Alan Greenspan on the Gold Standard

[Anonymous No.15500980]

>With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression. If the gold standard had not existed, they argued, Britain's abandonment of gold payments in 1931 would not have caused the failure of banks all over the world. (The irony was that since 1913, we had been, not on a gold standard, but on what may be termed "a mixed gold standard"; yet it is gold that took the blame.)

>But the opposition to the gold standard in any form — from a growing number of welfare-state advocates — was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state). Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale.

https://www.constitution.org/mon/greenspan_gold.htm

When did you finally swallow the /goldpill/, /biz/?

[Anonymous No.15501000]

during the bush administration

[Anonymous No.15501042]

Redistribute the welfare to yourself.

Yang 2020

[Anonymous No.15501051]

>clinging to "precious" metals

[Anonymous No.15501055]

This guy is senile.https://www.youtube.com/watch?v=Ck3FuTzZvhI

[Anonymous No.15501059]

>>15500980
Silver is better for deplatforming the jew desu

[Anonymous No.15501061]

This guy is senile
https://www.youtube.com/watch?v=Ck3FuTzZvhI

[Anonymous No.15501070]

>>15501061
He's not wrong. USG could do that because it has the US military to fuck other countries up if they dare move away from the petrodollar.

>In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

[Anonymous No.15501093]

>>15500980
Yes the gold standard was done to prevent democracy destroying the monetary system since it prevented the politicians doing stupid shit since people could exchange their fiat to gold.

In a way cash was the lighting network of gold at the time , and gold was there to prevent the supply to be increased above a certain inflation level(the mined gold was the inflation so it was low).

Eventually the politicians got pissed at this since they could not enslave the population with taxes and welfare so they cut out gold of the equation and left everyone with the cash "lighting network" that used to be a second layer to gold.

Gold failed , crypto will be a success where gold failed , it does not matter if bitcoin is cucked to 400k tx per day , bch , ltc and others are not.

Anons here may not know it but you guys are going to be interviewed in the future when you are old about being an early investor in cryptos even if invested in shitcoins.

As we enter the 2020s the first cryptocurrencies will have lower inflation than fiat currencies and gold , this even will be monumental , first bch , then bsv then btc , then monero , then ltc.

As more coins reach a lower inflation level than fiat they will keep mooning non stop relative to a fiat supply increasing at a faster rate.

If you only knew how early you are you would be celebrating.

Yesterday monero inflation went bellow bitcoin inflation rate and it started mooning what do you think will happen when btc and all it's forks go bellow fiat inflation next year?

[Anonymous No.15501121]

>>15501093
>mfw I can't wait to shit on normies when we're living in the citadels

[Anonymous No.15501169]

>>15501121
Yes but make no mistake things will get crazy next year , and even more in 2022 2023.

2022 will probably be a bear year but litecoin halving in 2023 will also bring it's inflation bellow fiat , monero too will have it bellow fiat.

Things will get crazy , also i suspect that with btc exchanges cucking to kyc and bch having the libertarian mentality bch will moon too massively since they been pushing for their own localbitcoin alternative with no kyc.

Overall bitcoin and ltc are the safest investments but politically things will get crazy too.

I hope we meet at the citadel anon we are all gonna make it if we have trust in Satoshi.

[Anonymous No.15501172]

>>15501042
Let the government decide my income? What if they decide they don't like my political beliefs, goodbye income?

[Anonymous No.15501197]

>>15501169
>I hope we meet at the citadel anon we are all gonna make it if we have trust in Satoshi.
We are holding the HARDEST form of money ever created in the history of mankind.

It'll be a bumpy road in the next few years, but we'll come out clean on the other side.

[Anonymous No.15501272]

>>15501172
How are they deciding your income? Do you not have any income streams? If you're a welfare monkey then sure, that affects you. It wouldn't otherwise

[Anonymous No.15501297]

>>15501272
Or if you’re a government employee or contractor of any kind

[Anonymous No.15501332]

>>15501093
BASED

[Anonymous No.15501339]

>>15501197
>It'll be a bumpy road in the next few years, but we'll come out clean on the other side.

It will be too easy to tent oneself to sell to fullfill a dream as many people did when btc was at lower prices but yea.

We are in the calm before the storm once cryptos go bellow fiat inflation even the normies will notice , the same way housing went up non stop as quantitative easing was done so will cryptos.

[Anonymous No.15501343]

noone will back there monies with bitcoin!!!

as in countires, they will back it 1:1 with a crypto usd deal! governments would prefer to go back to the gold stand v's backing with bitcoin

[Anonymous No.15502301]

>>15501343
Bank of England governor wants a crypto stablecoin

[Anonymous No.15502705]

>>15502301
You mean the Goldman Sachs alum who is leaving? Do you perhaps see a disconnect between what central bankers say when they’re on the payroll and not? Hint: Greenspan did nothing but shittalk gold while he was Fed chair.

[Anonymous No.15502735]

>>15500980
>>15501093
Then Greenspan grew up, and moved on from his randroid phase. Why haven't you guys?

[Anonymous No.15502803]

>>15502735
Except that his most recent public statements on the topic are, once again, extremely pro gold. It’s a real puzzler.

>in a February 2017 interview with Gold Investor magazine.

_________________________________________________
Alan Greenspan:
I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counterparty. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.

https://www.cmi-gold-silver.com/the-new-alan-greenspan-on-gold/

[Anonymous No.15502923]

>>15502803
That bastard knows the USD and the bankers controlling it will burn it to the ground.
Just keep stacking!

[Anonymous No.15503670]

>>15502803
Yep, and when he actually had the ability to put money where his mouth is, he did the exact opposite didn't he? Really makes you think.