Submitted by Sam Davis, Sep 17, 2007 09:21

Greenspan, like most of the economists associated with the Federal Reserve, is a monetarist. The very existence of the Federal Reserve, which Mr. Greenspan and others implicitly accept by being associated with the institution, came about the legalize the centralized control of money by an alliance of corporate financial and political elites. A strict reading of the Constitution, which restricts legal tender to gold and silver, and assigns to the government authority to mint money, makes the entire monetarist Federal Reserve System unconstitutional. More than that, the system is bound to fail at least every few decades when political consensus on money and credit unravels, as it is doing now. With a hard currency, fully redeemable in gold or silver or another precious metal, control of money and credit is restored to the market. Most importantly, no one is silently robbed of his or her income or savings, as now happens daily, by centralized, politically-controlled banking.

Greenspan's pointing the finger at Bush, or any other president or political leader, is a bit like one wolf in the pack pointing its paw at another. It's pure Disneyland which, in his heart, Mr. Greenspan knows to be true.

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