Interesting comments from Jay Taylor regarding Greenspan's evolution inspired by Ron Paul's recent exchange with everyone's favorite Objectivist:
How Could Greenspan Do It?
So what happened to Greenspan since 1966? How could this man have not only
aided and abetted the process of destroying American capitalism but do it
with more vigor than any Fed Chairman in history?
Does he no longer believe what he wrote in 1966? Congressman Paul
essentially asked him that question in February 2001 following Greenspan's
semi-annual trip for questions from the House Banking Committee.
Congressman Paul took a copy of Greenspan's 1966 essay to Alan Greenspan
and asked him to autograph it for him. While he was signing it, Congressman
Paul asked him if he wanted to add any disclaimers, since it is a great
article and supports the position of those who believe we should be on a
commodity money system rather than a fiat one. According to Congressman
Paul, "[Greenspan replied] that he had recently reread the entire article
and 'would not change a word.'"
So, we apparently have a Fed Chairman who knows fiat money will destroy
America. But because fiat money is the law, he has no problem in carrying a
policy out of creating money out of thin air at a pace never before seen in
this history of mankind. How could he have done it? Greenspan frequently
has said that he is just one of the Federal Reserve board members and that
his intellectual views about the need for asset money are in a distinct
minority. In other words, rather than argue his position and face the
possibility of losing his prestigious job and all the adoration that has
come his way, he has chosen to simply be "a good German." Never mind
what
you think is right and noble. Do what you have to do for your own power and
aggrandizement. At least that is my take on Greenspan. He could have stood
up for what he believed was right and fade into oblivion, or marched to the
tune of the American fascist commanders who are the power behind the Fed
and as a result, the power behind the American political throne.
Unfortunately for America, he chose the latter.
