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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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How do we know when irrational exuberance has unduly escalated asset values?
ALAN GREENSPAN

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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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Gold still represents the ultimate form of payment in the world.
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The need for values is inbred. Their content is not.
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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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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Derivatives have permitted the unbundling of financial risks.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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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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They seem to sense… that gold and economic freedom are inseparable.
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Then fear hits, and it comes down very sharply. When I started to look at that.
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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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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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