greenspan on gold

  1. 26,768 Posts.
    i found the following - if somebody has already posted it, please forgive me

    We have already heard from Chairman Greenspan suggesting we might have come full cycle from the Volcker experience. Now let me quote to you the opening remarks of Chairman Greenspan today, December 19, 2002, speaking to the Economic Club of New York.

    "Although the gold standard could hardly be portrayed as having produced a period of price tranquility, it was the case that the price level in 1929 was not much different, on net, from what it had been in 1800. But, in the two decades following the abandonment of the gold standard in 1933, the consumer price index in the United States nearly doubled. And, in the four decades after that, prices quintupled. Monetary policy, unleashed from the constraint of domestic gold convertibility, has allowed a persistent over issuance of money. As recently as a decade ago, central bankers, having witnessed more than a half-century of chronic inflation, appeared to confirm that a fiat currency was inherently subject to excess." [1]

    the full article can be read on

    happy punting to those people holding gold shares. i have plenty, and i will not be selling (for the time being). i will, also not be buying any more - for the time being

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