Many of you may remember the great debate between then Congressman, Dr. Ron Paul and then Federal Reserve Chairman, Ben Bernanke, when Dr. Paul ask Mr. Bernanke if gold was money. The look on Bernanke’s face is absolutely priceless.
If we go all the way back to 1966 we would find Alan Greenspan’s report Gold and Economic Freedom where Greenspan explained, in plain English, how what ails us to this day was born in from reckless gold policies instituted by people with less than honorable intentions.
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. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. Source [emphasis added]
This one quote explains most, if not all, of why our economy and financial systems are as bankrupt as we find them today.
In 2011 Alan Greenspan spoke with Gillian Tett at the Council for Foreign Relations on several monetary and financial topics. Once the interview ended the conversation and, fortunately for all of us, the tape continued rolling so that we now have a great piece of insight as to how Alan Greenspan feels about gold and the monetary system.
At the time Greenspan was very succinct with his explanation of gold and silver as money and as being a fundamental component of the current monetary system.
“…intrinsic currencies like gold and silver are acceptable without a third party guarantee”
Gold serves a very important place in monetary reserves…
Why did Central Banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that; why are they doing that? If you look at the data, with very few exceptions, all of the developed countries have gold reserves. Why?” – Alan Greenspan, October 29, 2014 Source
Ms. Tett actually told Mr. Greenspan he just became a “rock star” to the gold bugs. She was absolutely correct in her assessment.
Now, we find Greenspan, once again, speaking truth to power and explaining the importance of gold to the world. Please, don’t take my word for it, allow Mr. Greenspan to tell you himself.
From 1966 to 2018 Greenspan has stood up for gold. If the masses hold him in such high regard why don’t they listen to what he says about gold? Gold is money and everything else is credit (debt) – what is so difficult to understand about this simple truth?
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