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#3
11-08-2007, 02:43 PM
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Re: Greenspan says we need a goldstandard.
A transcript, by the way:
Host: So then why do we need a central bank? AG: Well, the question is a very interesting one. We have at this particular stage a fiat money which is essentially money printed by a government and it's usually the central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced, either a gold standard or currency board or something of that nature, because unless you do that all of history suggests that inflation will take hold with very delterious effects on economic activity. Later, after some yakking about Ayn Rand: AG: . . . there are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard. 
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#4
11-08-2007, 02:45 PM
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Re: Greenspan says we need a goldstandard.
Things not said in this interview: "We need a gold standard."
Things said in this interview: Interviewer: "Why do we need the Fed?" AG: "With fiat money, you need a mechanism like a gold standard, a currency board, or some other mechanism to constrain the gov't's ability to print money." "I think we did well with the international gold standard around the turn of the century."
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#5
11-08-2007, 02:49 PM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
Things not said in this interview: "We need a gold standard." Things said in this interview: Interviewer: "Why do we need the Fed?" AG: "With fiat money, you need a mechanism like a gold standard, a currency board, or some other mechanism to constrain the gov't's ability to print money." "I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] Picky picky picky!
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#6
11-08-2007, 02:54 PM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
"I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] But can the US reinstate the gold standard when other countries are not using it? How would that affect trade, economic growth, money supply and the value of the gold backed dollar compared to other currencies with varying value?
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#7
11-08-2007, 03:04 PM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
[ QUOTE ] "I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] But can the US reinstate the gold standard when other countries are not using it? How would that affect trade, economic growth, money supply and the value of the gold backed dollar compared to other currencies with varying value? [/ QUOTE ] It would be no different than it is now is one way, if we switched and they didn't. Countries already have different currencies. Not that there wouldn't be effects, but it's not like we are constrained to have paper money because everyone else does too. In fact, if we had gold backed non-inflated dollars, world prices would continue climb in the inflationary fiat currencies like the Euro and Yuan, but fall in dollars, i.e. the other currencies would be obviously being devalued against the gold dollar. I think if 1/4 of the world's economy remonetized gold, the rest would follow in short order.
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#8
11-10-2007, 12:38 AM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
Things not said in this interview: "We need a gold standard." Things said in this interview: Interviewer: "Why do we need the Fed?" AG: "With fiat money, you need a mechanism like a gold standard, a currency board, or some other mechanism to constrain the gov't's ability to print money." "I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] yea this is hilarious. reading comprehension FTW! boro posted this in BFI and now OAFK posts it here. greenspand didn't say he supports the gold lstandard. he was answering a question about why we need the fed Barron
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#9
11-10-2007, 01:18 AM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
[ QUOTE ] Things not said in this interview: "We need a gold standard." Things said in this interview: Interviewer: "Why do we need the Fed?" AG: "With fiat money, you need a mechanism like a gold standard, a currency board, or some other mechanism to constrain the gov't's ability to print money." "I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] yea this is hilarious. reading comprehension FTW! boro posted this in BFI and now OAFK posts it here. greenspand didn't say he supports the gold lstandard. he was answering a question about why we need the fed Barron [/ QUOTE ] Talk about reading comprehension problems. TOAFK posted here first. You know, like I said in the first sentence of the BFI post? Also note that TOAFK said that Greenspan said "We need a goldstandard," whereas all I said was that he was supportive of it, which he clearly was, at least to anyone who can comprehend what (when asked why you need a central bank) "You need a gold standard or a currency board or something of that nature to control government printing of fiat money, and people like me think we did very well under a gold standard" means.
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#10
11-10-2007, 05:29 PM
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Re: Greenspan says we need a goldstandard.
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Things not said in this interview: "We need a gold standard." Things said in this interview: Interviewer: "Why do we need the Fed?" AG: "With fiat money, you need a mechanism like a gold standard, a currency board, or some other mechanism to constrain the gov't's ability to print money." "I think we did well with the international gold standard around the turn of the century." [/ QUOTE ] yea this is hilarious. reading comprehension FTW! boro posted this in BFI and now OAFK posts it here. greenspand didn't say he supports the gold lstandard. he was answering a question about why we need the fed Barron [/ QUOTE ] Talk about reading comprehension problems. TOAFK posted here first. You know, like I said in the first sentence of the BFI post? Also note that TOAFK said that Greenspan said "We need a goldstandard," whereas all I said was that he was supportive of it, which he clearly was, at least to anyone who can comprehend what (when asked why you need a central bank) "You need a gold standard or a currency board or something of that nature to control government printing of fiat money, and people like me think we did very well under a gold standard" means. [/ QUOTE ] sure thing borodog. he was not supportive of it nor said we needed it (above and beyond a central bank). if the question was "do you think a gold standard would be better than the central bank?" and he answered "we need a gold standard" then yea i'd say he was supportive of it. but obviously this was not asked. he listed things that could be done to prevent govt from just printing fiat money. and he said we did well during a period of time in which we had a fairly good gold standard (not much fiddling) in place. so yea reading comprehension FTW! oh, and interpretation FTL! Barron
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