"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."
- Alan Greenspan
- Alan Greenspan
This guy fascinates me...
- Thread starter ElectricSavant
- Start date
Is there an archive of all his talks to Congress somewhere in audio format?
'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.<br> <i>- Alan Greenspan (1967)</i>',
'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.<br> <i>- Alan Greenspan </i>',
'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.<br> <i>- Alan Greenspan </i>',
The above quote isn't from the geriatric, moderate and compromising Alan Greenspan who addressed congress.
It's from the young, idealist and Laissez Faire Alan Greenspan of the mid-20th century. (Which is why it's neither ignorant nor disingenuous.)
Here are his best essays in audio format, including the original source of his gold quote:
http://www.amazon.com/gp/product/07...1865-7769712?_encoding=UTF8&n=283155&v=glance
it's a great quote, and even slightly warming to know that gspan came into the role with an honest and vocal assessment of history
i've wondered to what degree the potential confiscation of gold is repsonsible for the depressed price of gold relative to the rest of the metals complex which is much closer to (and in some cases far beyond) 1980 inflationary highs. my assumption is that it's either confiscation potential or central bank lending. last night i moved a fifth of my metal position into silver after accepting how much more ground it's covering lately.
we have an energy crunch, mounting tension with iran, severe inflationary pressure ... are we here again? i was 4 last time around and didn't participate in the move
i've wondered to what degree the potential confiscation of gold is repsonsible for the depressed price of gold relative to the rest of the metals complex which is much closer to (and in some cases far beyond) 1980 inflationary highs. my assumption is that it's either confiscation potential or central bank lending. last night i moved a fifth of my metal position into silver after accepting how much more ground it's covering lately.
we have an energy crunch, mounting tension with iran, severe inflationary pressure ... are we here again? i was 4 last time around and didn't participate in the move
LOL... I was 6
Central bank sales & leasing have heavily depressed the metal's price in the past.
And, I think, confiscation is a reality, particularly if someone like China goes to the gold standard and catches the rest of the world unawares, and the scramble to go back on would cause enforced confiscation.
Every time he spoke, it reminded me of sitting in econ 489. Could you imagine what he would sound like with a few beers in him ?
what a great exit by greenspan though. the "costanza exit".
left bernacke holding the bag. and the bag is full of poo and on fire.
have already heard several reference to bernackes mismanagement of the economy.... dude hasnt even unpacked his stapler yet.
oil is creeping almost to 69$. gonna get messy i think if it bones 70
left bernacke holding the bag. and the bag is full of poo and on fire.
have already heard several reference to bernackes mismanagement of the economy.... dude hasnt even unpacked his stapler yet.
oil is creeping almost to 69$. gonna get messy i think if it bones 70