"Deficit spending is simply a scheme for the hidden confiscation of wealth."
by:
Alan Greenspan
(1926- ) Chairman of the Federal Reserve Board of Governors (1987-2006)
Source:
Gold And Economic Freedom, The Objectivist, July 1966
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Reader comments about this quote:
 -- Andrew Jason, Hialeah, FL      
Greenspan should know, he's an expert at confiscating wealth. "To contract new debts is not the way to pay old ones." (George Washington, letter to James Welch, Apr. 7, 1799)
 -- Mike, Norwalk     
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    Abd there you have it, right from one of the horses mouths.
     -- J Carlton, Calgary     
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    Debt makes the world go 'round. The isssue is do you manage your debt and does the government manage its' debt properly. The US debt has not been managed well when Presidents take us to war and cut our taxes. The bailouts were well managed with profits being returned to the treasury. We will never manage the deficit well as long as people say "no new taxes" and still demand wars, security, infrastructure etc.
     -- Waffler, Smith     
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    Deficits only get it partly "right" when it comes to the money supply vs GNP. Yes, new money, generated by the government, that is OWNED by the US government with NO national debt incurred, should just be put into circulation to loosely "track" the GNP, taking into account the need for new loans for startups, etc. as our country did before the Revolution (the colonial scrip) and as was the reason for our Revolution when the British forced us to use the pound sterling, which they "loaned" to us to start banks, "at only 6% interest"...but a deflection as the real problem being paying back principle ! Hamilton bought into this big time and started the band of NY...which the British still own today ! During the Revolution, the continental of Ben Franklin did just fine until after when the Brits counterfeited it well enough to end it's use...the first time in history a currency funded a country's beginnings ! (maybe?) The real way you get into trouble with deficits is when money is "generated" with no GNP increase IMO...like now with TARP, QE2 and endless deficits which we will all be caught up in shortly as after Wisconson, the government takes over funding for everything it can grab in retirement accounts, etc., then starts lowering payouts...frogs in a warming pot again.
     -- Dr. Tom LaMar, Keeseville, NY     
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    My God Waffler, but you are one twisted individual. Who "demands" wars? Who "demands" to be put under surveillance, be strip searched at airports, have their finances open to the government in the false name of securioty? And the bail out was well managed? Are you nuts? It's money out of thin air, ... its COUNTERFEIT Money. You sir are living proof that Liberalism has become a mental disorder.
     -- J Carlton, Calgary     
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     -- Anonymous, Reston, VA, US      
    Waffler is always good for a belly laugh or two. Washington warned us that government would, if left unchecked, confiscate our wealth and make us indentured servants. John Adams said, "Our Constitution was made for only a moral and religious people. It is wholly inadequate to the govetrnment of any other." We can plainly see how morals are as lax as they have ever been in our history. We see every day how our government schools demand that no religious activity or symbols are allowed on public school property nor with the students practice or show any signs of a religious nature. Is it any wonder that we have generated people who are amoral athiests for the past 50 years. They are who run this country today. There should be no surprise that we are going to hell in a handbasket once again.
     -- GunnyCee, Durham     
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    Five stars for the comment and thumbs down for the author
     -- RBESRQ     
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    It has been said that people get the government they deserve. We the American people are at war, we proactively or willing allow the securtiy at airports, bordders etc. We do this via our government and the leaders and laws that we put into place. We should fess up and pay for this stuff. People want good education for their children but don't want taxes to pay for. From whence came this childish populace he wants all this stuff via deficit spending. Gunny Cee if you got around more or experienced foreign students as I have you would have heard a different refrain. Around the world Americans are considered to be a religious people. Where do you get these contray ideas you that you state?
     -- Waffler, Smith     
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    Waffler, Have you been living in a rat hole? We have always been considered a religious people, but our Freedom of Religion has been oppressed more and more over the years to the point that all expressions are under attack.--- Your comment on taxes can only indicate that you are independently wealthy because I don't know of anyone that wants to pay more taxes. The best course for educating our children is either homeschooling or Christian schooling. Anything else is indoctrination which includes some of the most offensive content I could imagine.--As for willingly or proactively allowing the intrusive security measures that are in place, you must have been in a deep "Rip Van Winkle" sleep the last months since those procedures have been enforced. There has been substantial blowback from the public and many people choose not to fly any longer. I would wager you could not find one person that looks forward to be groped or enjoy having their bodies xrayed and recorded in the nude.---The quote is totally true, however, Greenspan was complicit even though he warned about the potential for serious problems with the economy. Remember his comment concerning "irrational exuberance." That was the warning bell.
     -- Carol, Georgia     
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    Carol, Waffler is a retired federal government employee, most likely connected with the IRS as he never fails to defend them. That should put his comments into perspective. If people really understood how money is created and how it merely adds more debt to pay and devalues the money in circulation, there would be rioting in the streets (it may not be far away) We may understand the justification, but follow it to its inevitable end: economic collapse and servitude to the banking cartel.
     -- E Archer, NYC     
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    He was a student of Ayn Rand. He must have slept through class or soon forgot everything he learned. His actions were his own gibberish.
     -- cal, Lewisville, Tx     
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    Yep.

    Greenspan is a whore who prostituted himself to get into the "big leagues" of politics.
     -- bruski, naples FL     
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    " Government, in it's last analysis, is organized force". Woodrow Wilson.
     -- Jim K, Austin     
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