"Gold still represents the ultimate form of payment in the world."
Alan Greenspan
(1926- ) Chairman of the Federal Reserve Board of Governors (1987-2006)
Testimony before US House Banking Committee, May 1999
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Reader comments about this quote:
Credit monetized systems still epitomize the ultimate form of larceny in the world.
 -- Mike, Norwalk     
  • 1
    Greenspan has been discredited and so has gold.
     -- Waffler, Smith, Arkansas     
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    That was the old Greenspan He used to be a gold bug. Funny how greed and power will change a man.
     -- Bryan Morton, Stuart, Florida     
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    Gold has been discredited,Waffler, are you completely insane. It's been obvious that you are way off center, but that remark takes the cake. Check yourself in and get some help.
     -- jim k, austin     
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    I disagree, its food and water, but a close second. You could say with Gold you could buy food and water but if that's what everyone needs then no matter how much gold you have it will not matter. Those who become rich from gold usually steal what is needed. Gold is only good when there is a viable market - it times of severe depression people will use commodities to buy other commodities. Greenspan needs to read his history books.
     -- RBESRQ     
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    RBE, The problem with trade in commodities, (other than precious metals), is transportability and flexibility. A men with a cow who desires twelve chickens still has to deal with transporting the cow and chickens. He must also find someone who, not only wants a cow, but also has twelve chickens which he values less than one cow. The convenience of transportable and flexible mediums of trade has been recognized for centuries which is where "money" came from in the first place.
     -- Bryan Morton, Stuart, Florida     
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    Yes, as classic 'money,' but I do believe that ultimately LABOR is the backing up of all promises to pay -- whether that labor be used to acquire gold or water or whatever. That is why it is slavery to use an interest-bearing fiat currency in which tribute to the state is in the direct form of labor -- i.e. our income taxes are taken out directly before the currency our labors represent can even be introduced into circulation. Power over the people is the ultimate goal because their labors are the ultimate wealth.
     -- E Archer, NYC     
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     -- Norman, Swartzcoff      
    Waffler your a babbling idiot. Doing your masters biding. 
     -- Ronw13, ID     
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