{"id":21402,"date":"2016-07-10T17:36:10","date_gmt":"2016-07-10T22:36:10","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21402"},"modified":"2016-07-10T17:36:51","modified_gmt":"2016-07-10T22:36:51","slug":"alan-bubbles-greenspan-returns-to-gold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21402","title":{"rendered":"Alan \u201cBubbles\u201d Greenspan Returns to Gold"},"content":{"rendered":"
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Alan \u201cBubbles\u201d Greenspan Returns to Gold<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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Under a gold standard, the amount of credit that an economy can support is determined by the economy\u2019s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. [\u2026] The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.<\/p>\n

\u2014 Alan Greenspan, 1966\u00a0<\/strong><\/div>\n<\/blockquote>\n

BALTIMORE \u2013 That old rascal!<\/p>\n

Before joining the feds, former Fed chief Alan \u201cBubbles\u201d Greenspan was a strong proponent of gold and the gold standard.<\/p>\n

He wrote clearly and forcefully about how it was necessary to restrain the Deep State and protect individual freedom.<\/p>\n

Then he went to Washington and faced a fork in the tongue.<\/p>\n

In one direction, lay honesty and integrity. In the other, lay power and glory.<\/p>\n

Faking It<\/h2>\n

Under the Bretton Woods monetary system, the U.S. promised foreign central banks that it would convert their dollars to gold at a fixed price of $35 an ounce.<\/p>\n

This constrained the amount of dollars the U.S. could print to the amount of gold it had in its reserves.<\/p>\n

A smart man, Greenspan quickly realized he could not advocate for this old, tried-and-true gold standard and run the Deep State\u2019s new credit money system.<\/p>\n

In 1987, he made his choice. He took over the top job at the Fed and faked it for the next 19 years.<\/p>\n

Since 1978, we have had four different Fed chiefs. Some were smart. Some were honest. Only Paul Volcker was smart and honest.<\/p>\n

Bernanke was honest\u2026 we believe. As near as we can tell, so is Janet Yellen. Both may mean well, but both are careful not to think out of the Deep State box.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Alan \u201cBubbles\u201d Greenspan Returns to Gold Under a gold standard, the amount of credit that an economy can support is determined by the economy\u2019s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. [\u2026] The abandonment of the gold standard made it possible for the welfare statists to use the […]<\/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],"tags":[952,2229,68,6190,175,199,303,374,1183,5987,3650],"class_list":["post-21402","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alan-greenspan","tag-banking-system","tag-ben-bernanke","tag-bill-bonner","tag-credit","tag-deep-state","tag-fed","tag-gold","tag-gold-standard","tag-paul-volcker","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21402","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=21402"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21402\/revisions"}],"predecessor-version":[{"id":21403,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21402\/revisions\/21403"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}