Will Grigg?s Liberty Minute

October 29, 2008

In 1967, a notorious anti-government radical published an essay defending the gold standard and assailing central banking.

?In the absence of the gold standard, there is no way to protect savings from confiscation through inflation?. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists? antagonism toward the gold standard.?

Twenty years after that essay was published, its author, Alan Greenspan, became Chairman of the Federal Reserve. The one-time champion of the free market eagerly embraced the central planning role he once despised, inflating a huge monetary bubble that has now collapsed, taking trillions of dollars in wealth with it.

Last week Greenspan blamed this disaster on the failure of the free market. His words, written 41 years ago, prove incontestably that he knows this to be a self-serving lie.

Let us take back the liberty wherewith Christ has made us free.