The Center of the Universe

St Croix, United States Virgin Islands

MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Archive for January 22nd, 2011

Greenspan on the gold standard

Posted by WARREN MOSLER on 22nd January 2011

Fed Chairman – Alan Greenspan! In an interview with Fox Business: “We have at this particular stage a fiat money which is essentially money printed by a government and it’s usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced,

Yes, it’s called Congress.

And right now, for the size govt we have, they are grossly over taxing us.

either a gold standard or a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity… There are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard.” And a further stunner: Greenspan himself wonders if we really need a central bank.

Posted in Uncategorized | 49 Comments »