Quotes of the week

Alan Greenspan was the US Federal Reserve chairman from 1987 to 2006.  Whilst many blame him for allowing, indeed facilitating, the GFC crash, the following quotes, nearly 50 years apart demonstrate he always ‘got it’ despite building the fiat Ponzi mess we have now..

"In the absence of the gold standard, there is no way to protect
savings from confiscation through inflation. ... This is the shabby
secret of the welfare statists' tirades against gold. 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." - 1967

“At some point in the future, the price of gold will trade "materially" higher than it is now---and also by the fact that certain entities are buying massive amounts of physical silver in all forms, which will ensure that someday, silver will certainly become the new gold.” – Oct 2014