Alan Greenspan: Ron Paul Was Right About The Gold Standard

– Alan Greenspan: Ron Paul Was Right About The Gold Standard:

“When I was Chair of the Federal Reserve I used to testify before US Congressman Ron Paul… we had some interesting discussions… 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.“

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And he said many years ago:

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

– Alan Greenspan

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