You mean Sir Allen Greenspan Knight commander of the order of the British empire and former chairman of the Bank of England based Federal Reserve.
Well lets see what he had to say in 1962 on this essay about the gold standard.
Gold and economic freedom
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
Gold and economic freedom are inseparable.
And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (
) backed by the taxing power of the Federal government. though not legally
The Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous was the Federal Reserves attempt
who had been losing gold to us because the to assist Great Britain refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). Bank of England
The excess credit the Fed pumped into the economy spilled over into the stock market triggering a speculative boom. Belatedly, Federal Reserve officials attempted to sop up excess reserves braking the boom. But it was to late but it was to late by 1929……As a result the American economy collapsed.
Stripped of its academic jargon the the welfare state is nothing more than a mechanism by which governments confiscate the assets of productive members of a society to support a wide variety of welfare scams.
The law of supply and demand is not to be conned.
This is the shabby secret of the welfare statists tirades against gold. Deficit spending is simply a scheme for hidden confiscation of wealth. Gold stands in the way of the insidious process. It stands as a protector of property rights. Excerpts from Gold and economic freedom from Allen Greenspan. Allen Greenspan is brilliant but takes while to get to the point so I had to parprahse the essay. The point of the essay is that fractional reserve banking is scam where the borrowers and citizens are duped into accepting fractioanal reserve notes in exchange for actual money or promissory notes backed by gold, Silver, gems etc. various forms of actual value assets. The whole point of the scam according to Allen Greenspan is to create government deficits to enable governments to sell welfare schemes to citizens get rich off the interest of financing the debt get rich off of differences in monetary exchange rate, etc. strip productive citizens of assets and trap the general population in poverty and debt. Allen Greenspan clearly states it's illegal for the government to use taxes to support the interests of private banks. He clearly states the fractional reserve system is a Ponzi scam bound to collpase and create servitude to a central state government implimenting feudalism though welfare. Sound like a repeat of history?