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Originally Posted by Killconey
Greenspan in kind of like your local weatherman. If he predicts rain and it rains, you are happy because you are wearing your raincoat. If he says it will be sunny and its sunny, you are happy because you are playing outside. If he says it will be partly cloudy with a thirty percent chance of rain and it rains, you are furious with him because obviously he either caused the rain or failed to warn you about it.
The man is just trying to read the signs around him. Greenspan is no more a hack than any other economist.
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I disagree. Greenspan the economist is on record making the very accurate
case for gold being a reliable and risk free medium of exchange, and that the
history of fiat currencies is a dismal record of inevitable failure.
When pressed by Ron Paul, as I documented above, Greenspan does not retract his advocacy for a gold standard, yet he "takes credit" and therefore also advocates, as Fed chairman, the largest and riskiest policy of expansion of a fiat currency based monetary system ever undertaken, even as he offers
no prediction for the effect on valuation that the policy he has presided over
will result in.
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In fact, he said as much! He said: “We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.” But he can! He is guaranteeing less purchasing power by his every word and deed since 1998!
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