Friday, November 12, 2010
Alan Greenspan on Supply & Demand Applied to Money
"But the fact is that there are now more claims outstanding than real assets. The law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the good purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion." Alan Greenspan, Gold and Economic Freedom
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