Speaking on a chapter dedicated to gold in his new book, Alan Greenspan said, “gold is the premier currency where no fiat, including the dollar, can match it.”
As Chairman of the Federal Reserve System from 1987-2006, Greenspan enacted an inflationary policy that defined the era with economic bubbles. His recent comments indicate he’s learned a lesson from those bubbles bursting.
Or did he re-learn the lesson? On multiple occasions, Ron Paul has raised the fact that Greenspan wrote an essay praising gold as money back in 1966. In that essay, Greenspan wrote:
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
He went on…
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.
The old Greenspan is back! Now, if he’d just push for an audit…