I admit, I first liked the guy at first but as time goes on and the more I learn about the Gold Standard, the more I feel the “Maestro” is truly a scumbag.Â From his own words in a 1967 eassy:
> 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.[Gold & Economic Freedom]
In 1971 we left the Gold Standard and Greenspan went to work for the Federal Reserve. After everything he believed in and everything he railed against, he just sells out to a non-audited, non-elected governing board that can create money out of thin air.Â For all the guff he spewed about the dangers of fiat money, he sure forgot about that during his tenure as Chairman.
I think Ayn Rand is turning in her grave.
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