Dated.
Who is Franklin Sanders, a.k.a. "The Moneychanger"?
The following was originally published in Chronicles: A Magazine of American Culture, February 1997.
Almost 30 years ago, just a few weeks before I got married, on a drugstore bookstand I found a strange book: Capitalism, the Unknown Ideal. It was a collection of essays about a philosophy of freedom. Two dealt with the American monetary system. The author explained that nothing—no gold or silver—backed our currency. He argued that sooner or later, this fiat money system would lead to disaster, and that only a money backed by real value—gold—could last.
That author was Alan Greenspan. Since then our careers—Alan's and mine—have taken very different paths.
In 1967, Alan Greenspan was already a fairly well known economic consultant. In the 1970s, President Ford appointed him to his Council of Economic Advisors. In 1987, Alan Greenspan was appointed Chairman of the Federal Reserve Board of Governors.
Funny, he doesn't talk much about gold anymore.
More @ The Moneychanger
The fiat currency of America outlasted the typical lifespan of others only because the American dollar started with overwhelming strength. In 1965, an American dollar was accepted anywhere in the world as readily as gold. That however is before the American government printed dollars like monopoly money. The uncontrolled printing of dollars had only one effect. They have devalued our currency to an equal the value of toilet paper.
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