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Re: â��Gold, unlike all other commodities, is a currency" - Greenspan 

By: capt_nemo in ROUND | Recommend this post (2)
Wed, 24 Aug 11 9:40 AM | 97 view(s)
Boardmark this board | De's Test Board 		Msg. 34594 of 45644
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Greenspan also said that he did not think gold, which reached a record above $1,900 an ounce this week, was in a bubble.

“Gold, unlike all other commodities, is a currency,” he said.

Really??? I wanna see someone in what's left of a grocery store, go in and buy a loaf of bread and a gallon of milk with their gold. They just gonna shave off a sliver for payment.......... And no bubble Alan baby?? Really?? WOW....... They will defend their thinking till the end.............That shouldn't be too long now.

I guess I just don't understand this gold thing.......




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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.


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The above is a reply to the following message:
“Gold, unlike all other commodities, is a currency" - Greenspan
By: Decomposed in ROUND
Wed, 24 Aug 11 3:00 AM 		Msg. 34593 of 45644

Greenspan Says Euro ‘Breaking Down’

By Joshua Zumbrun
Bloomberg.com

Aug 23, 2011 10:28 AM ET

Former Federal Reserve Chairman Alan Greenspan said fissures in Europe’s common currency may lead to slowing in the U.S. economy.

“The euro is breaking down and the process of its breaking down is creating very considerable difficulties in the European banking system,” Greenspan said today in Washington.
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Asked if the breakup of the euro was one possibility, he replied, “obviously.”
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Greenspan said Aug. 7 on NBC’s “Meet the Press” that the chance of a return to recession “depends on Europe, not the United States. The United States was actually doing relatively well, sluggish, but going forward until Italy ran into trouble. That destabilized the European system and the crisis reemerged.”
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No Gold Bubble
Greenspan also said that he did not think gold, which reached a record above $1,900 an ounce this week, was in a bubble.

“Gold, unlike all other commodities, is a currency,” he said. “And the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.”

After leaving the Fed, Greenspan founded the consulting firm Greenspan Associates and has been a consultant or adviser to Deutsche Bank AG, Pacific Investment Management Co. and hedge fund Paulson & Co.


Full story: http://www.bloomberg.com/news/2011-08-23/greenspan-says-the-euro-is-breaking-down-may-harm-stock-prices.html

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