STATEMENT OF ALAN GREENSPAN IN 1966

ALAN GREENSPAN, 1966

“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…IN THE ABSENCE OF THE GOLD STANDARD, THERE IS NO WAY TO PROTECT SAVINGS FROM CONFISCATION THROUGH INFLATION...DEFICIT SPENDING IS SIMPLY A SCHEME OF THE ‘HIDDEN’ CONFISCATION OF WEALTH. GOLD STANDS IN THE WAY OF THIS INSIDIOUS PROCESS. IT STANDS AS A PROTECTOR OF PROPERTY RIGHTS.”