“Gold still represents the ultimate form of payment in the world . . . 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.” - then-Fed Chairman Alan Greenspan, May 20, 1999.
He was responding to then-UK Finance Minister Gordon Brown's decision to sell the Bank of England's gold reserves when gold was priced near its lows, now referred to as "Brown's bottom."
Monday, October 10, 2011
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