How do we know when irrational exuberance has unduly escalated asset values? — Alan Greenspan

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. — Alan Greenspan

The need for values is inbred. Their content is not. — Alan Greenspan

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. — Alan Greenspan

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? — Alan Greenspan

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

Bitcoin is really a fascinating example of how human beings create value, and is not always rational… tt is not a rational currency in that case. — Alan Greenspan

I’ve always considered myself more of a mathematician than a psychologist. — Alan Greenspan

If I say something which you understand fully in this regard, I probably made a mistake. — Alan Greenspan

As long as we issue fiat currency, I see no alternative to a legal tender law. — Alan Greenspan

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. — Alan Greenspan

The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Austria. If they aren’t, it simply can’t continue to work. — Alan Greenspan

Amateurs want to be right. Professionals want to make money. — Alan Greenspan

History cannot be reduced to a set of statistics and probabilities. — Alan Greenspan

When you go back and look at American history, it’s not terribly different from Canadian history. If you weren’t self–reliant on the prairie, you wouldn’t survive. — Alan Greenspan

History has not dealt kindly with the aftermath of protracted periods of low risk premiums. — Alan Greenspan

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. — Alan Greenspan

When trust is lost, a nation’s ability to transact business is palpably undermined. — Alan Greenspan

We need, in effect, to make the phantom ‘lock–boxes’ around the trust fund real. — Alan Greenspan

Our market system depends critically on trust–trust in the word of our colleagues and trust in the word of those with whom we do business. — Alan Greenspan

I know that you believe you understand what you think I said, but I’m not sure you realize that what you heard is not what I meant. — Alan Greenspan

Credit–default swaps, I think, have serious problems associated with them. — Alan Greenspan

The more flexible an economy, the greater its ability to self–correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances. — Alan Greenspan

Anything that we can do to raise personal savings is very much in the interest of this country. — Alan Greenspan

Forecasting our futures is built into our psyches because we will soon have to manage that future. We have no choice. No matter how often we fail, we can never stop trying. — Alan Greenspan

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

Deficit spending is simply a scheme for the confiscation of wealth. — Alan Greenspan

No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk. — Alan Greenspan

The arts develop skills and habits of mind that are important for workers in the new economy of ideas. — Alan Greenspan

The Iraq War is largely about oil. — Alan Greenspan

You can’t have the capitalist system if an increasing number of people think it is unjust. — Alan Greenspan

We had a bubble in housing. — Alan Greenspan

The number one problem in today’s generation and economy is the lack of financial literacy. — Alan Greenspan

I get so engaged when I have a problem you cannot solve that I just cannot break away from what I am doing–I keep thinking and thinking and cannot stop. — Alan Greenspan

I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy. — Alan Greenspan

There are errors in this book. I do not know where they are. If I did they wouldn’t be there. But with close to two hundred thousand words my probabilistic mind tells me some are wrong. — Alan Greenspan

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. — Alan Greenspan

I was sort of shocked when it all of a sudden turned out that I got all A’s through college, with the exception of two B’s in the first term. I never envisaged myself as summa cum laude. — Alan Greenspan

The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed. — Alan Greenspan

If you think you understand what I am saying you do not understand what I am saying. — Alan Greenspan

If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen. — Alan Greenspan

Finance is wholly different from the rest the economy. — Alan Greenspan

Excessive optimism sows the seeds of its own reversal. — Alan Greenspan