Greenspan on Gold
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“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … 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. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.” –Alan Greenspan (1967)
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Why isn’t the gold standard a financial system flexible enough for our global economy? I’ll see a gold standard financial system more stable and eliminates unnecessary man-made fluctuation which is risk. This in turn eliminates necessity for hedging and other complicated instruments that takes care (but they don’t) of this part of the risk.
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Gold is a store of value and there is plenty of it to back a currency. It worked well for decades. The only reason we left the Gold standard is because the Nixon administration printed excess dollars to finance the Vietnam War, and foreign governments redeemed these dollars for gold drawing down our gold reserve rapidly. Wars are highly inflationary just like now.
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