Alan Greespan: Ron Paul Was Right About the Gold Standard - zerohedge.com
Excerpt from this article:
"And the punchline: '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.' To be sure, this is something we discussed exactly two years
ago, when we showed a chart showing the sudden end of prosperity for
the 'bottom 90%' of US earners at the time Nixon ended the US Gold
Standard in August 1971, unleashing what ultimately would be the 'Great
Moderation', an unprecedented increase in US debt, and the stagnation of
real incomes and net worth for all but the 'top 1% of earners.'"
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Ron Paul ran for President of the United States in 1988, 2008 & 2012. It's a shame that former Federal Reserve chairman Alan Greenspan took so long to say Ron Paul was right. Below are some excerpts from Ron Paul's great book End the Fed (published in 2009):
"The Fed's activities since the market meltdown of 2008 have been dangerous in the extreme. The Fed is using all its power to drive the monetary base to unprecedented heights, creating trillions in new money out of thin air. From April 2008 to April 2009, the adjusted monetary base shot up from $856 billion to an unbelievable $1.749 trillion. Was any new wealth created? New production? No, this was the Ben Bernanke printing press at work. If you and I did anything similar, we would be called counterfeit and be sent away for a lifetime in prison. ...When the Fed does it - complete with a scientific gloss- it is seen as the perfectly legal and responsible conduct of monetary policy." - Page 8
"We need to take away the government's money power. The Banking industry needs its welfare check ended. The dollar's soundness depends on its being untied from the machine that can make an infinite number of copies of dollars and reduce their value to zero. The fact that the Fed can create trillions of dollars, and distribute them to its cronies without congressional oversight should shock us all. I thought I was immune to being shocked by what our government does, but the actions of the Fed in 2008-2009 went beyond the pale. Not only did the Fed create many trillions of dollars and pass them out, it refused to explain its actions. This shows the arrogance of the members of the Fed and the complete apathy of the congress in assuming its responsibility to protect the people and follow the law. " - Page 10
"What the largest banks desire is exactly what we might expect any large corporation to desire: privatize profits and socialize losses." - Page 14
Recommended reading:
Anything by Ron Paul
The Creature From Jekyll Island: A Second Look at the Federal reserve, by G. Edward Griffen
None Dare Call it Conspiracy, by Gary Allen (1971)
America's $20 Trillion Dollar Party
