With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression. Naturally, the banks wanted to borrow as much as they possibly could, then lend it out, earning nice profits. Yet these promissory notes are in the marketplace competing with actual gold.
This ability to manage risks makes the economy more resilient and its importance cannot be underestimated. The Unknown Ideal including an essay supporting the gold standard. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
So much for the triumph of individualism. Many people think a gold standard will regulate the supply of money. In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society. But the fact is that there are now more claims outstanding than real assets.
His father was a Wall Street stockbroker and encouraged him to follow in his footsteps. Even in the present century, two major commodities, gold and silver, have been used as international media of exchange, with gold becoming the predominant one.
Just watch who gets richer, if you want to know what the real motivation is.
Whether the single medium is gold, silver, seashells, cattle, or tobacco is optional, depending on the context and development of a given economy.
He found a flaw and then he lost it again pretty much instantly.
This is one example of the procedure he described, according to his words: The idea that money has to be deliberately manipulated to make the economy work is offensive to them. A gap of 14 years separated the first blockbuster and the second.
So much for the triumph of individualism. It took a while for Greenspan and Rand to warm to one another. All of us benefit from all of these activities — sometimes directly, sometimes indirectly. As a result, the American economy collapsed.
Several notable contributors in defense of Greenspan included Stephen S.
Gold and Economic Freedom. by Alan Greenspan [written in ] This article originally appeared in a newsletter: The Objectivist published in and was reprinted in Ayn Rand. That pill-popping, boy-crazy nincompoop Ayn Rand has got a lot to answer for.
Indeed, it’s not too much of a stretch to say that we owe at least part of the recent economic crisis to her and her philosophy of Objectivism, since former Fed chief Alan Greenspan was a lifelong disciple of both.
Additional keywords: Ann Rand, Anne Rand, Any Rand, Allan Greenspan About the Objectivism Reference Center The philosophy of Ayn Rand, a twentieth-century novelist and philosopher, is.
Published in Ayn Rand's "Objectivist" newsletter inand reprinted in her book, Capitalism: The Unknown Ideal, in An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.
Or sometimes I’d call Alan Greenspan, and he’d go, “Oh, you too, eh?” But I said to myself: someday, I shall have my revenge. Someday, I will let Paul Ryan know how badly he hurt me. Sep 15, · Alan Greenspan was an early admirer of Ayn Rand, whose circle he joined in the s.
Credit Jamie Rose for The New York Times Mr. Stack says .Greenspan essay rand