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there is no way to protect savings from confiscation through inflation."

In this context read Alan Greenspan's essay from 1967, "Gold and Economic Freedom," when he wrote, "in the absence of the gold standard, there is no way to protect savings from confiscation through inflation." Also read this earlier post "Greenspan Bends Truth On Stabilizing Effect Of Gold Standard."

Greenspan also pondered a return to the gold standard in a Wall Street Journal article from September 1, 1981.

Greenspan also once answered Congressman Ron Paul's question why the USA should not sell its gold reserves if everybody deemed them unnecessary in a fiat money system, saying that in times of international crisis gold is the only accepted international currency.