"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation" -Alan Greenspan!Submitted by pawnstorm12 on Wed, 09/11/2013 - 04:06
After hearing a statement like this, you might have had trouble believing that whoever said it would one day be in charge of the biggest counterfeiter in the history of man.
On the other hand, maybe they want someone who understands this concept since inflation seems to be their very goal.
Greenspan in fact did make this statement in an essay titled: "GOLD AND ECONOMIC FREEDOM."
(It was published in Ayn Rand's "Objectivist" newsletter in 1966, and reprinted in her book, Capitalism: The Unknown Ideal, in 1967.)
Here it is:
"An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense — perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.
In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society.
Money is the common denominator of all economic transactions.
It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving..."
See Greenspan's entire essay here...