"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. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
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."
Alan Greenspan
(1926- ) Chairman of the Federal Reserve Board of Governors (1987-2006)
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Reader comments about this quote:
Greenspan isn't the only (Goldman Sachs) Chairman of the Fraudulent Reserve to come right out and admit that what they do is criminal...but they just keep right on doing it. And we let them...Abolish the Fed.
 -- J Carlton, Calgary     
    If anyone should know, it would be Greenspan. To admit all this, he must be sure that the Congress isn't going to abolish the Fed anytime soon, if ever.
     -- jim k, Austin, Tx     
     -- firepilot      
    Can you say Obama's Plan to turn this country into a Social Welfare State?
     -- Ken, Spokane     
    I enjoy the quotes from Liberty-tree. They would have more credibility if they gave the sources. Sometimes it would be good to see the quote in context. I believe that this quote comes from long before he was Chairman of the Fed.
     -- veech, Southern Utah     
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