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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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It signals problems with respect to currency markets. Central banks should pay attention to it.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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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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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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Unfortunately, Senator, nobody knows where the next innovative idea is coming from.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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And whatever their publicized angst over Saddam Hussein’s ‘weapons of mass destruction.
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All taxes are a drag on economic growth. It’s only a question of degree.
ALAN GREENSPAN
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