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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. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
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More quotes by Alan Greenspan

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Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
Alan Greenspan
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If prices go down, we will have problems - problems in the sense of spillover to other areas.
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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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How do we know when irrational exuberance has unduly escalated asset values?
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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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... Derivatives have permitted the unbundling of financial risks.
Alan Greenspan
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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-market financed withdrawals of home equity in recent years.
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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.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
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Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Since I've become a central banker, I've learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.
Alan Greenspan
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Anything that we can do to raise personal savings is very much in the interest of this country.
Alan Greenspan
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Alan Greenspan
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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.
Alan Greenspan
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History cannot be reduced to a set of statistics and probabilities.
Alan Greenspan
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When trust is lost, a nation's ability to transact business is palpably undermined.
Alan Greenspan
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If you get beyond the political rhetoric [and assembled a group to solve Social Security] it would take them 15 minutes. It would take them 15 minutes only because 10 minutes was used for pleasantries.
Alan Greenspan
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
Alan Greenspan
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary, ... 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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Any informed borrower is simply less vulnerable to fraud and abuse.
Alan Greenspan