{"id":10592,"date":"2015-08-01T07:23:20","date_gmt":"2015-08-01T12:23:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10592"},"modified":"2015-08-01T07:23:20","modified_gmt":"2015-08-01T12:23:20","slug":"gold-and-the-grave-dancers","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10592","title":{"rendered":"Gold and the Grave Dancers"},"content":{"rendered":"<h3 class=\"art-postheader\"><a title=\"Permanent Link to Gold and the Grave Dancers\" href=\"http:\/\/www.acting-man.com\/?p=38992\" rel=\"bookmark\">Gold and the Grave Dancers<\/a><\/h3>\n<h3><strong>The Asset They Love to Hate \u2026<\/strong><\/h3>\n<p>Back in the 1960s, Alan Greenspan wrote a well-known essay that to this day is an essential read for anyone who wants to understand the present-day monetary and economic system (which is a kind of \u201cfascism lite\u201d type of statism, masquerading as capitalism) and especially the almost visceral hate\u00a0<em>etatistes<\/em>\u00a0harbor toward gold. Greenspan\u2019s essay is entitled \u201c<a href=\"http:\/\/www.constitution.org\/mon\/greenspan_gold.htm\">Gold and Economic Freedom<\/a>\u201d, and as the title already suggests, the two are intimately connected.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-38993\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/08\/Alan-Greenspan.jpg\" alt=\"Alan Greenspan\" width=\"600\" height=\"450\" \/>Alan Greenspan in the mid 1970s \u2013 although he later turned out to be a sell-out, his understanding of economics undoubtedly dwarfed that of his successors at the Fed (and we are not just saying this based on the essay discussed here).<\/p>\n<p>Photo credit:\u00a0<span class=\"source\">Charles Kelly \/\u00a0<\/span><span class=\"source\">AP Photo<\/span><\/p>\n<hr \/>\n<p>What makes Greenspan\u2019s essay especially noteworthy is that it manages to present both theory and history in a concise, easy to understand manner. There isn\u2019t a word in it we would change. At one point, Greenspan provides a brief history lesson. Yes, the (relatively) free banking era in the United States in the 19<sup>th<\/sup>\u00a0century involved fractional reserve banking and as a result, there were frequent boom and bust cycles. However, since there was no \u201clender of last resort\u201d with an unlimited money printing capacity, these business cycles were sharp and brief, and the market economy quickly righted itself every time:<\/p>\n<blockquote><p>\u201cA fully free banking system and fully consistent gold standard have not as yet been achieved.\u00a0<strong><em>But prior to World War I, the banking system in the United States (and in most of the world) was based on gold and even though governments intervened occasionally, banking was more free than controlled.<\/em><\/strong><\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold and the Grave Dancers The Asset They Love to Hate \u2026 Back in the 1960s, Alan Greenspan wrote a well-known essay that to this day is an essential read for anyone who wants to understand the present-day monetary and economic system (which is a kind of \u201cfascism lite\u201d type of statism, masquerading as capitalism) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[5728,952,7218,111,1590,1491,303,305,374,2069,6170,972],"class_list":["post-10592","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-acting-man","tag-alan-greenspan","tag-asset","tag-capitalism","tag-economic-freedom","tag-fascism","tag-fed","tag-federal-reserve","tag-gold","tag-monetary-system","tag-pater-tenebrarum","tag-statism"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10592"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10592\/revisions"}],"predecessor-version":[{"id":10593,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10592\/revisions\/10593"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}