According to his prepared testimony before the House Oversight Committee, Greenspan lamented that "those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief.Greenspan acts as though he didn't realize what central economic planning and fiat money would grow government and destroy real wealth and freedom. But look what he wrote back in 1967, before he became the counterfeiter in charge:
As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods.Who of us is shocked by Greenspan's duplicity? None who are familiar with the powerful tribe behind the curtain. Brother Nathan, raised as tribal member, has a history lesson for us here.
As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion. ... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
Thomas Jefferson knew how evil banks could be when in 1802 he said,
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.Now is our chance. It's time to take back America, time to free ourselves from the international bankers, once and for all, time to do an Andrew Jackson on these lying, thieving parasites.