More Greenspan antics

I seemed to have missed this:

The gains are “strictly a monetary phenomenon,” Greenspan said today at an investment conference in New York. Rising prices of precious metals and other commodities are “an indication of a very early stage of an endeavor to move away from paper currencies,” he said.

!!!!!! If ever anything was, THAT WAS A STUNNER!!!!!!!!

In a prior life (prior to being put in charge of the economy) Greenspan actually believed in sound monetary policy in which gold would play a role. You can see one of the papers he’s written in the late 60s in the right hand column of this blog. For whatever reason, the minute Greenspan was appointed by Regan, he seems to have sold out or, at the very least, to have abandoned his beliefs although he never gave an explanation as to why.

Now he comes out with this? Along with the pearl he proffered recently saying that big banks should be broken up? I really can’t say whether Greenspan suffers from a medical condition or some other condition that makes him flip-flop like that. Maybe it is sheer opportunism. I don’t know. What I do know is that this statement is fairly big news for world currencies and for the economies of the world. Hat tip to “Mugwamp” on Voy to have dug out this article that I missed.


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