Tuesday, March 2, 2010

Alan Greenspan quotes

Former Federal Reserve Bank Chairman Alan Greenspan quotes:

Before he was Fed Chairman:
"In the absence of the gold standard, there is no way to protect
savings from confiscation through inflation. ... 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." - Alan Greenspan, 1966, pre-Fed Chairman.

Post-Fed Chairman:
“Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies… What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment."
–Alan Greenspan, 9 September 2009

This is in stark contrast to what he was saying during his multiple appointments as Fed Chairman. And his easy money, zero-interest rate policies mirror what current Fed Chairman Ben Bernanke is endorsing today. But the Fed is allegedly unbiased and independent, right?

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