How to Write a Summary of an Article?
The Unknown IdealGreenspan wrote: Gold and economic freedom are inseparable.
What medium of exchange will be acceptable to all participants in an economy is not determined arbitrarily. Where store-of-value considerations are important, as they are in richer, more civilized societies, the medium of exchange must be a durable commodity, usually a metal.
A metal is generally chosen because it is homogeneous and divisible: Precious jewels, for example, are neither homogeneous nor divisible.
More important, the commodity chosen as a medium must be a luxury. Human desires for luxuries are unlimited and, therefore, luxury goods are always in demand and will always be acceptable. Having a high unit value, such a good is easily portable; for instance, an ounce of gold is worth a half-ton of pig iron.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
Gold stands in the way of this insidious process.
It stands as a protector of property rights. Paul is as confused by this as any other gold standard and free banking advocate. In a interview with The Daily Reckoning, Paul discussed this apparent enigma. You and former Fed Chairman Alan Greenspan have famously knocked heads over the years.
Can you tell me a little about that?
Why it is that you seemed to be at times the only person that seemed to be keeping a very close eye on the goings-on at the Federal Reserve? I see the central bank and the Federal Reserve System as unconstitutional in that they have this tremendous power and a monopoly control over money and credit, which is an ominous power.
Greenspan, or any chairman of the Federal Reserve, is more powerful than even our president because he has so much control over the economy.Alan Greenspan in is an intellectual caricature of what he was in He says that Congress and the public can trust the central bankers of the world because they are following monetary policy as if the world were on a gold standard.
Jan 21, · In , Alan Greenspan wrote the following essay/article about the relationship between Gold & Economic Freedom. which was published in Ayn Rand's "Objectivist" newsletter in , and reprinted in her book, Capitalism: The Unknown Ideal, in essay.
It’s about promoting gold as the key element of monetary organization, written in This essay is taken from “The Liberty Dollar Solution,” edited by Bernard von NotHaus. GOLD AND ECONOMIC FREEDOM by Alan Greenspan Since the beginning of World War I, gold has been virtually the sole international standard of.
essay. It’s about promoting gold as the key element of monetary organization, written in This essay is taken from “The Liberty Dollar Solution,” edited by Bernard von NotHaus. GOLD AND ECONOMIC FREEDOM by Alan Greenspan Since the beginning of World War I, gold has been virtually the sole international standard of.
In his remarkable essay, “Gold and Economic Freedom,” written in , Alan Greenspan stated: Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset.
But. In a essay entitled, “Gold and Economic Freedom,” reprinted in Rand’s Capitalism: The Unknown Ideal, Greenspan wrote: Gold and economic freedom are inseparable, the gold standard is an instrument of laissez-faire and..