Dear Bob,
> I think Alan Greenspan agrees with you.
I think he should agree, and his words you quote do
suggest such agreement. However, I cannot help but
notice that Alan Greenspan has betrayed his Rand
circle roots by being repeatedly appointed to the
Federal Reserve, one of the key participants in the
highly regulated USA banking system.
For my own part, I view the Federal Reserve System
as wholly untrustworthy. Its name implies that it is
an agency of the Federal government, although it is a
private bank; implies it has reserves although it backs
its currency with nonesuch.
The Federal Reserve System which Greenspan oversees
is deeply involved in the federal government's
processes for regulating and controlling the banking
system in the United States, limiting the public's
ability to access banking services, distorting the
market for banking and related financial services,
presenting tremendous barriers to entry for new banks
to meet, and in every other way possible acting in
restraint of trade as a government-sanctioned cartel
or monopoly. Indeed, the Federal Reserve has a
government enforced monopoly on setting interest
rates, assists the feral gummint in violating the
US constitution on a daily basis, and is responsible
for the absence of honest money in the USA.
A great deal has been written on the subject of the
Federal Reserve, and what is wrong with it. There is
little doubt in my mind that the chicanery associated
with the passage of the Federal Reserve Act was greatly
enhanced by the sinking of the RMS Titanic, and a
considerable body of evidence to support the contention
that act was unconstitutional. I'm involved in the
online metal-backed currency industry because of the
clear evidence of wrongdoing by the banking cartel and
its regulators which combine to present an excellent market
opportunity.
The difficulties of regulation that Greenspan describes
are symptoms of the greater difficulties associated with
all efforts to centrally manage the economy. There was a
time when Greenspan acknowledged the futility of central
management of economics, and had a measure of my respect.
His current affiliation with the Federal Reserve has
diminished my respect for him significantly.
When interest rates reach 0%, and stay there, as they have
in Japan, the tools available to the Fed for managing
the economy will be less effective. A liquidity crisis
is a terrible thing, and may have terrible consequences.
Fortunately, private efforts to offer alternatives to
the unconstitutional fiat money ("no state shall make
anything but gold or silver a tender in payment of debt")
and the unwarranted influence of the banking cartel over
government policy have arisen, with the spontaneity we
so often find in such matters. NORFED.org, e-gold.com,
GoldMoney.com, 3PSecure.com and other efforts to balance
the misdeeds of the Federal Reserve bankers and their
minions with something positive make a considerable
difference.
The relationships among better money, greater privacy,
and greater individual liberty were not lost on the
Founding Fathers who authored the USA constitution, and
in many cases opposed its adoption. The historical
evidence of a long-term desire by the banking cartel
to subvert and control the USA government and turn its
purposes from guaranteeing liberty to fattening their
profits can be found in documents such as Andrew Jackson's
veto of the Second Bank of the United States.
http://www.yale.edu/lawweb/avalon/presiden/veto/ajveto01.htm
For my own part, I've written about the close connection
between the military industrial complex and the banking
cartel in the long term diversion and eventual destruction
of American governmental processes. It is noteworthy, for
example, that E.I. Du Pont was a director of the Second
Bank from about 1822, sold large amounts of gunpowder to
the USA government, financed his dealings with debt, and
was influential over the government policies which resulted
in many wars in the 19th Century alone.
http://webleyweb.com/tle/libe145-20011029-03.html
Alan Greenspan should agree with my basic view that
legislation and regulation are ill suited to changing
the human condition. He should, based upon his previous
writings, take the position of Henry David Thoreau
that legislators and regulators are mischief makers
who should be punished. (See Thoreau's seminal essay
"On Civil Disobedience" at
http://www.houstonspacesociety.org/civil.html )
But actions speak louder than words. I cannot account
for Alan's actions. I don't see how his work for the
Federal Reserve system is consistent with his views.
And, thus, I'm not sure his agreement with my views
operates as a compliment for me.
But thanks for the thoughtful post.
Regards,
Jim
http://www.cambist.net/
http://www.two-cents-worth.com/?101468&EG
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