Jon Stewart Interviews Alan Greenspan

Gus, who came up with the Ron Paul/Alan Greenspan Debate of the Century idea, sent this clip of Greenspan on the Daily Show. Gus says: "Jon asked some great questions which took Greenspan by surprise.It was almost like he was dumb like a fox and completly sucked in Greenspan with Ron Paul material." Indeed - Jon gets Greenspan to admit that we do not have a free market when it comes to the money supply. And since the money permeates the entire market, it isn't much of a leap to conclude that we don't have a free market of any kind at all.

Gus suggests we email Jon and try to get him to initiate the Debate of the Century. This transcript of their past exchanges is great, but leaves much to be desired!

While I haven't yet listened to it, my friend Charles Zentay also says this is a great interview of Greenspan on NPR.

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I'm going to ask a pretty simple, straightforward question that hasn't been asked. Why does the audience clap and cheer for Greenspan (and basically the FED) when he is introduced? I felt sick to my stomach when I heard it? Is he an American hero? What am I missing? What has he done for America? Why the celebrity status?

I guess it just hammers home the point that most of Americans are just plain stupid. They deserve what they cheer for.

^^^Great analysis!

Isn't Greenspan one of the most evil people on the planet for being the head of an institution that silently destroys the American people's currency?

This may seem outrageous, but I would feel comfortable putting central bankers in the same boat as Adolf Hitler.

(p.s. I strongly recommend you guys check out the documentary The Money Masters for a history of central banking if you haven't seen it).

Currency Degradation

The past six years has gold going from $280 to $700 plus, the Euro going from .87 cents to buy with the dollar to $1.41 (Approximately 62% less value), and oil prices going from $22.00 a barrel to $82.00. That looks like a great deal more than Bernake's 2%.

Besides the Money Master's book, you might also look into a 1974 film with Jane Fonda and Kris Kristof........... The story line of the movie "Rollover" covers the value of our dollar and the nervousness of the Owners of dollars in the Mideast. A bank fails, and instead of rolling over their dollars to Treasury or Bank Investments, the Arabs decide to go the gold route and then all hell breaks loose. Scary situation which from the above description of the dollar's value in the past six years leads me to believe that we are already in the early stages of hyperinflation. This time we will be facing not only the Arab holders, but Japanese (One Trillion) and China (another Trillion) of dollar holdings.

Dr. Paul seems to be the only Presidential Candidate that appreciates what is happening here.

Gold Standard

Just to be upfront, I am not an economist, and I am just putting out what I have thought up so far. Please enlighten me on things as needed.

You see, I think that the increase or decrease in the money in circulation could be controlled by some kind of evaluation function, one that determines the amount of wealth or worth created in or acquired by America, and this DOESN'T have to be calculated based on the quantity of a particular physical element. Important physical elements of value would obviously be involved, but it shouldn't be based on just one or two particular ones.

The thing is, this seems to be something that could be difficult, and somewhat subjective, to calculate, but it could be done, and it is something that they are already doing, but it would be the job of a purely governmental agency printing the money, and NOT the Federal Reserve.

As Greenspan says, there are many mathematical models that are already used, and this one wouldn't even be a predictive model, which would be harder, but instead would only be a descriptive model, which would be much easier.

The thing that sticks out in this interview regarding this is that to do what I just described, there definitively doesn't have to be an interest rate on the funds that they make available to the banks AT ALL. All that is needed is that they produce the amount of money and distribute it how they feel best, that would best represent the new wealth in America, and do this to control inflation, and quit the out-of-control debt-based spending that we have now.

My question is this: How much room, if any, should there still be for the type of speculative, credit-based, or lending-based economy, for creating new industries? Does there need to be a way to raise the availability of capital up front, so that new possibilities for wealth creation are not stifled (e.g. to start a company), or is it most effectively possible to do this without interest-bearing bonds? Banks can still deal in this kind of risk themselves, without there being a higher entity and interest rate, correct?

I don't think that there has to be a gold standard, because it has been said that gold is relatively scarce, and so it is easy to monopolize. A silver standard might work better, but it still isn't representative of all the worth in America. The worth of our money is a more complex evaluation than that, but we still don't need the Federal Reserve as it currently is set up, in there complicating matters, by meddling with their subjective interest rates.

Alan Greenspan from Objectivist to Statist

Alan Greenspan is the Turncoat of the Century!

I really enjoyed Jon Stewart's interview but I was jumping out of my seat with questions that could have NAILED Greenspan.

Greenspan admits that the Gold Standard allowed a free market approach, without a central bank to fix the rate. Greenspan explains that, "Most everybody in the world decided by the 1930's that the Gold Standard was strangling the economy, and universally this Gold Standard was abandoned."

This response is absolutely HILARIOUS coming from Greenspan. In his classic Objectivist 1967 essay, "Gold and Economic Freedom" Greenspan argues persuasively in favor of a gold standard and against the concept of a central bank. Here are some quotes from his essay,

"An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions."

By his own words and definition he is now a statist!

"With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression."

Isn't that just what Greenspan argued when he claimed that the Gold Standard was strangling the economy in the 1930's? Was is not by Greenspan's own words the FEDERAL RESERVE that strangled the economy in the 1930's?

"The irony was that since 1913, we had been, not on a gold standard, but on what may be termed "a mixed gold standard"; yet it is gold that took the blame."

That is very ironic GreenSCUM!

"But the opposition to the gold standard in any form -- from a growing number of welfare-state advocates -- was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state)."

So when Greenspan said, "most everyone in the world" blamed the (mixed) Gold Standard for economic woes they were in fact just a bunch of "welfare-state advocates". But it gets even better....

"And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government."

Here's another gem,

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation."

Greenspan's final paragraph sums it up nicely

"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

I wish that Stewart would have confronted Greenscum with his own words! It would have accomplished 2 things. Educating the public about the true nature of the FEDERAL RESERVE and also discredit Greenscum as America's benevolent banker.

"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
Thomas Jefferson

"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
Thomas Jefferson

Damn sir...

your comments here are magnificent. Thanks for typing that up!

Jon Stewart

Much thanks to Jon Stewart for asking real questions. You should have Ron Paul back on your show.

Thank you Alan for nailing the coffin on the dollar!

After seeing this interview, I come away seeing that Greenspan is really a big dummy. The poorest spin cycle I've ever witnessed. Outside the pomp of a congressional hearing room this guy has no clothes. This guy manipulated our economic lives for eighteen years and for that he is a scoundrel and for destroying our monetary unit he is a criminal. He served himself on the altar of big-government and now he is our newest celebrity. Anyone with half a brain would disappear to a tropical beach and wait for his final judgment. On Diane Reems Show, today, it was stated he oversaw a period of great opportunity and enormous challenge. I agree. The opportunity was to inflate the money supply beyond any measure to date. Moving money away from savings and into the ponzi scheme that is Wall Street and now Real Estate. (Remember when you bought a home to live in?) And the challenge was to keep the game going as far into the future as possible. Well, it is certainly coming apart now, isn't it?

Paul Craig Roberts writes about Mr. Greenspan here:

Jon Stewart More Relevant Than MSM

Jon Stewart asks Greenspan tough and relevant questions on how the artificially manipulated US economy benefits the investment class over most everyone else in America, the working/production classes. This is more than manufacturing, this includes programming, IT field, real estate, retail, most anyone who is not earning a living from investments.

Thank you Jon Stewart.

Join PyraBang the peoples search engine.

Wow! Jon Stewart was eloquent.

Jon really made the light bulb come on for me! Amazingly articulate. He sent Greenspan spinning... Greenspan seemed hesitant to admit that the emperor has no clothes... started talking about the emperor's back aches.

Elitist Greenspan spreads disinformation

To any one who has read "The Creature From Jeckyll Island" by G. Edward Griffin, you spot the snake oil this man is selling. For those of you who haven't read it... READ IT!

Greenspan says the FED is necessary because of whimsical human nature that causes business cycles. False. The FED creates business cycles on purpose to extract wealth from the lower and middle class of society. It also provides government with an invisible tax which they can levy at any time and any amount, and very few people understand that they have been economically raped. The FED is the vehicle for totalitarianism. Alan Greenspan said this in 1967:

"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. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

Alan Greenspan knows better.
Jim Clark <><
Ron Paul for President!

Jim Clark <><
Ron Paul for President!

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Hector Roos
Miami, FL
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What is the point of having free will if one cannot spit in the eye of the destiny others leave you with? #ActorofConscience

Greenspan is actually

Greenspan is actually backing the motion to return to precious metal backed currency. I think its only a matter of time before he publicly endorses ron paul.

Ron Paul 08

Ron Paul 08

Where do did you come across that?

Could you post a link to Greenspan's endorsement?