That was my guess. Oh well. What about Greenspan, think it's time for him to retire yet?
Greenspan Says Oxen Always Available Should Sound Money Falter
The Associated Press
Published: Jan 16, 2002
WASHINGTON (AP) - Alan Greenspan said if the Federal Reserve's success at controlling inflation ever falters, America could always return to using seashells and oxen in place of paper currency.
The chairman of the Federal Reserve allowed himself a rare public display of humor Wednesday night in remarks prepared for the opening of a new exhibit on the history of money in New York.
Greenspan said the Fed's success in controlling inflation over the past two decades provided hope that paper currency backed only by government order or fiat could continue to serve as money in the future.
But he said if inflation eventually gets out of hand, and the United States has to return to forms of money used in the past, the Fed would do its best to handle the situation.
"If the evident recent success of fiat money falters, we may have to go back to seashells or oxen as our medium of exchange," Greenspan said at the opening of the American Numismatic Society exhibition.
"In that unlikely event, I trust, the discount window of the Federal Reserve Bank of New York will have an adequate inventory of oxen," he said, referring to the Fed's role in providing loans to banks that find themselves short of reserves.
Greenspan, who made no mention of current economic conditions in his brief remarks, also joked that a friend of his who spent money easily said he had learned long ago about the history of money.
"I understand the history of money," Greenspan quoted his friend as saying. "When I get some, it's soon history."
ap.tbo.com
Text of Greenspan speech: federalreserve.gov defa ult.htm |
