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Thomas_Paine
09-20-2007, 12:18 PM
Alan Greenspan is the Turncoat of the Century!

I really enjoyed Jon Stewart's interview but I was jumping out of my seat with questions that could have NAILED Greenspan.

Greenspan admits that the Gold Standard allowed a free market approach, without a central bank to fix the rate. Greenspan explains that, "Most everybody in the world decided by the 1930's that the Gold Standard was strangling the economy, and universally this Gold Standard was abandoned."

This response is absolutely HILARIOUS coming from Greenspan. In his classic Objectivist 1967 essay, "Gold and Economic Freedom" Greenspan argues persuasively in favor of a gold standard and against the concept of a central bank. Here are some quotes from his essay,

"An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions."

By his own words and definition he is now a statist!

"With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression."

Isn't that just what Greenspan argued when he claimed that the Gold Standard was strangling the economy in the 1930's? Was is not by Greenspan's own words the FEDERAL RESERVE that strangled the economy in the 1930's?

"The irony was that since 1913, we had been, not on a gold standard, but on what may be termed "a mixed gold standard"; yet it is gold that took the blame."

That is very ironic GreenSCUM!

"But the opposition to the gold standard in any form -- from a growing number of welfare-state advocates -- was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state)."

So when Greenspan said, "most everyone in the world" blamed the (mixed) Gold Standard for economic woes they were in fact just a bunch of "welfare-state advocates". But it gets even better....

"And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government."

Here's another gem,

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation."

Greenspan's final paragraph sums it up nicely

"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the 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."

I wish that Stewart would have confronted Greenscum with his own words! It would have accomplished 2 things. Educating the public about the true nature of the FEDERAL RESERVE and also discredit Greenscum as America's benevolent banker.

Dustancostine
09-20-2007, 12:20 PM
Greenspan still believes in the Gold Standard and told RP so.

Thomas_Paine
09-20-2007, 12:26 PM
Greenspan still believes in the Gold Standard and told RP so.
Publicly?

nullvalu
09-20-2007, 12:29 PM
I know I seen it in a video somewhere.. and went on to say something to the affect "I know it's not possible and I'm just dreaming"..

Dustancostine
09-20-2007, 12:31 PM
I can't remember where, it was posted on this board. But after Greenspan retired RP asked him to sign his copy of the objectivist newsletter which the article you referenced appeared in. RP asked him if he still believes in what he wrote about and Greenspan said he did.

Thomas_Paine
09-20-2007, 12:32 PM
I can't remember where, it was posted on this board. But after Greenspan retired RP asked him to sign his copy of the objectivist newsletter which the article you referenced appeared in. RP asked him if he still believes in what he wrote about and Greenspan said he did.

I wish that was on video tape!