1966 Greenspan's article, Gold and Economic Freedom... "Deficit spending is simply a scheme for the confiscation of wealth."

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cat233's picture
cat233
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1966 Greenspan's article, Gold and Economic Freedom... "Deficit spending is simply a scheme for the confiscation of wealth."

Alan Greenspan's view of the gold standard in 1966.

"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."

Gold and Economic Freedom...  link to complete article http://www.constitution.org/mon/greenspan_gold.htm

eb_riesling's picture
eb_riesling
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Re: 1966 Greenspan's article, Gold and Economic Freedom... ...

Thank you, that was incredibly insightful.

Shame on Greenspan.  I don't know how he can live with himself after seeing the calamity he unleashed with his policies.

How do we put the genie back in the bottle now?  Is it even possible?  Or do we have to wait for a complete and utter collapse of the world wide financial system ?

DrKrbyLuv's picture
DrKrbyLuv
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Joined: Aug 10 2008
Posts: 1995
Re: Quick funny story

Ron Paul had an original copy of this article - and he had Greenspan autograph it while he was the head of the fed. Both got a chuckle out of it and Dr. Paul made his point.

WhoKnew's picture
WhoKnew
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Posts: 41
Re: 1966 Greenspan's article, Gold and Economic Freedom... ...

That’s one of the steps on the path of realization. Now once you reach the point Greenspan did in the 60's you can strike out on your own and try to preserve your own wealth OR you can succumb to the influences of the people around you who espouse a glorious new world in which the state will take care of everything.

 

 

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