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If Alan Greenspan Wants To 'End The Fed', Times Must Be Changing

Sunday, March 17, 2013 - 10:08 AM
An Alan Greenspan quote as mentioned in this Forbes article:
“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, 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.”

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2
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,702
1. Sunday, March 17, 2013 - 10:44 AM
Dear Mr Tumin,

An Alan Greenspan "Mea Culpa" on the Capitol Hill.

 
Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.

“Absolutely, precisely,” Mr. Greenspan replied. “You know, that’s precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”
 

The link from NY Times is below:

http://economix.blogs.nytimes.com/2008/10/23/greenspans-mea-culpa/

So ... former Chairman's view of the world of 40 years was wrong per his own admission.  This surely opens up the possibility of his present view is wrong as well ... No?

Yours Truly,
- Anonymous
2
ytytytytytytytyt158 posts since
Jan 28, 2013
Rep Points: 623
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