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Fed Goldbugs
1/Prior to joining the Fed, Alan Greenspan was a strong proponent of the gold standard. In his 1966 article “Gold and Economic Freedom” he expressed deep concerns regarding the Federal Reserve’s money/credit printing operation.
https://www.constitution.org/mon/greenspan_gold.txt
1/Prior to joining the Fed, Alan Greenspan was a strong proponent of the gold standard. In his 1966 article “Gold and Economic Freedom” he expressed deep concerns regarding the Federal Reserve’s money/credit printing operation.
https://www.constitution.org/mon/greenspan_gold.txt
2/Greenspan stated “the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state)” And goes on to describe how political power is solidified by limiting taxation and vastly expanding deficit spending.
3/He said “Deficit spending is simply a scheme for the confiscation of wealth.”
4/Yet, once at the Fed, Greenspan learned the system and the government’s power are predicated on the Fed’s policies and could not be changed from within.
“We can always print money” to pay debt.
“We can always print money” to pay debt.
5/The Federal Reserve will not return to the gold standard as goldbugs nominated to the board cannot go against the grain. The fiat standard is rooted in manipulation and any limitations lead to its collapse.
