Former Fed Head Alan Greenspan has resurfaced, and he is once again trying to make amends for his actions against gold. See for yourself…
Alan Greenspan knows gold. He “gets it”.
In 1966, Greenspan wrote Gold and Economic Freedom, and it’s just as relevant today as it was in the mid-1960s.
In fact, it would be difficult to imagine what decade this was about if I didn’t tell you it was written in 1966.
Here’s an excerpt (bold for emphasis):
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.
Later on, Greenspan, as Chairman of the Federal Reserve, played a key role in gold price suppression and the manipulation of markets.
In fact, preserved on Federal Reserve Board’s website is this little nugget (no pun intended) that Greenspan once let slip:
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
We can see the transition from a hip Alan Greenspan who hung out with Ayn Rand to one who actively suppressed the price of gold as an agent of the Cartel being the Head of the Fed.
What a shame.
That said, when people enter their 90s, many times they make amends for things they have done.
A way of making peace with someone or something, so to say.
That said, we heard a bit of Greenspan making amends in 2014 during a Council on Foreign Relations Event.
Listen for yourself and glean the pivot back to gold:
Here is a a former Fed Head saying that not even the dollar can match gold.
Fast forward to May, 2018, post-Crypto Mania by the way, and Greenspan is resurfacing yet again, and like in 2014, he appears to be making amends for his actions against gold.
Even if it is less powerful than what he said just a few years ago, it is still very telling:
Last month Dr Alan Greenspan, former Chairman of the Board of Governors of the Federal Reserve System, spoke at our inaugural investment summit on gold and central banks #globalinvest18 pic.twitter.com/Ixfth3dhlt
— World Gold Council (@GOLDCOUNCIL) May 14, 2018
For additional information on why sometimes Half Dollar gets worked up about gold, silver, and the U.S. government/Constitution, please read up on Article 1 Section 8 (Weights and Measures), Article 1 Section 10 (REQUIRED Bi-metallic Gold & Silver Standard), and even the Coinage Act of April 2, 1792 (Original definition of the dollar).
It’s not Ol’ Half Dollar getting worked up for nothing, but rather, it’s getting worked up over the original betrayal to the U.S. Constitution, which, in Half Dollar’s opinion, is the betrayal that opened the door to all other sorts of unconstitutionality which runs rampant today.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.