Will Grigg?s Liberty Minute

March 4, 2008

During his nearly 20-year tenure as Chairman of the Federal Reserve, Alan Greenspan did everything in his considerable power to ruin the value of the dollar.

The so-called ?dot-com? bubble, which burst in 2000, was a product of Greenspan?s inflationary monetary policy. The ongoing collapse of the housing and mortgage market is also his handiwork. And new chapters are being written in Greenspan?s legacy as the greenback digs its way into record lows against the euro and other currencies.

For decades, Washington has been able to export inflation abroad: The central banks of other nations have followed the Federal Reserve?s lead, inflating their currencies to buy our Treasury notes. But other nations are becoming reluctant to prop up the dollar.

Amazingly, during a recent investment forum in Saudi Arabia, Greenspan encouraged oil-producing states to remove their support for the dollar. After all, the inflated dollar is essentially worthless ? as Greenspan would certainly know.

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