Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.

Amateurs want to be right. Professionals want to make money.

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.

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.

I'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.

Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.

Greenspan, who knew so much more than most, knew far less than most supposed.