A Must See: "Zeitgeist Addendum" Explains the FIat Money System

Sunday, May 10, 2009

Watch the brilliant movie Zeitgeist Addendum in order to understand the process of fiat money creation. I am confident it will make you thinking that any discussion about a new world currency order will come to the conclusion that only a gold/silver standard can protect savers from inflatiuon which destroys their savings. Don't shy away because it is a 2-hour movie. After all it's a Sunday today and the issue of fiat money is covered in the first half hour. But I guess you will be so thrilled by then, deciding it will be worth viewing the whole movie.

In this context read Alan Greenspan's essay from 1967, "Gold and Economic Freedom," when he wrote, "in the absence of the gold standard, there is no way to protect savings from confiscation through inflation." Also read this earlier post "Greenspan Bends Truth On Stabilizing Effect Of Gold Standard"
Greenspan also pondered a return to the gold standard in a Wall Street Journal article from September 1, 1981.
Greenspan also once answered Congressman Ron Paul's question why the USA should not sell its gold reserves if everybody deemed them unnecessary in a fiat money system, saying that in times of international crises gold is the only accepted international currency.


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