Forbes: Alan Greenspan Wants To 'End The Fed', Times Changing
Alan Greenspan quoted as saying:
“We have at this particular stage a fiat money which is essentially money printed by a government and it’s usually a 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 a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity… 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.”
“Even those who thought that keeping the Fed was the politically most appropriate path would have probably concurred that a more ideal solution would be to replace it. Any country has potential problems with a monopoly currency issuer, and the Fed was a highly suspect institution from its inception in 1913.”
Unbelievable, When did this happen? Since when is the creator of the dot.come bubble and debaser of the dollar advocating for a limited supply of money?
ReplyDeleteI think he wants to save his ... and in so, is abandoning his own doctrines while trying to separate from the Bernanke Club.