Alan Greenspan and Gold Standard

[GoldNugget]

Gold Finally Doubles by John Embry posted at gold-eagle.com

As Alan Greenspan is preparing to take his leave as Fed chairman, it might be worthwhile to recall his words in a commentary he wrote in 1967. In an article called Gold and Economic Freedom, he said:

"The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. 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. Deficit spending is simply a scheme for the 'hidden' 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."

When asked recently by the maverick congressman Ron Paul whether he still believed in what he had written then, Mr. Greenspan apparently replied: "I wouldn't change a word."

[delkulara]

Thank you gold nugget
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