Alan Greenspan Reverting to Old Ways on Gold Standard

[n_huffhines]

Well, he was a gold standard guy before he worked for the Fed and now that he's not the chairman, he's back to his old beliefs. Pretty interesting...

The gold standard was operating at its peak in the late 19th and early 20th centuries, a period of extraordinary global prosperity, characterised by firming productivity growth and very little inflation.

But today, there is a widespread view that the 19th century gold standard didn’t work. I think that’s like wearing the wrong size shoes and saying the shoes are uncomfortable! It wasn’t the gold standard that failed; it was politics. World War I disabled the fixed exchange rate parities and no country wanted to be exposed to the humiliation of having a lesser exchange rate against the US dollar than itenjoyed in 1913.

Today, going back on to the gold standard would be perceived as an act of desperation. But if the gold standard were in place today we would not have reached the situation in which we now find ourselves.

https://mises.org/blog/alan-greenspan-admits-ron-paul-was-right-about-gold

 

[05_never_again]

He's such a joke.

 

[BowlBrother85]

I didn't even know he was still alive until this thread and Googled him. He is 90 years old now. Give him a break.

 

[n_huffhines]

He's such a joke.

Well, he's a sell out but he's right. We wouldn't be $17T in debt if there were a gold standard. That's not even considering the argument that the fed creates recessions.

 

[Pacer92]

Backing our currency....a good thing...

 

[carlos86]

Well, he was a gold standard guy before he worked for the Fed and now that he's not the chairman, he's back to his old beliefs. Pretty interesting...



https://mises.org/blog/alan-greenspan-admits-ron-paul-was-right-about-gold

He's still alive?????

 

[MT LeConte]

I'm not an economist so I don't really know what would happen. But if the US announced it was going back on the gold standard tomorrow I believe those who are heavily invested in gold would become mega wealthy over night.

Mmmm, wonder who own all the gold?

 

[Rasputin_Vol]

Backing our currency....a good thing...

No, counterfeiting is the way to prosperity.

 

[Rasputin_Vol]

I'm not an economist so I don't really know what would happen. But if the US announced it was going back on the gold standard tomorrow I believe those who are heavily invested in gold would become mega wealthy over night.

Mmmm, wonder who own all the gold?

Our Constitution calls gold and silver money.

 

[1972 Grad]

Well, he's a sell out but he's right. We wouldn't be $17T in debt if there were a gold standard. That's not even considering the argument that the fed creates recessions.

I thought it was about $20T, but what's an extra 3 trillion?

 

[slobberknocker]

Long story short..when I was traveling for my job I was catching a train out of Union Station. A guy bumped into me carrying two large brief cases. I looked up and it was freaking Greenspan. I wished I could have seen the contents of those damn brief cases.

 

[1972 Grad]

Long story short..when I was traveling for my job I was catching a train out of Union Station. A guy bumped into me carrying two large brief cases. I looked up and it was freaking Greenspan. I wished I could have seen the contents of those damn brief cases.

Gold bullion.

 

[Pacer92]

I thought it was about $20T, but what's an extra 3 trillion?

Our gold reserves are at Ft. Knox and a couple other locations, from what I gather.....no one has seen these in many a year...

Who knows how much is there?

 

[slobberknocker]

gold bullion.

lol.

 

[FLVOL_79]

I'm not an economist so I don't really know what would happen. But if the US announced it was going back on the gold standard tomorrow I believe those who are heavily invested in gold would become mega wealthy over night.

Mmmm, wonder who own all the gold?

I do. Thank you Glenn Beck!

 

[golfballs]

Well, he's a sell out but he's right. We wouldn't be $17T in debt if there were a gold standard. That's not even considering the argument that the fed creates recessions.

Too late for him. He ****ed up

 

[hog88]

Our gold reserves are at Ft. Knox and a couple other locations, from what I gather.....no one has seen these in many a year...

Who knows how much is there?

None. All the gold is in a bank in the middle of Beverly Hills.

 

[tumscalcium]

None. All the gold is in a bank in the middle of Beverly Hills.

Another fable. Wrong sir, about 20 years ago some Germans stole our gold from lower manhattan and made it to Canada. We killed the guys. But they have yet to give it back.

 

[1972 Grad]

None. All the gold is in a bank in the middle of Beverly Hills.

.....in somebody else's name?

 

[golfballs]

Another fable. Wrong sir, about 20 years ago some Germans stole our gold from lower manhattan and made it to Canada. We killed the guys. But they have yet to give it back.

Putin has it

 

[hog88]

.....in somebody else's name?

It's damn sure not in mine.

 

[tumscalcium]

Putin has it

You just can't trust French Canada.

 

[Pacer92]

None. All the gold is in a bank in the middle of Beverly Hills.

In someone else's name, I'm assuming?!

 

[Orange_Crush]

Our gold reserves are at Ft. Knox and a couple other locations, from what I gather.....no one has seen these in many a year...

Who knows how much is there?

And no one can audit it.

 

[AM64]

Well, he's a sell out but he's right. We wouldn't be $17T in debt if there were a gold standard. That's not even considering the argument that the fed creates recessions.

Amazing; we agree on something. You can't even say our money is a standard if it isn't tied to something fixed and measurable - it just floats, sinks, and wobbles based on what the Fed and speculators say.