"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation." - Alan Greenspan, 1966

Excerpt from Alan Greenspan, former Chair of the Federal Reserve, published in Ayn Rand's "Objectivist" newsletter in 1966, and reprinted in her book, Capitalism: The Unknown Ideal, in 1967.

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. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

submitted by /u/lobt
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