Monday, January 14, 2008

Greenspan says maybe we don't need a Federal Reserve

At the end of this interview, he implies we might be better off with a gold standard instead of a central bank. Perhaps he is posturing for what he sees coming over the horizon: the collapse of fiat currency and a return to the gold standard.

"And 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" (the Federal Reserve Act was passed in 1913).

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