Tuesday, November 10, 2009

Another gem by Greenspan

Alan Greenspan did a complete 180 degree turn from his free market youthful days to a Keynesian, market-manipulating Federal Reserve Chairman. I presume that's how one climbs pay-grade levels within the Fed.

In this expose on how Gordon Brown sold the UK's gold reserves at the absolute bottom, plundering the country's wealth in the process, we learn several things:

1) Germany's gold reserves aren't in Germany at all. They are stored in New York.
2) Gordon Brown is a terrible market timer.
3) Greenspan's warning to Brown to not sell his country's gold needs no explanation: "Germany in 1944 could buy materials during the war ONLY with gold. Fiat money paper, in extremis, is accepted by NOBODY. Gold is always accepted." - Alan Greenspan, 1999

He should have added Germany lost World War II.

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