Wednesday, June 29, 2016

Greenspan Warns A Crisis Is Imminent, 
Urges A Return To The Gold Standard
"This is the worst period, I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23%? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I'd love to find something positive to say ..
If we went back on the gold standard & we adhered to the actual structure of the gold standard as it existed prior to 1913, we'd be fine. The period 1870 to 1913 was one of the most aggressive periods economically that we've had in the United States,.. that was a golden period of the gold standard. 
I'm known as a gold bug and everyone laughs at me, but why do central banks own gold now?"

1 comment:

romeman said...

"Welcome to the age of the Sovereign Debt Crisis and DEFLATION. If you have been waiting for hyperinflation, well you will not see that before you die." http://www.armstrongeconomics.com/archives/36665