"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ...
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 from page 101 of the book "Capitalism, the Unknown Ideal", 1966
When we think about how our former Federal Reserve chairman behaved during his tenure, it shows how despite knowing the truth years earlier how an individual can head in the wrong direction later.
Woe to him, and to us.