In his remarkable essay, “Gold and Economic Freedom,” written in 1966, Alan Greenspan stated:
Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
Greenspan of course went to become the front-man for the interminably corrupted Central Bank system, which is utilized as a wealth-confiscation and control mechanism for the elitists who control western Governments (Mayer Rotschild: “let me issue and control a nation’s currency and I care not who writes the laws”).
Interestingly, Greenspan is spending his final years coming clean about fiat currencies and the fractional banking system, as reviewed here in The Daily Coin: LINK. Most recently, in an interview with the World Gold Council’s “Gold Investor” publication, Greenspan fully endorses a return to the gold standard:
If the gold standard were in place today we would not have reached the situation in which we now find ourselves. We cannot afford to spend on infrastructure in the way that we should. The US sorely needs it, and it would pay for itself eventually in the form of a better economic environment (infrastructure) LINK
We can only speculate the reasons why Greenspan has gone full circle back to his views expressed in his 1966 seminal essay about gold and is “coming clean” about economic systems based on fiat currencies rather than a gold standard. But the fact that the former fiat money “Maestro” is now advocating the gold standard reinforces its validity.
In today’s episode of the Shadow of Truth, we discuss the effort underway to discredit gold by the mainstream media using misinformation, disinformation and outright lies in the context of Greenspan’s stunning admissions:
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