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Alan Greenspan with Jon Stewart

Check out this video on utube. Do we need the FED?

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Sympathy for the devil

Greenspan has said several times that he prefers a gold standard, rather than a Fed. His position is just that society has chosen to create a Fed so he might as well get a job there, because someone else will if he doesn't. I agree with his decision. It might as well be a Fed chairman that prefers the Fed to not exist, and understand economics, than a statist as Fed governor who loves the idea of a Fed. That's why I don't understand some of the hate I've seen some people on this forum give him and Bernanke. They're just guys filling a job that someone else would fill if they didn't. If someone feels that they're less likely to screw up the economy than the next guy, then he should try to become the Fed chief. That's not inconsistent with supporting the abolition of the Fed, which is what Greenspan prefers.

Here he is on Fox Business Channel, saying we did "extremely well" without a Federal Reserve, when the interviewer asked if we need a Fed. http://youtube.com/watch?v=ZjMQG3qUFKo



Stewart did his best to couch the obvious questions that are not allowed to be part of political discourse.