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.