I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
ALAN GREENSPANThe tub helps me relax, and it’s a great place to read.
More Alan Greenspan Quotes
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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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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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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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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Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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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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Since I’ve become a central banker, I’ve learned to mumble with great incoherence.
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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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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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How do we know when irrational exuberance has unduly escalated asset values?
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
ALAN GREENSPAN