Posted on 08/07/2011 1:32:21 PM PDT by i88schwartz
Riight, and hyperinflation never happened in either Zimbabwe or the Weimar Republic. Sic semper fiat currencies . . .
Telling it just like it is.
...for the time being, at least. What happens when the US is forced to denominate its debt in Singapore Dollars or gold?
Even worse, look at the question he was answering:
Gregory: "Are U.S. treasury bonds still safe to invest in?
Greenspan: ""Very much so. . . the United States can pay any debt it has because we can always print money"
By his answer, the only conclusion that can be drawn is that U.S. Treasury bonds are not safe, in that the currency they are purchased with will be worthless at the time of maturity. Even Zimbabweans know the answer to that.
Greenspan is still on the reservation I see.
Where the hell was this moron two weeks ago when the commie, state run "media" was putting pressure on the GOP to give in to the commie 'RATS?! FUG!
Alan has been listening to Andrea too much?
amazing.
We get no respect, they all think we are too stupid to understand international finance, which is VODOO anyway with its “pie in the sky” projections of growth and revenue.
Run the government budget the same way we all run our household budgets—and don't tell me it cannot be done this way—because I know it can.
Study the Austrian school of economics, Von Mises, Hayack, and get a real education in financing a country instead of trying to buy power and votes to glorify ones life and grab all the power they can while clinging to the philosophy—”Well I got mine and the Hell with the little people”
D-— I am angry and in a “get even mood” when I think about how the ‘RULING POLITICAL CLASS” in this country has screwed over our trust and faith!!
No wonder his reign at the Fed was one of the principle causes leading up to the collapsing US economy!
That sum was about 210 billion marks in 1923 IIRC.
We could always pay $5 for a loaf of bread too. A loaf of bread in Germany went up to a wheel barrel load of money at one time
too much pillow talk with that uber liberal you know who!!
Well, it's a true statement, isn't it? There really won't be a default, because we always pay.
But to bandy it about...it's like saying, "I know real estate is a good investment because I can increase the value of my home by burning all the other houses on my street."
It's not the sort thing that should be said at all, for the likelihood of misunderstanding.
And to presume upon it...aloud...in public...eek.
That said, as I take it, he's stating it as a fact: look, default is what happens when your bank account is NSF. That doesn't happen in a fiat money regime. He also talked about the massive flow of money from abroad into treasuries late last week as being a confidence vote in US credit by the marketplace, and as any free-marketer knows, that's the vote that counts.
I'll assume he uttered a truism in a very provocative way with maybe just a hint of presumption. What's damaging isn't the remark so much as the spin it's going to get by US haters.
What then Mr. Greenspan?
The Fed is already "pushing a string" with its monetary expansion
M2 Multipier is way down
They are printing money but it's going nowhere
Companies, Banks, and Individuals are no dummies
The workplace is contracting severely
So true. He always acts like he had no part in creating this mess. Senile dementia is a wonderful thing.
And he probably wonders how the S&P had the “audacity” to downgrade the US.
Keep them printing presses growing you financial genius.
“Has Alan become demented?”
Alan has always been demented!
Greenspan = senile
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