Greenspan says we need a goldstandard.

[The once and future king]

No Level, has this man no shame, biggest U turn evarrr.

[Borodog]

It's his second U turn on the subject. He's actually headed right back in the direction he originally was back in the 60s.

Gold and Economic Freedom, Alan Greenspan

Need a better youtube of that video.

[Borodog]

If this doesn't get hushed it should be [censored] HUGE, btw.

Nice post.

[Ineedaride2]

[ QUOTE ]
No Level, has this man no shame, biggest U turn evarrr.

[/ QUOTE ]


Ha. You've got to be [censored] kidding me.

[wacki]

maybe his views on the gold standard change with the competence/interference levels of whatever administration is in charge?

[Orlando Salazar]

As long as the agency that creates the fiat currency has unlimited taxing power, the fiat $ = value of the nations wealth = value of its resources = gold+.

[Borodog]

[ QUOTE ]
maybe his views on fiat money change depending on whether or not he is in charge of printing it?

[/ QUOTE ]

[Borodog]

[ QUOTE ]
As long as the agency that creates the fiat currency has unlimited taxing power, the fiat $ = value of the nations wealth = value of its resources = gold+.

[/ QUOTE ]

This makes zero sense.

[Borodog]

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.

[bobman0330]

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."