Alan Greenspan – Gold is Safe Store of Value

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. […] 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.

– Alan Greenspan, former Chairman of the Federal Reserve (1966)

 

NOTE: U.S. Federal Reserve Chairman Alan Greenspan received an honorary knighthood from Britain’s Queen Elizabeth II.  Greenspan cannot call himself “Sir” since he is not a UK citizen, however, he will be able to add the letters KBE — which stand for Knight Commander of the British Empire — after his name.

It is an honor shared by former U.S. President Ronald Reagan, former U.S. President George Bush, former New York Mayor Rudy Giuliani, entertainer Bob Hope and U.S. Gen. Norman Schwarzkopf.

What’s Groundhog Day?

Groundhog Day is a day celebrated on February 2. The largest Groundhog Day celebration is held in Punxsutawney, Pennsylvania with Punxsutawney Phil.

According to folklore, if it is cloudy when a groundhog emerges from its burrow on this day, then spring will come early; if it is sunny, the groundhog will supposedly see its shadow and retreat back into its burrow, and the winter weather will continue for six more weeks.

Modern customs of the holiday involve celebrations where early morning festivals are held to watch the groundhog emerging from its burrow.

In southeastern Pennsylvania, Groundhog Lodges (Grundsow Lodges) celebrate the holiday with fersommlinge, social events in which food is served, speeches are made, and one or more g’spiel (plays or skits) are performed for entertainment. The Pennsylvania German dialect is the only language spoken at the event, and those who speak English pay a penalty, usually in the form of a nickel, dime, or quarter per word spoken, with the money put into a bowl in the center of the table.

Groundhog Day, already a widely recognized and popular tradition, received widespread attention as a result of the 1993 film Groundhog Day.

I grew up in Pennsylvania with Groundhog day folklore.

Source (Wikipedia): Groundhog Day Photo Credit: Dazzlejunction.com

Photo Credit: Dazzlejunction.com