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Posted: 2/20/2017 11:05:07 PM EDT
http://www.zerohedge.com/news/2017-02-20/alan-greenspan-ron-paul-was-right-about-gold-standard "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. 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). But few of such benefits would be reflected in private cash flow to repay debt. Much such infrastructure would have to be funded with government debt. We are already in danger of seeing the ratio of federal debt to GDP edging toward triple digits. We would never have reached this position of extreme indebtedness were we on the gold standard, because the gold standard is a way of ensuring that fiscal policy never gets out of line." What a motherfucker. 
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Posted: 2/20/2017 11:11:38 PM EDT
[#1]
He was good buddies with Ayn Rand back in the 60s and 70s. Big time libertarian at that point in his life. It's interesting how the swamp swallowed him up. Hope it goes better for THE Donald.
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Posted: 2/20/2017 11:12:57 PM EDT
[#2]
He also called gold a barbarious relic
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Posted: 2/20/2017 11:13:02 PM EDT
[#3]
Well, I kinda agree with that.
 However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. 
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Posted: 2/20/2017 11:15:05 PM EDT
[#4]
yeah, that ship sailed long long ago.
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Posted: 2/20/2017 11:37:09 PM EDT
[#5]
Quote HistoryQuoted:
Well, I kinda agree with that. However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. Name one significant economy that is on the gold standard? |
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Posted: 2/21/2017 1:09:58 AM EDT
[#6]
Too bad he was never in a position to guide America's fiscal situation.
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Posted: 2/21/2017 1:20:47 AM EDT
[#7]
He has some good points, but he fails to realize (like every muh gold standard person) that government will always fuck it up.
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Posted: 2/21/2017 1:21:09 AM EDT
[#8]
Quote HistoryQuoted:
He also called gold a barbarious relic I'm pretty sure that was Keynes. What happened to Greenspan has always been a question of mine, the guy was a hardcore hard money fan until he went to work at the fed, and even since then he occasionally says stuff like this, but he operated like a full blown keynesian as Fed chairman. ETA- a lot of the common understanding of what happened with the gold standard is wrong, it never created a deflationary problem. Having an unlimited credit supply with a limited money supply caused the problem. The gold standard is problematic for a lot of reasons, but the way the gold standard came about was the free market, gold was the most liquid barter asset with the most utility as a means of exchange. The ideal monetary system would work the same way, and today we have the technology to build an efficient financial system based on free exchange. The reason we don't is the government derives too much benefit from the legal tender debt instrument model. |
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Posted: 2/21/2017 1:23:08 AM EDT
[#9]
Until he went to work at the Fed, you say?
Imagine that. |
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Posted: 2/21/2017 1:25:26 AM EDT
[#10]
Pretty sure there is not enough gold that has been extracted from the planet to have a gold standard.
There is not even enough paper money. |
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Posted: 2/21/2017 1:26:33 AM EDT
[#11]
Quoted:
http://www.zerohedge.com/news/2017-02-20/alan-greenspan-ron-paul-was-right-about-gold-standard "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. 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). But few of such benefits would be reflected in private cash flow to repay debt. Much such infrastructure would have to be funded with government debt. We are already in danger of seeing the ratio of federal debt to GDP edging toward triple digits. We would never have reached this position of extreme indebtedness were we on the gold standard, because the gold standard is a way of ensuring that fiscal policy never gets out of line." What a motherfucker. Translation: "I done fucked up." |
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Posted: 2/21/2017 1:29:31 AM EDT
[#12]
Quote HistoryQuoted:
Pretty sure there is not enough gold that has been extracted from the planet to have a gold standard. There is not even enough paper money. The gold supply isn't relevant to whether you can have a gold standard or not. It only changes the price. |
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Posted: 2/21/2017 1:30:44 AM EDT
[#13]
Quote HistoryQuoted:
Well, I kinda agree with that. However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. Our country doesn't have any heights. It's grossly in debt. Our country is like a 15 year old girl finding mommy's credit card and going crazy at Neiman Marcus. She maxes the card out and mommy only has enough money to pay off the interest. Girl does it every year and mommy can't stop her ass. Soon mommy will be so in debt she won't be able to even afford the interest. I know it's fashionable on this site to bash the guy, but Ron Paul was definitely right about us living beyond our means. |
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Posted: 2/21/2017 1:33:47 AM EDT
[#14]
Quote HistoryQuoted:
Name one significant economy that is on the gold standard? Quote HistoryQuoted:
Name one significant economy that is on the gold standard? The Bretton Woods Agreement was dissolved between 1968 and 1973. An overvaluation of the U.S. dollar led to concerns over the exchange rates and tie to the price of gold. President Richard Nixon called for a temporary suspension of the dollar’s convertibility. Countries were then free to choose any exchange agreement, except the price of gold. In 1973, foreign governments let currencies float, which put an end to the Bretton Woods system. |
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Posted: 2/21/2017 1:35:25 AM EDT
[#15]
Greenspan is a criminal.
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Posted: 2/21/2017 1:37:42 AM EDT
[#16]
Quote HistoryQuoted:
The gold supply isn't relevant to whether you can have a gold standard or not. It only changes the price. Quote HistoryQuoted:
Quoted:
Pretty sure there is not enough gold that has been extracted from the planet to have a gold standard. There is not even enough paper money. The gold supply isn't relevant to whether you can have a gold standard or not. It only changes the price. So Gold will be a billion dollars an ounce? 
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Posted: 2/21/2017 1:43:11 AM EDT
[#17]
Quote HistoryQuoted:
Pretty sure there is not enough gold that has been extracted from the planet to have a gold standard. There is not even enough paper money. Palm to face comment right there.^ If you instituted a gold standard that means that you have a fixed exchange rate. If you actually tried to do it now it would be like 3,362 USD to an once of gold or something like that. (I just found an hypothesized M3 number and divided it by total troy oz in existence, though this would cut out all other currencies.) |
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Posted: 2/21/2017 1:53:20 AM EDT
[#18]
Typical of the MIND fuck.
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Posted: 2/21/2017 2:01:08 AM EDT
[#19]
Quote HistoryQuoted:
Palm to face comment right there.^ If you instituted a gold standard that means that you have a fixed exchange rate. If you actually tried to do it now it would be like 3,362 USD to an once of gold or something like that. (I just found an hypothesized M3 number and divided it by total troy oz in existence, though this would cut out all other currencies.) Might wanna check that. You do realize our debt is 18 trillion dollars? Gold wont be 3,362 an ounce |
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Posted: 2/21/2017 2:07:17 AM EDT
[#20]
Quote HistoryQuoted:
Might wanna check that. You do realize our debt is 18 trillion dollars? Gold wont be 3,362 an ounce Gold doesn't have to represent all the debt in existence. It only has to represent all the currency, the means of exchange. The big problem, and the reason so many look to gold as a solution, is under the current regime you don't need to find someone with capital to lend to incur a debt. As a result we've been able to encumber every asset on the planet, and the state can spend without limit. We went from capitalism to something else over a century ago, debtism maybe, I dunno. |
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Posted: 2/21/2017 2:34:14 AM EDT
[#21]
PM bugs have long noticed his sudden advocacy for them; and he's the man who gave us the Greenspan Put, allowed for the dot.com and housing bubbles as well as testified against the regulation of derivatives. Thanks a f*cking lot. Quite a number have concluded that he is attempting to salvage his reputation for posterity. F*ck that sh*t.
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Posted: 2/21/2017 2:50:27 AM EDT
[#22]
His wife is Andrea Mitchell of NBC talking head fame. Greenspan benefited from favorable press partly based on this relationship. What he did do during his tenure as Chairman, is run interest rated down to near zero in an effort to control inflation, thereby removing one of the few tools available to control inflation for future Chairmans; then he bailed.
The Fed kept the interest rate low during the Obama Administration and introduced QE in an effort to prop-up Obama as the first black president. Well now President Trump will take it in the shorts as the Fed slowly raises interest rates; and slowing down economic growth under Trump. BTW: Blaming the housing bubble and the insurance market collapse on the Fed is just plain wrong. The Fed didn't have regulatory authority over the mortgage banking industry nor did it create the Community Reinvestment Act. The blame rests solely on the US and State Governments interference in the financial markets. |
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Posted: 2/21/2017 3:05:34 AM EDT
[#23]
What all you youngins fail to realize is that if the US and other leading nations were still on the Gold standard the Dollar would have held its value.
I'm talking about gas being $0.60/gal and your $0.99 value menus would be a full burger fries and drink combo Today a Dollar is toilet paper thanks to Nixon and everyone of those elected sellouts who allowed the robbery of American wealth by devaluation of its currency. |
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Posted: 2/21/2017 3:35:28 AM EDT
[#24]
JFK had something to say about this and got shot to rags.
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Posted: 2/21/2017 7:53:38 AM EDT
[#25]
He's been becoming more vocal about it as he gets older. Probably guilt.
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Posted: 2/21/2017 7:56:40 AM EDT
[#26]
irrational exuberance
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Posted: 2/21/2017 8:06:28 AM EDT
[#27]
Quote HistoryQuoted:
Name one significant economy that is on the gold standard? Quote HistoryQuoted:
Quoted:
Well, I kinda agree with that. However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. Name one significant economy that is on the gold standard? Name one that has the left the gold standard and didn't have skyrocketing debt. |
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Posted: 2/21/2017 8:09:33 AM EDT
[#28]
I remember reading his autobiography, where he admitted he basically still supported the gold standard. It was a bit of a surprise.
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Posted: 2/21/2017 8:12:05 AM EDT
[#29]
Quote HistoryQuoted:
Pretty sure there is not enough gold that has been extracted from the planet to have a gold standard. There is not even enough paper money. Not if each ounce of gold was set at a billion dollars. Governments would still use paper money backed by the gold. |
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Posted: 2/21/2017 8:14:18 AM EDT
[#30]
"We would never have reached this position of extreme indebtedness were we on the gold standard, because the gold standard is a way of ensuring that fiscal policy never gets out of line."
He's right, and having a gold standard means you can do without 90% of the regulations, because it would mean no one would "own" the economy, unlike today where a bunch of bankers get to print money at will. |
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Posted: 2/21/2017 8:14:36 AM EDT
[#31]
Quote HistoryQuoted:
I'm pretty sure that was Keynes. What happened to Greenspan has always been a question of mine, the guy was a hardcore hard money fan until he went to work at the fed, and even since then he occasionally says stuff like this, but he operated like a full blown keynesian as Fed chairman. ETA- a lot of the common understanding of what happened with the gold standard is wrong, it never created a deflationary problem. Having an unlimited credit supply with a limited money supply caused the problem. The gold standard is problematic for a lot of reasons, but the way the gold standard came about was the free market, gold was the most liquid barter asset with the most utility as a means of exchange. The ideal monetary system would work the same way, and today we have the technology to build an efficient financial system based on free exchange. The reason we don't is the government derives too much benefit from the legal tender debt instrument model. |
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Posted: 2/21/2017 8:47:59 AM EDT
[#32]
Quote HistoryQuoted:
I'm pretty sure that was Keynes. What happened to Greenspan has always been a question of mine, the guy was a hardcore hard money fan until he went to work at the fed, and even since then he occasionally says stuff like this, but he operated like a full blown keynesian as Fed chairman. ETA- a lot of the common understanding of what happened with the gold standard is wrong, it never created a deflationary problem. Having an unlimited credit supply with a limited money supply caused the problem. The gold standard is problematic for a lot of reasons, but the way the gold standard came about was the free market, gold was the most liquid barter asset with the most utility as a means of exchange. The ideal monetary system would work the same way, and today we have the technology to build an efficient financial system based on free exchange. The reason we don't is the government derives too much benefit from the legal tender debt instrument model. The problem with the gold standard is gold is a volatile commodity it fluctuates way too much. |
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Posted: 2/21/2017 9:03:27 AM EDT
[#33]
I know it's fashionable on this site to bash the guy, but Ron Paul was definitely right about us living beyond our means. |
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Posted: 2/21/2017 9:39:09 AM EDT
[#34]
Quote HistoryQuoted:
The problem with the gold standard is gold is a volatile commodity it fluctuates way too much. ? Compred to fiat currencies it hardly fluctuates at all. We know why every empire collapsed once they started debasing their currency. |
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Posted: 2/21/2017 9:46:19 AM EDT
[#35]
I would wish he fall down a long flight of stairs, but he already wakes up next to this.
So I'm good  Attached File |
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Posted: 2/21/2017 9:49:46 AM EDT
[#36]
Quote HistoryQuoted:
The problem with the gold standard is gold is a volatile commodity it fluctuates way too much. Paper currencies are more volatile, and countries aren't free to arbitrarily create more gold. Can't say the same about fiat currencies. |
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Posted: 2/21/2017 9:56:43 AM EDT
[#37]
Quote HistoryQuoted:
Paper currencies are more volatile, and countries aren't free to arbitrarily create more gold. Can't say the same about fiat currencies. Quote HistoryQuoted:
Quoted:
The problem with the gold standard is gold is a volatile commodity it fluctuates way too much. Paper currencies are more volatile, and countries aren't free to arbitrarily create more gold. Can't say the same about fiat currencies. What if there was an algorithmic currency with a fixed inflation rate? |
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Posted: 2/21/2017 10:12:10 AM EDT
[#38]
 Ron Paul vs Bernanke: Is Gold Money? - July 13, 2011 |
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Posted: 2/21/2017 10:13:21 AM EDT
[#39]
Quote HistoryQuoted:
Well, I kinda agree with that. However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. How does that scale with population growth? If it limits debt, then it also limits the useful debt as well as bad debt. For example, I would not have been able to buy a house without a loan, nor any vehicles that ran for more than a week. Once I got older, I financed and paid off a new car, and can now make the asset last longer than a worn out car that someone else abused. Thus, saving me money over the long run and increasing the utility of the car-years I need to use. How does a gold standard effect financing for wars? Not just a little goat-fucker slapping war,...Could we finance a fight with the Chinese, Norks, and Venezuelans all at once on it? Gold standard is good for certain kinds of economies of a certain size, but I think we are sort of past it now. |
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Posted: 2/21/2017 10:30:14 AM EDT
[#40]
Recommended Reading: Gold: The Once and Future Money by Nathan Lewis.
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Posted: 2/21/2017 11:47:29 AM EDT
[#41]
A person who took a position on an issue until he assumed office, then acted in a contrary manner while in office and later reverted to his prior position after leaving office?
Unprecedented! 
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Posted: 2/21/2017 11:56:56 AM EDT
[#42]
Quote HistoryQuoted:
JFK had something to say about this and got shot to rags. The issuance of United States Notes, subverting the private commercial credit issued by the FED. There are still $300 million that are to be in circulation, but the FED just moves them from bank to bank every so often to "satisfy" the letter of the law. |
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Posted: 2/21/2017 11:59:14 AM EDT
[#43]
So much retard win in this thread. I love these, you can literally smell the 401K on some people.
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Posted: 2/21/2017 12:07:53 PM EDT
[#44]
Quote HistoryQuoted:
ETA- a lot of the common understanding of what happened with the gold standard is wrong, it never created a deflationary problem. Having an unlimited credit supply with a limited money supply caused the problem. The gold standard is problematic for a lot of reasons, but the way the gold standard came about was the free market, gold was the most liquid barter asset with the most utility as a means of exchange. The ideal monetary system would work the same way, and today we have the technology to build an efficient financial system based on free exchange. The reason we don't is the government derives too much benefit from the legal tender debt instrument model. What do you replace fractional reserve banking with? |
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Posted: 2/21/2017 12:25:55 PM EDT
[#45]
Quote HistoryQuoted:
Well, I kinda agree with that. However, other people who know more about finance than I do tell me that we would never have achieved the heights as a country that we have with the throttle of the gold standard on our economy. And a someone that smokes marijuana never would have gotten high if he didn't smoke the marijuana. |
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Posted: 2/21/2017 12:29:01 PM EDT
[#46]
Quote HistoryQuoted:
What do you replace fractional reserve banking with? A full reserve Colonial Scrip system just like the one we had prior to the Revolutionary War. |
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Posted: 2/21/2017 12:31:15 PM EDT
[#47]
Quote HistoryQuoted:
So much retard win in this thread. I love these, you can literally smell the 401K on some people. Somebody should make a 401k cologne with horrible advertising about smelling like a million dollars.
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Posted: 2/21/2017 12:37:41 PM EDT
[#48]
Quote HistoryQuoted:
Somebody should make a 401k cologne with horrible advertising about smelling like a million dollars. Quote HistoryQuoted:
Quoted:
So much retard win in this thread. I love these, you can literally smell the 401K on some people. Somebody should make a 401k cologne with horrible advertising about smelling like a million dollars. Along with a subtle promise that you're going to get fucked. |
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Posted: 2/21/2017 12:40:34 PM EDT
[#49]
Quote HistoryQuoted:
Might wanna check that. You do realize our debt is 18 trillion dollars? Gold wont be 3,362 an ounce Let's call it $20 Trillion With over $105 Trillion in unfunded liabilities. |
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Posted: 2/21/2017 12:46:09 PM EDT
[#50]
We need to assign arbitrary value to yellow metal to prevent us from assigning arbitrary value to paper.
Senility has set in for poor Alan. |
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