Saturday, January 29, 2005

Fed's yen for bovine policies - Asia Times Online

Asia Times Online

"Greenspan said in his speech that "the early history of the post-Bretton Woods system of generalized fiat money was plagued, as we all remember, by excess money issuance". The cheek of the kettle that dares to call the pot black! The excess money issuance under all his predecessors combined is eclipsed by the excess money issuance during this chairman's tour of duty at the Fed. Nor can he have the excuse that he was misled by the siren-song of the welfare state. As his earlier article "Gold and Economic Freedom" will testify, he is one of the precious few who understands the gold-freedom nexus.

The chairman is traitor to the cause of sound money."

Before Alan Greenspan became a Central Banker he was an outspoken critic of central banking and especially fiat paper currency. Here is link to the monograph he authored in 1966 in "Capitalism: The Unknown Ideal"