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October 06, 2007

The Culprit Behind the Housing Bubble - abridged version

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"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." You'll be shocked to learn that it was actually Alan Greenspan who authored these words, before he became Chairman of the private Federal Reserve Bank. What are the implications of his actions, contrary to his initial beliefs, into the future? We are only beginning to find out...

This abridged version contains only my synopsis, and does not include Alan Greenspan's article on "Gold and Economic Freedom". It does, however add an extra bit about 2007's top performing Stock Market in Zimbabwe! It's up over 12,000% in 12 months! Of course, the country's consumer price index was rising (i.e., the purchasing power of currency declining), was also rising at a rate of 1,729% a year. So how much are all those Zimbabwees worth anyway, even in dollars?
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Posted by vlogomir in moMONEY at 00:00 | Comments (0) | Trackbacks (0)

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Wed, 22.10.2008 19:31

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