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.
Last month Dr Alan Greenspan, former Chairman of the Board
of Governors of the Federal Reserve System, spoke at our inaugural investment
summit on gold and central banks #globalinvest18
pic.twitter.com/Ixfth3dhlt
— World Gold Council (@GOLDCOUNCIL) May
14, 2018
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?
