"..... Chairman Greenspan’s treatise on "Gold and Economic Freedom" stated: "gold and economic freedom are inseparable."
He suggests the crash of 1929 was fueled in part by speculative "credit excess".
"The excess credit which the Fed pumped into the economy spilled over into the stock market- triggering a fantastic speculative boom."
On imbalances, he further atones: "…By 1929 the speculative imbalances had become overwhelming and unmanageable by the Fed."
And all to well understood the effects of inflation: "In the absence of the gold standard, there is no way to protect savings from confiscation through inflation."
He goes on to attack fiat money as nothing more than a wealth transfer mechanism and roundly argued that paper money leads to tyranny, understanding hard work and innovation fostered this great nation long before the "productivity miracle" was en vogue.
Making a rather poignant argument against wealth without effort, in complete conflict with his modern "Productivity Miracle", his rational went out of his way to ridicule those who believed fiat money could increased wealth without a proportional amount of hard work and innovation, believing savings and market control of rates would interrupt a productive and growing economy.
Arguing precisely against the very command structure now rooting out all threats to domestic economic bliss: hard work and ingenuity were of great benefit to our economy and it cascaded throughout the economic system, manifesting itself in our "standard of living".
This began to usurp the preservation of liberty, albeit slowly, but a consequence, none the less.
Liberty simply has a cost, most notably in lives. .... "
This is from an article at http://www.financialsense.com/fsu/editorials/mackenzie/2004/0406.html
While the grammar may leave much to be desired, 'tis a good article for mine.
