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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
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The process of innovation is, of course, never ending.
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The free lunch has still to be invented.
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How do we know when irrational exuberance has unduly escalated asset values?
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Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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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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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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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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Excessive optimism sows the seeds of its own reversal.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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I'm a better economist than I was a sax player.
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Amateurs want to be right. Professionals want to make money.
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If I've made myself clear, I've misspoken.
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Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, ... This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills.
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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. The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.
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There are no easy choices. Easy choices are long gone.
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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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