When gold is accepted as the medium of exchange by most or all nations, an unhampered free international gold standard serves to foster a world-wide division of labor and the broadest international trade. Even though the units of exchange (the dollar, the pound, the franc, etc.) differ from country to country, when all are defined in terms of gold the economies of the different countries act as one-so long as there are no restraints on trade or on the movement of capital. – Alan Greenspan, “Gold And Economic Freedom,” 1966
Anyone who was involved in the financial markets during Greenspan’s tenure as Chairman of the Federal Reserve would be shocked to see that comment above coming from Greenspan. He was, after all, the king of the printing press until his successor, Ben Bernanke took over the role of chief money and credit creator.
