A Global Gold Standard

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. - Alan Greenspan (1966)

It is clear by now that deficit spending is simply a scheme for the confiscation of wealth. It doesn’t matter whether that deficit spending is in the name of providing benefits to certain people in society or depriving certain people of benefits. It is still confiscation whether done in the name of aggression or in the name of benevolence. It seems that Mr. Greenspan knew all along that there is no safe way of protecting wealth other than gold. 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.

Money is the common denominator of all economic transactions. Money serves as a medium of exchange; it is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving. Can paper money backed by thin air do that?

It is amazing that the same man who was quoted above became the "US Chief Officer of Plunder" aka Chairman of the Federal Reserve. He is also known as “The Maestro” by his admirers in the media. However, lately his popularity has lessened as his policies have been linked as the source of our current economic problems. Maybe he should have preached his original principles during his tenure as a Chairman of the Federal Reserve rather than become a puppet of the State and a part of the problem.