Many thanks to Chuck Butler of The Daily Pfenning for sharing this Alan Greenspan quote from 1966.
“This is the shabby secret of the Welfare Statists’ tirades against Gold. Deficit Spending is simply a scheme for the confiscation of wealth… Gold stands in the way of this insidious process. It stands as a protector of property rights. If one can grasp this, one has no difficulty in understanding the statists’ antagonism toward the Gold Standard”… – Alan Greenspan from Gold & Economic Freedom 1966
Don’t kid yourself. The United States had a $100 Billion budget deficit (we spent more than we brought in) in October 2018, the first month of our new fiscal year. That deficit is GROWING EVERY MONTH, with no credible end in sight. Don’t forget the budget deficit projections do not include unfunded liabilities like Social Security and Medicare. Yikes!
Something has to give someday. When the debt destruction wildfire occurs (think California Camp Fire), it will likely happen suddenly and “burn up” savings held in cash and “safe” investments like bonds. The middle class and poor will probably suffer, but many of the wealthy will likely be burned as well.
Word to the wise!