PrintOctober 21, 2009
Gold's no-confidence vote on Obama
Five peace-loving Norwegians have recently expressed their belief that Barack Obama holds great promise as a global leader. Much of the rest of the world is not nearly as sanguine, and the world is expressing its opinion openly, albeit quietly, by retreating from the dollar and embracing gold. Unfortunately, the flight from the dollar to gold has more ominous implications than does being jettisoned from sponsoring the Olympic Games.Two decades before Alan Greenspan became Federal Reserve Chairman, eventually ending his reign as the American economy's "maestro", he was widely regarded as a leading gold bug. Even today, many who hold up the gold standard as the model for monetary restraint, cite his 1966 essay written for Ayn Rand's The Objectivist, entitled "Gold and Economic Freedom", as one of the most coherent defenses of the metal's core role in establishing a stable, non-inflationary financial system. The Greenspan in this essay is...(Read Full Article)
