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"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.
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 in 1966
Unfortunately for us, he became a statist later in life. I think he realized that the wealth could be stolen not for the welfare state, but by the bank cartel itself. Now that's what I call shabby.
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The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. —Bertrand Russell
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Chinese betting on a dollar collapse within 12-24 months
Chinese betting on a dollar collapse within 12-24 months