Compilation of Dialogs Between Ron Paul N Greenspan.

[american.swan]

http://www.usagold.com/gildedopinion/greenspan-gold.html

Very long discourse over YEARS.

[Cindy]

That's something to be put in a time capsule for far future generations.

[billm317]

http://www.usagold.com/gildedopinion/greenspan-gold.html

Very long discourse over YEARS.

interesting
but a lot of stuff over my head

[njandrewg]

I like that Greenspan called him doctor

[RP4ME]

http://www.usagold.com/gildedopinion/greenspan-gold.html

Very long discourse over YEARS.

I just got the Objectivist by Ayn rand...and am excited to hear Greenspan teach me about the good ol days....of gold backed currency....

[hard@work]

Dr. PAUL. A very quick question. You seem to welcome, and you have been quoted as welcoming, a downturn in the economy to compensate for the surge and modest growth in the economy. Is it not true that in a free market, with sound money, you never welcome a downturn in the economy? You never welcome the idea of decreased growth, and you don't concern yourself about this? And yet, here we talk about when is the Fed going to intervene and turn down the economy?

It seems that there is a welcoming effect to the fact that the Southeast Asia has tampered-you know, price pressures. Couldn't we make a case that the free market would operate a lot better than the market we use today?

Mr. GREENSPAN. I think you have to define what you mean by a ''free market.'' If you have a fiat currency, which is what everyone has in the world--

Dr. PAUL. That is not free market.

Mr. GREENSPAN. That is not free market. Central banks, of necessity, determine what the money supply is. If you are on a gold standard or other mechanism in which the central banks do not have discretion, then the system works automatically.

The reason there is very little support for the gold standard is the consequences of those types of market adjustments are not considered to be appropriate in the 20th and 21st century. I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue.

[american.swan]

Mr. GREENSPAN.
The reason there is very little support for the gold standard is the consequences of those types of market adjustments are not considered to be appropriate in the 20th and 21st century. I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue.

So. Question...exactly what is "those types of market adjustments" that he is talking about?

[RP4ME]

Yes interesting question. I was wondering if having asset backed currencies not just gold would affect the speed of transactions somehow in a global mkt.? Or casue another set of issues. I know it supporst the value of our currency but what ar eteh drawbacks if there are any? Good to knw when discussing with others.