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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (26425)	12/21/2002 12:58:32 AM
From: LLCF	Read Replies (1) \| Respond to of 74559

Greenspan on the Gold Standard: Federal Reserve Chairman Greenspan Confirms Governor Bernanke's Reintroduction of the Subject of Gold as Relevant to the Present Economic Circumstances "Although the gold standard could hardly be portrayed as having produced a period of price tranquility, it was the case that the price level in 1929 was not much different, on net, from what it had been in 1800. But, in the two decades following the abandonment of the gold standard in 1933, the consumer price index in the United States nearly doubled. And, in the four decades after that, prices quintupled. Monetary policy, unleashed from the constraint of domestic gold convertibility, has allowed a persistent over issuance of money. As recently as a decade ago, central bankers, having witnessed more than a half-century of chronic inflation, appeared to confirm that a fiat currency was inherently subject to excess." Greenspan in a speech to The Economic Club of New York, Dec. 19th 2002 DAK