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"Greenspan’s Warning on Gold"

New York Sun Editorial | September 15, 2010

Alan Greenspan spoke at the Council on Foreign Relations earlier today, and what was his advice? That central bankers should be doing what these columns, among others, have been rattling on about, namely that they should be paying attention to gold. “Fiat money has no place to go but gold,” the former Fed chairman said at the Council, according to economist David Malpass, who quotes Mr. Greenspan in one of Mr. Malpass’ emails on the political economy. Mr. Malpass writes that the former chairman of the Federal Reserve’s board of governors was responding to a question in respect of why gold was hitting new highs.

Mr. Greenspan replied that he’d thought a lot about gold prices over the years and decided the supply and demand explanations treating gold like other commodities “simply don’t pan out,” as Mr. Malpass characterized Mr. Greenspan. “He’d concluded that gold is simply different,” Mr. Malpass wrote. At one point Mr. Greenspan spoke of how, during World War II, the Allies going into North Africa found gold was insisted on in the payment of bribes.* Said the former Fed chairman: “If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.”

Full article at The New York Sun



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Alan Greenspan used to support Gold

http://www.ritholtz.com/blog/2008/11/gold-and-economic-freed...

Anybody read this article? Ron Paul refers to it in his book "Revolution." Greenspan tries to avoid the fact he wrote it.

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

Gold is money. Unbacked

Gold is money. Unbacked federal reserve notes are not.

Fiat money has no place to go. It is merely Decreed. Proclaimed!

Mr Green spun lies. Fiat legal tender is an intentional lie. Not money at all. Fiat currency is is merely Decreed. Proclaimed!

“Fiat money has no place to go {... but gold ...}?”

Nonsense! Fiat paper money is elementally carbon. Burned, it turns to ash. Currency value goes up & down commensurate with your faith. Confidence. Nothing more.

Gold is elemental. Melted, it remains gold.

“If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.”

Gold is not a canary. Gold doesn't:

  • Fly
  • Float
  • Climb
  • nor Speak

Not a canary at all. Not coal. Currencies are blowing in the wind (elementally similar to carbon ash). Not gold.

“Simply don’t pan out,”
as Mr. Malpass characterized {... while... } Mr. Green spun.

Fairy tales capture your imagination; Green spun a sticky web to capture your wealth. To admit "don't pan out" might falsely create an image of real mining attempts searching for metal. Nothing was panned at all. No pan. No gold.

“He concluded that gold is simply different.”

Yet another lie. Gold, from time eternal, is elementally gold.

Mr Green simply spun. No metal. Not in his character. He had no pan either.

Please disclaim deceit; proclamations are dangerous to your wealth.

Simply disgusted.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

SteveMT's picture

ckpac, Speaking of Michael Pento, here is a King World...

Interview with him.

Peter Schiff knew what he was doing when he hired him.

Enjoy.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries...

great find

Thanks for posting Lisa.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

THE FIRST INTELLECTUAL WAS SATAN !!

ALL THOSE THAT USE THEIR INTELLECT TO DECEIVE, MANIPULATE AND CONTROL ARE EVIL DEMONS AND THEREFORE SONS OF THE DEVIL..

BEWARE OF THE INTELLECTUALS..THEY WERE FOR THE MOST DESTROYED BY THE EDUCATIONAL SYSTEM AND HAVE LOST ALL OF THEIR COMMON SENSE..

...AND THAT IS WHAT YOU HAVE IN AMERICAN POLITICS ARE THE INTELLECTUAL ELITES. BRAIN DEAD FROM THE NECK DOWN.

BECAUSE THEY APPEAR TO BE WISE IN THEIR OWNS EYES, THEY ARE TRUELY BLIND AND CANNOT SEE. THEIR OWN MIND DECEIVES THEM INTO THINKING THAT THEY ARE GODS AND THEREFORE ATTEMP TO UNSEAT THE REAL KING OF THE UNIVERSE BY THEIR EVIL ACTIONS..

COMMON SENSE IS OF GOD BECAUSE IT IS FROM GOD.

INTELLECTUALISM IS THE ENEMY OF GOD..UNLESS IT IS TEMEPERED BY SOME GOOD OLE' FASHION COMMON SENSE.

RON PAUL IS AN EXAMPLE OF A MAN WHO USES HIS INTELLECT BUT IS RULED BY PRINCIPLES AND COMMON SENSE.

It is endlessly annoying that every conversation devolves into

inane posts about mysticism and unprovable beliefs in fantasy creatures.

History does not long entrust the care of freedom to the weak or the timid.
Dwight D. Eisenhower

You did not enjoy Lord of the Rings or Star Wars either?

It is purely human endeavor to put a face on what they love or fear. The Greeks did it with truth, love, fear, pain, panic... How else can we talk about these things.

The US mint put lady liberty on some of our coins.

I believe in liberty without thinking that the lady is more that a tool of a wisdom seeking to talk about what is real.

Free includes debt-free!

Satan as a person came with the Book of Job.

But satan as a concept means adversary.

In the story, the serpent told the truth. "Eat the fruit, become like gods, judging good and evil." The story says God warned them that that act was deadly, like eating a poison. Did that God punish man or did man punish himself then blame God? Or did eating the apple help him create an adversary to blame?

When I use a word with "ism" as suffix, I am identifying the lord or ruling thought. Where the intellect is lord there is intellectualism. Where Marx is lord there's Marxism. Where capital is lord there is Capitalism, society then socialism, narcosis then narcissism.

Your line is GREAT and sums up the matter with a specific example,

"Ron Paul is and example of a man who uses his intellect but is ruled by principles and common sense."

Free includes debt-free!

POL POT AND THE KHMER ROUGE WOULD AGREE WITH YOU

I'M WRITING IN ALL CAPS SO YOU CAN HEAR ME!!!

=======
RON PAUL 2012

If We Weren't Supposed to Hear This, We Wouldn't Have.

These guys are evil geniuses.

From sound money advocate to fiat money shill and back again!

Greenspan is a real piece of...work.

But...

What if he planned it all along to bring down the system and restore gold?

I'm sure you know, of course, that Ayn Rand was his friend.

The thought of him pulling off a plan like that makes my head spin.

Ron Paul "Sign Wave Across the USA" -- November 5th!

There is a simpler explanation.

When the fiat empire was in the ascendency he worked for the bad guys as the Fed chairman.

Now the fiat empire is collapsing, he can say whatever he wants. Book deal/lecture tour perhaps?

Greenspan is a dying old man

He is probably coming to grips with his mortality finally and is going back to his original belief system and shining light on the fraud of fiat and the Fed.

Shine on!

History does not long entrust the care of freedom to the weak or the timid.
Dwight D. Eisenhower

He hasn't said "Mea Culpa" though, has he?

No admission of folly or guilt.

Watch "The Secrets of Oz."

There is "Them." That is all. Occasionally, they meet opposition and occasionally, that opponent begins to gather like minded people together. Then "They" send in moles to join and then lead the opposition until they can neutralize it. So for a while, it looks like "Them" and "Opposition" but there is never really opposition, it is ALL "controlled opposition."

When you see old footage of yourself on TV waving an "End The Fed" sign and you hear a talking head explain how the people are DEMANDING a global banking system, please take a moment to remember that "I told ya' so!" lol!

Love or fear? Choose again with every breath.

: \

Is English your first language or are you just stoned?

Be honest.

Ron Paul "Sign Wave Across the USA" -- November 5th!

Perhaps your presumption is erroneous.

Read Temple Grandin's Thinking in Pictures. Some People have to translate their visual images into words.

Clue: He suggested a video to watch not a book to read.

I can't take lecture notes because then I can't listen. My daughter has to take lecture notes so she "hear" what is said by reading it afterwords. I don't send her videos or audios but transcripts.

Takes all kinds to make a world.

Free includes debt-free!

northstar's picture

Sounds like Greenspan wants a gold bubble

He probably invested heavily in it, and now he'd like to see it skyrocket.

Real eyes realize real lies

We want our country back

Every year is a year for Ron Paul!

pffffft

How about 'There is a housing bubble forming'

F you Greenspan. WTF up America.

'Peace is a powerful message.' Ron Paul

Wasn't Greenspan a Gold Bug long ago

Before his days in the Federal Reserve?

Did he do us a favor?

Look at the statistics of money supply and growth. He gave politicians and businessmen what they wanted so they respected him.

I was wondering what strategy could eventually destroy the Federal Reserve.. If the Federal Reserve lives our great grandchildren will continue to be enslaved.

If it fails we're screwed for a long time, but recovery would be quick, maybe one generation under a free market based on gold..

FYI, Here's the 1967 paper Dr.Paul has referred to:
www.epicadvisorsllc.com/images/Gold_and_Economic_Freedom.pdf

One crime he promotes is the fraud of fractional reserves.

Is it a fraud? If I have one automobile but forge two extra titles, then take those three titles to three different banks as collateral for three separate loans each for the value of the auto, is that fraud? It's identical to fractional reserve banking.

Every Panic and Depression in the United States was the result of insufficient assets to cover "paper" issued: 1819, 1837, 1857 ,1873, 1893, 1907, 1921, 1929, 1937, 1958 even 1973 stagflation, 2001 and 2009.

After 1913 the Federal Reserve Act created an agent that finally learned how to hide the panic or depression with smoke and mirrors. Infamously, Michigan's Wildcat banks of the 1830s did the same. Here are two examples:

http://books.google.com/books?pg=PA744&lpg=PA744&dq=alpheus%...

It was told of Alpheus Felch, afterward governor of this State, that while he was a State bank examiner [in 1838], as he was going from one bank to another he noticed a familiar look in the boxes containing the silver held by various banks. Though finding all the banks properly supplied with coin, he suddenly turned back on his course, re-examined the banks and found them without coin. The banks had by preconcerted arrangement kept the specie in boxes ahead of the commissioner, a man named Isaac Alden driving the team which carried the coin from bank to bank for the commissioner to examine.
How a Bank Created Specie
Among the nefarious practices of this unstable period was the "creating"' of specie by a banker named Lewis Goddard. He had a unique theory in regard to new bank bills fresh and crisp from the printers, well adapted to the times when the banks were required to redeem their bills at their own counters in specie. As the banks had little, if any, coin, he believed there must be some way of obtaining it. He said it was not necessary for a bank to have specie of its own; a bank should create specie. The pioneer stockholders and directors were bewildered and unduly influenced by his reasoning on creating specie, and permitted him to carry out his theory.
"What," said he, "is a bank good for unless it is well enough conducted to create its own specie? In order to create specie of your own you must exchange your circulation for it, and take your bills away from home so they will be slow in returning for redemption—taking away the specie you have created. The way to obtain this specie by exchange is: first get the bills of other banks with your bills, take these bills of the other banks to their counters, get the gold on them, bring it home and put it in your own vaults. By this means you have created specie and provided your bank with the material money for redeeming your bills."

It failed on the state level, it will fail on the Federal level, and if tried on a Global scale it will also fail.

Rothbard supplies more details:
http://mises.org/daily/3127

Free includes debt-free!

Yes. Green Spun Wrote Elequently About Gold, Circa 1965

Read Jake Towne, Congressional Candidate writings on this and more. One of his best money articles is about "Toy Money."
http://TowneForCongress.com/

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

What if...

Alan Greenspan was really Francisco d'Anconia?

Ron Paul "Sign Wave Across the USA" -- November 5th!

Kinda along those lines.. I

Kinda along those lines.. I always thought it would be awesome if there was a dude(john galt), who invented an anti gravity machine or his atmospheric generator or w/e. Then holds the machine hostage to the American people unless they elect Ron Paul into office.

Mises.org
Know your stuff, learn real history and economics @LibertyClassroom.com

Great story line.

3D would be awesome and Ron should play himself.

Ron Paul "Sign Wave Across the USA" -- November 5th!

I guess is shouldn't surprise me that the once

foremost paper of "yellow" journalism in its early days is now waxing nostalgic on the "yellow" metal.

But I'm still shocked to see gold treated so well by a mainstream paper.

Greenspan's Credibility

He has none. Why should his opinion matter now?

This isn't about his opinion.

It's about exposing hypocrisy.

Ron Paul "Sign Wave Across the USA" -- November 5th!

because he is right on this.

because he is right on this. Hence gold setting an all time high.