The Phaserl


Central Bankers Know All About… Gold

“Gold isn’t condensed fear, it’s condensed labour”

by Rein de Vries, In Gold We Trust:

Alan Greenspan and Nout Wellink, former Dutch central banker, know all about gold, they just don’t express it while they are central bank presidents in office.

It is peculiar to say the least that central bankers, who were once at the helm of the most powerful institutions the western world has seen, get some of their common sense back once they leave office. Of course Alan Greenspan is a good example of that. Nowadays he occasionally says something sensible. Before he became Fed Chairman he had a particularly clear view on monetary matters. The man was good friends with Ayn Rand and once wrote in her book “Capitalism, the Unknown Ideal” in 1967:

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which — through a complex series of steps — the banks accept in place of tangible assets and treat as if they were an actual deposit, i.e., as the equivalent of what was formerly a deposit of gold.

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