It is ironic that Dr. Paul and Mr. Greenspan are BOTH inspired by the same writer, AYN RAND whose ideas ONLY work in her fiction. She was the greatest hypocrite who ranted about Social Security, Medicare and Welfare but at the end of her life she took ALL of those under an assumed name.
@amprettylady2012 I agree and that is the problem with him. He DENIES that the Constitution mandates government BY, FOR and OF the PEOPLE and replaces that with the views of AYN RAND and so many other deceived or selfish conservatives who DENY that the PEOPLE have the right to establish Medicare, SS and welfare. That is an anti-Christian, anti-Constitution and anti-American view which will cause the deaths of millions. His hero, Ayn Rand, took them all under a false name.
@exenrontexas -One can rant against these things and take them and not be a hypocrite for it. The fact the government deducts money from one's pay check to contribute towards both programs means, when the time comes, to not take it would be foolish, wasteful and economically unsound. She can still be consistent in her argument that these programs are unsustainable and not constitutional.
@germany10 I think your definition of a hypocrite is faulty. And here is how. Rand denied her responsibility as a citizen. Or at least she had a twisted view of it. She felt that by it's very nature government did not have a right to do certain things. She was wrong. The Constitution establishes government BY, FOR and OF the PEOPLE and majority rule with some exceptions. Those exceptions are few and NOT what Rand believed. SO she WRONGFULLY believed that government was wrong.
@pirucreek -He's referring to the market correction. This has nothing to do with a balanced budget. Plus, it is only a balanced budget because social security is considered "off budget"
Look how long they kept the bubble expanding and from exploding. Remember when you were a conspiracy cook for saying the US was headed for economic crash and superpower decline? Now the controlled press can't even contain the world financial meltdown they caused. MAKE THEM PAY FOR IT! 1% Tobin tax on Wall Street!
What the fuck is Alan Greentard even saying? Sounds like everything that comes out of his mouth translates to, "Well what's in it for Israel? What's in it for the Zionists?" What a fat-nosed piece of garbage!
Has anyone ever noticed that when you confront or question the Zionist bankers, they come up with this fucked up retarded answer that's supposed to sound all intellectual. Meanwhile, by the time they answer the question in a long-winded fashion, 30,000 US citizens lose their jobs.
Ron Paul is grossly too polite to this phlegmer....That gnarly faced shriveled up runt of a jewish parasite should be found with his feet sticking skyward out of a dumpster.
@dasUBootVII try removing your lips from Hitler's genitalia before speaking next time. Oh wait, you still wouldn't have uttered anything remotely of value in your comment. Your ignorant genocidal words are ten fold more disgusting than Greenspan's face.
@beerad0 If genocide of the kind I envision completely eradicates the kinds of parasites that Alan G'span symbolizes then it is well worth it in a way that brown-nosing sycophants and suck-asses like you will never comprehend in your lifetimes...and I can only wonder how many oceans of second-hand beer found there way through the facial portals of your sucker lips.
Your on a road and you see tail lights about 2 miles away, the car is going about 20mph
(1945)Your going 20 mph
(1960)your going 25 mph
(1975)your going 35 mph
(1990)your going 40 mph
(2000)your going 45 mph
(2005)your going 60 mph
(2010)your going 170 mph
The inflation is the acceleration, and right now we are aimed at the car ahead. Ron Paul is the only candidate willing to apply the symbolic brakes so we don't crash and wreck
Our founding fathers would've had this man publicly executed and named ron paul king of america only he would've turned it down in the name of democracy and freedom just like George washington did
I love how he laughs at him. What tools these crony fake scum pimples really are. Ron paul is my hero, turning those fools into zeros. Ya. When will America learn. These crooks are pulling a fast one on us for a long time.
Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012
This is not about Gold or Silver alone, It's simply a system which is out of control, no balance, no proper ratio between Gold and Silver and paper money, it's about a system which got out of it's ranges in favor of theft of money by banks and by wall st.
A 4 minute long question and a 3 minute response. In a nutshell: Is M3 supply ever going to shrink or just continually expand? M3 is just the banking industry, so we've defined it as non-money, and with our model it can never shrink until we can find a more stable proxy to define money. I guess gold was never a stable enough proxy? I would also like to know if this non-money will ever be able to be traded by banks for goods and services in the future and whether any can "leak out" into M1
RUSSIA SELLS OPIUM FROM AFGHANISTAN,( THEY BUILT A TUNNEL TO FORMER SOVIET UNION REPUBLIC) TO WESTERN EUROPE. RUSSIA SELLS PROSTITUTES TO WESTERN EUROPE. BITCH HOW DO U THINK RUSSIANS BUY THOSE YACHTS? U PUSSY DRINK 10 CUPS OF COFFEE A DAY WHILE CHINESE OPEN FACTORIES AND RUSSIANS SELL DRUGS FROM AFGHANISTAN. U KNOW UR PROBLEM ? UR LAZY AND U HAVE TOO MUCH FREEDOM OF SPEECH! RON PAUL NEEDS TO GET FUCKED UP THE ASS BY REAL MEN THEN HE'LL SHUT UP! RON PAUL HAS NO BALLS!
How can Alan Greenspan say he believes in sound money and opposes debasement when he allowed more money printing to fuel another bubble? Money can be defined and measuring it is not irrational because it calculates the status of our economy. Ron Paul knew that this bubble was a problem and sure enough he was right. This was before 9/11 and the real estate bubble. As Ron Paul warned us, printing too much money causes inflation and economic problems!!!!!
2 as H Wilson said after he realised his Huge mistake THE GREATEST DECEPTION IN HUMAN HISTORY IS BEEN COMMITED BY THE FED against my ppl my country can u imagine anything more diabolical than have few ppl printing the international trading currency BASED ON FA UNDER NO ONE'S CONTROL? work 24/7 produe the best on earth so what they can n do print more u trade everything on bits of paper they print u will ALWAYS BE THEIR SLAVES THIS IS THE REAL CAUSE how can the whole world we so much to them?
@polygamous1 Someone has to print more of a currency if the economy it represents is growing. People who serve in the Fed have to be approved by congress, the banking sector, and sometimes the president, representing all sides. Everything else you said from Mickey Mouse bits to how the Fed has been "bought out" thru fractional reserve banking does not make any coherent sense. Even if the second situation were true, it would call for a lower money multiplier, not an end to the Federal Reserve.
Greenspan is not stupid. He knows EVERYTHING about economy, finance and the whole monetary system! Because he and his organisation MADE the system! He is just acting, playing his own game. Not Greenspan got owned, Ron Paul got owned...I feel sorry for that because I think Ron is a good guy. Greetings from Germany!
Would a mathematical analysis of the Ponzi scheme Federal Reserve operation that will inherently lead the U.S. into bankruptcy all for the benefit of “financiers” who received $8.4 trillion from the auctions of securities last year without a whisper of that profit to Congress be of interest ?? Ref.
3w scribd dot com, message 49040689 RIP OFF BY THE FEDERAL RESERVE
All non-republican supporters of Ron Paul need to temporarily register republican to vote for him in the primaries. If he doesn't win the nomination it will be Mitt Rino & in a choice between obama & obama lite I'm writing in Ron Paul.
@vre655u Ron Paul was not pointing out any of the factors that led to the financial crisis in this video. He was concerned about inflation, which was at one of its lowest levels ever when this video was made and continued to be historically low as long as Alan Greenspan was chairman of the Federal Reserve. The factors that led to the financial crisis would have required more regulation in certain areas of the financial sector, which Ron Paul was against.
@hjackson830 Perhaps you did not watch the entire clip, especially the very end, where Greenspan admits the Fed has an impossible mission, managing the money supply, something they have continuously failed to be able to define. The times of "low inflation" stated in your post where only times of low inflation if you went by the government's CPI, which, obviously, failed to shine light on a GIANT housing bubble which had been forming. That's inflation, inflation the Fed didn't see.
@bamacre1 If the Federal Reserve has an impossible mission, then what about that suggests someone else will do a better job? Alan Greenspan made mistakes at the Federal Reserve, where he did not regulate toughly enough and he allowed banks to lend far more than what was healthy, depending too heavily on debt as a tool to introduce money to the economy. Ron Paul, however, failed in all of his questionings of Alan Greenspan to criticize this aspect of his record.
@hjackson830 No, Paul addresses this head on. And to answer your question, I don't want someone else to do a better job, because as I pointed out, this is impossible. We, the people, collectively, can only do a better job. Interest rates need to be set by the market, not one man, not one small group of people.
@bamacre1 There was a time where interest rates were set naturally by people and banks, and it led to frequent financial crises and retarded economic growth. Since the Federal Reserve has begun manipulating the money supply and interest rates, we have seen far greater levels of stability and growth. Why would we want to go back to a system where the markets launched into self-destructive competition which led to depressions, bank runs, and extraordinary levels of inflation and deflation?
@hjackson830 When those times led to "financial crises and retarded economic growth," the problem wasn't the market managing interest rates, but the central bank or, when applicable, the government manipulating the money supply. Your following statement is simply wrong. We have had more, and bigger, problems since 1913. The dollar has been highly volatile, unemployment has been volatile, and interest rates even more so, all due to the MUCH bigger sized bubbles/busts.
@bamacre1 Since the modern Federal Reserve in the 1930's, and even more since its reform in the late 70's, we've seen faster growth and a far more stable dollar. During times in American history when there was no central bank, the results were always devastating.
@bamacre1 We've discovered recently that the Federal Reserve under Greenspan made bad decisions in his later tenure by deregulating banks and allowing for too much credit when the money multiplier was too high to handle so many financial assets. This does not justify getting rid of a central bank. It justifies changing its policies.
@hjackson830 BS from 1862 to 1890 us inflation went UP 0.2% but that time money was Real based on gold/silver issued by a Real US gov now u got mickey mouse bits of paper printed by the Private fed based on FA 23rd Dec 1913 all C/men went home for Xmas 2 Bribed C/men voted for the fed us gov put up $20M to start the fed fractional banking means all banks can loan 10X their assets fed directors loaned themselfs $200M n bought 90% in the fed with FA THE MONEY MASTERS will make u cry st this
@polygamous1 Inflation was only .2 % because of the massive bouts of deflation which happened often in our country's early days, causing depressions and market failures so frequent that most people did not trust banks. Thank you. This is yet another reason why having the Federal Reserve and tighter financial regulations have allowed us to enjoy a stable economy and build the world's reserve currency.
@vre655u Greenspan was not perfect and made mistakes. I never gave a general opinion for Mr. Greenspan on this video, However, on the basics of monetary policy, Greenspan clearly destroys Ron Paul in this exchange. Ron Paul ends up looking like a raging fool while Greenspan comes across as the adult. I have seen the video where Greenspan humbly admitted an error on his thoughts relating to regulation for banks.
money: Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. Hopefully greenspan will get this msg. Or he can just go and Google the term. So he admits he cant define what he is managing and that he cant manage it.
am I the only one or, what greenspan says makes no literal sense. Either my vocabulary sucks and I'm missing something or he's trying to use fancy words to confuse everyone.
@princeofexcess Ron Paul is complaining to Alan Greenspan about inflation, even though Greenspan kept inflation lower than any Federal Reserve Chairman up to this point. Then Dr. Paul complains about how Wall Street somehow is benefiting from inflation while shrimpers and people on main street are hurt by it, even though it is savers that are hurt by inflation, so I can't imagine how Wall Street is benefiting. Then Alan Greenspan schools him on the subtleties of money. Beautiful.
@hjackson830 Are you insane? Greenspan is a crook steeling the peoples money. The Fed is an absolute disaster for America. You dollar is about to collapse and you pat Greenspan on the back.
@nikolayzou If my dollar is about to collapse, that would be Ben Bernake's fault, not Alan Greenspan's fault. But please, explain to me why my dollar is about to collapse. Explain to me why economic experts all over the world who think the dollar is so safe and reliable--are wrong. Also explain how Alan Greenspan, who holds no position of power, is stealing my money and about to cause economic doom.
AS long as the printing presses are running, it's a bad sign. Ever since this country came off the gold standard the Federal Reserve has been playing their games. They naturally have to print some to replace the money that is destroyed or worn out because of age. The problem lies in the fact that we are printing above the limits. With more dollars pumped into the system, it causes the dollar to lose its value. As we borrow more and more from China, we give china U.S. currency.
@jlwarner7 As wealth and value grow, so does the amount of currency which represents it. Therefor, the Federal Reserve has to print more dollars and introduce them to the economy, either through introducing debt via banks, or through buying U.S. government debt, which is the debt we owe China a trillion dollars worth.
Greenspan: Blaah, blaah, blaah, blaah, blaah, blaah, blaah. I'll just lower the interest rates. Blaah, blaah, blaah, blaah, blaah, blaah. I'll do whateva!! Blaah, blaah, blaah, blaah, blaah. Is this a good idea? Blaah, blaah, blaah, blaah, blaah. I don't give a SHIT about anything! Blaah, blaah, blaah, blaah, blaah. Oh well I don't give a FUCK.
Paul: You don't know what the HELL your managing and what it means, you stupid ignorant fool.
I wonder if he have something to do with all overall corruptions in USA and arouns the world if not it's o.k! but I'm sure he know way way hidding things that no one on the face of earth know-(talking fianancely of corse) - Wonder if he realeted to AIPAK AND ADL if yes-and it's for sure it's yes! then I want explains to all the harassments that I expiriances in the last few years!
"most economists" can't grasp the idea that you can't, and especially not the government, put an objective price on a specific product, let alone all of them and wage rates. T. Sowell describes a scenario in which if a newspaper costs 40c, the only way you would pay that 40c is if that newspaper was more valuable then your 40c.. but then how much is it really worth? prices and value is subjective and it is vital information that needs to be conveyed throughout the free market
Mr. Greenspan, Chairman of the Federal Reserve Board, chose the most complicated, confusing phraseology to say the simplest thing: he does not really know what money is. Ron Paul knows what money is, because the Constitution tells us that money is gold or silver coin created by congress. NOT a paper substitute issued by a private bank. Ron Paul was actually laughing at him. Greenspan is not stupid. Nor is he really ignorant. He is simply involved in the most massive fraud in all history .
@grifflesnaffle yeah and not many people want to understand it. they play into the democrat's fault or republican's fault blame game, while the rich get richer and the poor poorer. But they never ask why. Hell, most of them do not even know a federal bank exists!
@hoodoo961 Compare the prices on goods after the introduction of the federal reserve 1913. The Fed print out money with no gold to back it up. This affects us that our money gets less worth everyday and the wages are not growing because of foreign competition. In other words in the near futre you must work harder for even less money which itself is not worth as much. Support Paul to stop it from happend. Oh and buy as much gold as you can.
@SamPineappleOFFICIAL Thats only an issue if you do not know the difference between something "nominal" and "real" price. Yes, each dollar is worth less; but I make more dollars than I would have back then. So whats the point.
@hoodoo961 yes but prices of commodities have risen faster than your wage. And If you saved money, it would decline in value. so it's bad for saving. If your great grandfather saved up his life savings for you, it would be worth 1/20th of what it would be worth if there was no inflation.
@SamPineappleOFFICIAL I don't think prices have risen faster than wages. I think in the long run prices rise in tandem, because prices ultimately reflect real, not nominal, exchanges. Wages may be set in nominal terms, but are really negotiated to reflect purchasing power. And what you say about savings would only be true if there were no such thing as interest rates. Look up the Fisher equation to learn how interest rates are determined so as the correct for inflation. i=r+pi.
@hoodoo961 sure it would have a great impact. And I didn't mean save in a savings account, I meant save outside of a bank. Put 100 dollars in a jar. and come back in 20 years, it's worth a lot less.
@hoodoo961 SamPineappleOFFICIAL wrote: "it's bad for saving. If your great grandfather saved up his life savings for you, it would be worth 1/20th of what it would be worth if there was no inflation." And I agree. hood90061 says that the existence of interest rates makes this point invalid. Please explain precisely how this is so.
@grifflesnaffle The nominal interest rate you receive on your savings in the bank is equal to the real interest rate + the rate of expected inflation. What that means is if you are getting a 2% real interest rate and inflation is expected to be 1%, the nominal rate will be 3%. Your purchasing power is not diminished by inflation because nominal interest rates can correct for that. The damage occurs when inflation EXCEEDS expected inflation, than purchasing power is diminished.
The fact is that all the time Greenspan was the policy maker, there was a bubble after bubble, and burst after burst in American economy. No sound money policies, just bubbled and inflated speculation, that enriched the least productive, but the most destructive.
"... of the direction of finance and the economy. Regrettably, none of those which we've been able to develop including MZM has not [sic] done that. That does not mean that we think that money is irrelevant; it means that we think our measures of money have been inadequate, and as a consequence of that, we as I have mentioned previously have downgraded the use of the monetary aggregates for monetary policy purposes until we are able to find a more stable proxy..."
Ron Paul's Thesis and Query (paraphrased): "How do you plan to reduce the money supply by a roughly equivalent amount to the money you printed for Y2K, a crisis that never occured?"
Greenspan's response (literal): "The monetary aggregates as we measure them become increasinly complex and difficult to integrate into a set of forecasts. The problem we have is not that money is unimportant, but how we define it."
"By definition, all prices are indeed the ratio of an exchange of a good for money, and what we seek is what that is. Our problem is, we used M1 at one point as the proxy for money, and it turned out to be a very difficult indicator of any financial state. We then went to M2, and had a similar problem. We've never done M3 per se because it largely reflects the extent of expansion of the banking industry, and when in effect, banks expand, in and of itself..."
"... it doesn't tell you terribly much about what the real money is. So our problem is not that we do not believe in sound money; we do. We very much believe that if you have a debased currency, that you will have a debased economy. The difficulty is in defining what part of our liquidity structure is truly money. We've had trouble ferreting out proxies for that for a number of years, and the standard we employ is whether it gives us a good forward indicator..."
What's sad is that Greenspan and Ron used to have talks, and Greenspan endorsed the idea of a sound currency. After he became Fed chair, obviously things changed. Ron even had Greenspan autograph a newsletter he had written about gold/silver back in the day ;)
@VictoryCough Haha, I just posted this above before I saw this comment. Ron says that he had Greenspan autograph a copy of this newsletter years back!
@CR4TES Yup, and you can tell Ron is thinking the same thing in almost all of these hearings. The reason being is the Federal Reserve's monetary policy is not based on any sound, proven economic laws. Central planners reject sound economics and real prosperity while endorsing corrupt systems of illusory wealth / credit creation that *always* serves as the impetus of a vast transfer of wealth from the poor/middle classes to the upper, wealthy elite.
Ron @ 2:40 - 4:16, looking at the facts and predicting the Dotcom bubble explosion before it happened. Yet again, those who follow the Austrian School and apply its principles to Federal Reserve policies will always be a step ahead of all other economics in predicting recessions. This has been proven over and over throughout time, yet no one seems to listen.
Alan Greenspan......another New World Order Hitman that ran a bank(Fed) controlled by the banks and now his protege Bernanke is continuing the crusade helped by the ABSOLUTE shit situation here in Ireland...along with the IMF hawks and their comrades in Brussels....God fuckin help us
@jscalise1 Greenspan meant that because monetary aggregates don't a poor job and no magical indicator has been developed, the fed will use a broad range of indicators to track monetary supply.
Again, money is difficult to model because people do so many different things with it. For example, during the y2k fear, people held more liquid forms of money, but indicators of the liquid forms did not reflect that. Should the FED have ignored reality because some stat poorly modeled reality?
Paul: "M3 has exploded. You missed your targets. Why aren't you doing something about it?"
Greenspan: "M3 (and M1/M2) is a poor indicator monetary supply. Factors (activity in CD markets) outside of monetary policy are driving them. It's not saying what you think it is.
Paul: "You don't care about M3, therefore you don't care about money supply. You don't have some golden magical indicator, therefore you don't care about money supply."
@jscalise1 With the advent of checking accounts barring interest, the distinction between M1 (currency + checking accts) and M2 (M1 + close substitutes for money like savings accounts) have been blurred. Other financial innovations have blurred it even more. As a result, the distinct measures of monetary base don't have the uses they once had.
Again, it's not the fed doesn't care about money, it's just the monetary aggregates don't tell them precisely what is happening to money.
Money is hard to define and model. It means different things to many different people. For some it's a pure store of wealth. For others it's only a medium of exchange. Greenspan is right. Monetary base is just one component of monetary supply.
M3 is pointless. It's relevant components for monetary policy are already measured in M2. They missed their M3 targets because they don't have much control over them. They don't even report M3 for that reason.
I hope my fellow Americans are awake and understanding who has destroyed us and how. It is the central bank war mongers who are the great thieves in world history.
Greenspan and people like him need to firmly placed in the history books along side people like Stalin, Mao, Mussolini, Hitler.
Alan Greenspan (former Federal Reserve Chairman) now works for John Paulson's fund. Guess what John Paulson's fund's BIGGEST position is right now? GOLD. . Don't say you weren't told. Protect your families wealth. Visit: goldsave.co/
This interview is awesome. In particular what Alan Greenspan says, which is hilarious in a really sad way(which sounds like one hell of a contradiction)
He says that he believes in a sound currency, that he believes a debased currency is a debased economy and that NONE of his models were able to predict the direction of finance and the economy. Or even follow the money supply.
@jrs89 Does it sound like im mad? I just think its hilarious that Greenspan has admitted that NONE of his models work. It means that "his style" of economics is fundamentally flawed. That him and the many others in charged should either be ignored, or have their approach to economics re-examined thoroughly.
And they can listed listen to those that predicted everything and are still predicting and getting everything right! watch?v=2I0QN-FYkpw
@NicosMind The monetary aggregates are flawed because of advancements in financial sector in the past few decades. Greenspan is saying that there is no metric that models monetary supply like the monetary aggregates precisely once did. That doesn't mean that there are other ways of modeling monetary policy. There are other models that guide them with the fed fund rates (Taylor Rule has worked very well).
Greenspan says M3 is a poor metric for good reasons, but Paul seems to like it just fine.
@NicosMind Tons of mainstream economics predicted an asset price bubble in housing. Krugman was writing articles in NYT about the housing bubble a half a decade ago. Dean Baker's think tank was warning about a housing bubble as well.
Schiff is an Austrian economist who may have got the housing bubble right, but is failing to get right what is going on today. His model says we should be having hyper inflation. Guess what? Prices are stagnant or deflationary..
@jrs89 Peter Schiff hasnt said that we should have hyperinflation right now but has warned that its a very real threat if we keep going the way we're going. If you listen to him hes been saying the whole time that we can pull it back if we return to sensible policies and stop printing all this money. However he knows thats the only trick these guys have and theyll keep doing it until we will have hyperinflation. QE2 will work as well as the Titanic and only make things worst, And what (continue)
(cont) do you think theyll do whenever that happens? They have a one track mind they think its deflation only that creates depressions and even if they didnt theyd rather sacrifice the economy to save the banks. Decapitalising the economy to capitalise the banks as they have done.
Krugman also wanted a housing bubble foolishly thinking it was healthy.(quote to follow). Also we may not be having hyperinflation but we are having real inflation in real assets. The CPI is a fraud! (continue)
So heres the Krugman quote. Since the link is so long ill happly pass it onto anyone that asks via youtube mail.
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble"
Our Accountants and Financiers DO NOT UNDERSTAND NUMBERS.
People from our business schools are not fit to lead our major companies, the FED or the Department of Treasury . If they happen to be CEO, they need near them, Mathematicians, Engineers... as assistants( Chief Tech Officers). The Chief Tech Officer understands numbers and he knows math better. All Wall street officials, are not as qualified as Congressman Ron Paul. As a Physician Mr. Ron Paul knows math and he understands numbers.
@godchosengeneration Actually, Greenspan is not a financier (in the business school sense). Has to econ degrees from NYU. FED and Treasury employ economist to formulate policy. Most PhD economists receive significantly more mathematical training than engineers. It is very difficult to get into a good econ grad program without practically majoring in math as an undergrad.
yeah and he screwed up in 2001/2002 when reinflated the bubble instead of letting the recession happen. We would be a million times better off today.. Greenspan killed our economy along with all the speculators and well street.
I'm from the UK (England) and I have been watching Ron Paul for some years now...and I think he is great... He would make the best president you have had since Andrew Jackson!!!! He is such a straight talking honest man who is as wise as he is intelligent.... They would have to assinate him to shut him up!!! A true peoples man... RON PAUL FOR US PRESIDENT!!!!!!
Exactly... so why should a monopolistic central bank be managing something they admit they cant define!.. end the fed!.... and to think that even after the crash in 2008 greenspan still cant admit he is wrong.
Beginning at the four minute and ten second mark Dr. Paul says, "the economy likes it when the bubble's getting bigger but my concern is what's going to happen when this bursts?"
It's interestng that people somehow still try to marginalize him for being what they call "out of touch" with modern economic theory.
Personally, I don't think that there's anything modern about Keynesianism. Shell games and Ponzi schemes have been around since the times of Babylon.
complex, hard to forecast, what is the definition of money, this Greenspan joker has made generations of Americans poorer. Do you notice how these terms, crisis, complex, reform keep coming up decade after decade? Feb 17, 2000 Gold cost $308 per ounce, today $1,224. Thanks Greenspan/Bernanke
hahaha greenspan's is probably thinking in his mind "OH SHIT! NOT RON PAUL!" I wonder why Ronnie is the only one with COJONES who stands up to these banksters..... They are the real manipulators of the world economy, and they are the biggest thieves in the world, us average joes get arrested for petty crime, but this assholes steal trillions and nothing is even said.
@andrewrosso you are an ignorant arse hole, anti-semitic bigots like you are the reason people have been trying to wipe the jews out for the last 2000+ years
you must understand. he is a far right wing conservative. they get rich from civil war here, but not as much as the banks that will proffit now that EVERYONE will be insured. obama should be impeached and these oligarchs jailed. all the while they dont tell you our birth certificates are worth billions. how do YOU think china wants to cash in on half our debt? and they are already occupying california. and 90k+ troops in mexico. we are fighting them in africa right now.all our boys are overseas
I would love to learn more about China occupying California and the 90k plus troops they have in Mexico and how we are fighting them in Africa.... Do you have any references I can turn to (videos, articles, books)?
Go to Google Finance and look at the NASDAQ on this date.
He totally calls the bubble!
dumba55nsf 3 days ago
It is ironic that Dr. Paul and Mr. Greenspan are BOTH inspired by the same writer, AYN RAND whose ideas ONLY work in her fiction. She was the greatest hypocrite who ranted about Social Security, Medicare and Welfare but at the end of her life she took ALL of those under an assumed name.
exenrontexas 2 weeks ago
@exenrontexas Dr. paul doesnt believe in wlfare, ss, medicare
amprettylady2012 1 week ago
@amprettylady2012 I agree and that is the problem with him. He DENIES that the Constitution mandates government BY, FOR and OF the PEOPLE and replaces that with the views of AYN RAND and so many other deceived or selfish conservatives who DENY that the PEOPLE have the right to establish Medicare, SS and welfare. That is an anti-Christian, anti-Constitution and anti-American view which will cause the deaths of millions. His hero, Ayn Rand, took them all under a false name.
exenrontexas 1 week ago
@exenrontexas -One can rant against these things and take them and not be a hypocrite for it. The fact the government deducts money from one's pay check to contribute towards both programs means, when the time comes, to not take it would be foolish, wasteful and economically unsound. She can still be consistent in her argument that these programs are unsustainable and not constitutional.
germany10 1 day ago
@germany10 I think your definition of a hypocrite is faulty. And here is how. Rand denied her responsibility as a citizen. Or at least she had a twisted view of it. She felt that by it's very nature government did not have a right to do certain things. She was wrong. The Constitution establishes government BY, FOR and OF the PEOPLE and majority rule with some exceptions. Those exceptions are few and NOT what Rand believed. SO she WRONGFULLY believed that government was wrong.
exenrontexas 23 hours ago
Ron Paul sounds ignorant here. Alan Greenspan had to school him.
MisterKorihor 2 weeks ago
The monetary system got owned. Obviously flawed and made to suit the filthy rich.
bug33r 2 weeks ago
Correction? Paul made a fool of himself here. The budget was balanced about this time.
pirucreek 1 month ago
@pirucreek Ever heard of the dot com bubble?
nickodonnell 2 weeks ago
@pirucreek -He's referring to the market correction. This has nothing to do with a balanced budget. Plus, it is only a balanced budget because social security is considered "off budget"
germany10 1 day ago
Look how long they kept the bubble expanding and from exploding. Remember when you were a conspiracy cook for saying the US was headed for economic crash and superpower decline? Now the controlled press can't even contain the world financial meltdown they caused. MAKE THEM PAY FOR IT! 1% Tobin tax on Wall Street!
combatsambonyc 1 month ago
Wow, hear the sound of Paul bitch-slapping the face of evil at the beginning of the video and at 7:07
cbhavsar1 1 month ago in playlist Ron Paul
What the fuck is Alan Greentard even saying? Sounds like everything that comes out of his mouth translates to, "Well what's in it for Israel? What's in it for the Zionists?" What a fat-nosed piece of garbage!
Has anyone ever noticed that when you confront or question the Zionist bankers, they come up with this fucked up retarded answer that's supposed to sound all intellectual. Meanwhile, by the time they answer the question in a long-winded fashion, 30,000 US citizens lose their jobs.
Sambuca6178 2 months ago
And Herman Cain wants this guy to be his FED chairman??
22Mrjsmooth 2 months ago
Ron Paul is grossly too polite to this phlegmer....That gnarly faced shriveled up runt of a jewish parasite should be found with his feet sticking skyward out of a dumpster.
dasUBootVII 2 months ago 3
@dasUBootVII try removing your lips from Hitler's genitalia before speaking next time. Oh wait, you still wouldn't have uttered anything remotely of value in your comment. Your ignorant genocidal words are ten fold more disgusting than Greenspan's face.
beerad0 3 weeks ago
@beerad0 If genocide of the kind I envision completely eradicates the kinds of parasites that Alan G'span symbolizes then it is well worth it in a way that brown-nosing sycophants and suck-asses like you will never comprehend in your lifetimes...and I can only wonder how many oceans of second-hand beer found there way through the facial portals of your sucker lips.
dasUBootVII 2 weeks ago
Your on a road and you see tail lights about 2 miles away, the car is going about 20mph
(1945)Your going 20 mph
(1960)your going 25 mph
(1975)your going 35 mph
(1990)your going 40 mph
(2000)your going 45 mph
(2005)your going 60 mph
(2010)your going 170 mph
The inflation is the acceleration, and right now we are aimed at the car ahead. Ron Paul is the only candidate willing to apply the symbolic brakes so we don't crash and wreck
zachboi13 2 months ago 2
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freakin' awesome. Ron Paul 2012
kinpopdj 2 months ago
240p, we meet again!
ThomasCreel 3 months ago 2
Our founding fathers would've had this man publicly executed and named ron paul king of america only he would've turned it down in the name of democracy and freedom just like George washington did
WARCHIEF290 3 months ago 3
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End the Federal Reserve, vote for Ron Paul he will fully audit the Fed Reserve, and remove them, remove IRS, and remove income tax.
RonPaul2012 dot c om for more information on Ron Paul.. What the mainstream media doesn't want you to know!
As of Ron Paul is third even though he get's little to no media attention
Oct 19- help Ron Paul with his "Black this out" money bomb!
m3w7ub3 3 months ago
this man has the same message after 11 years.....Ron paul 2012
qwihtown 3 months ago 14
I love how he laughs at him. What tools these crony fake scum pimples really are. Ron paul is my hero, turning those fools into zeros. Ya. When will America learn. These crooks are pulling a fast one on us for a long time.
wallaceju 3 months ago 4
I bet in all his years as Fed chairman Ron Paul's the only congressman he ever feared :)
Madfoot713 3 months ago 4
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Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012 Ron Paul 2012
yowyOw69 3 months ago
This is not about Gold or Silver alone, It's simply a system which is out of control, no balance, no proper ratio between Gold and Silver and paper money, it's about a system which got out of it's ranges in favor of theft of money by banks and by wall st.
telewebservices 4 months ago
A 4 minute long question and a 3 minute response. In a nutshell: Is M3 supply ever going to shrink or just continually expand? M3 is just the banking industry, so we've defined it as non-money, and with our model it can never shrink until we can find a more stable proxy to define money. I guess gold was never a stable enough proxy? I would also like to know if this non-money will ever be able to be traded by banks for goods and services in the future and whether any can "leak out" into M1
fdpirigyi 5 months ago
Ron Paul was the same :)
Such a coherent and honest politician!
ronpaulsupportr2012 5 months ago
The ending was deafening.................
kevinherbert 5 months ago
greenspan's got the biggest fuckin nose i've ever seen
giggitygiggity890 6 months ago 5
Poor Ron Paul... for years he has been listening to this bullshit, and all he can do is laugh about it. Talk about patience.
kolauson 6 months ago 4
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RUSSIA SELLS OPIUM FROM AFGHANISTAN,( THEY BUILT A TUNNEL TO FORMER SOVIET UNION REPUBLIC) TO WESTERN EUROPE. RUSSIA SELLS PROSTITUTES TO WESTERN EUROPE. BITCH HOW DO U THINK RUSSIANS BUY THOSE YACHTS? U PUSSY DRINK 10 CUPS OF COFFEE A DAY WHILE CHINESE OPEN FACTORIES AND RUSSIANS SELL DRUGS FROM AFGHANISTAN. U KNOW UR PROBLEM ? UR LAZY AND U HAVE TOO MUCH FREEDOM OF SPEECH! RON PAUL NEEDS TO GET FUCKED UP THE ASS BY REAL MEN THEN HE'LL SHUT UP! RON PAUL HAS NO BALLS!
RON PAUL HOW DO YOU SLEEP?
democratsaresmart 6 months ago
We need to start assassinating bank presidents!
1978atcarroll 6 months ago 21
How can Alan Greenspan say he believes in sound money and opposes debasement when he allowed more money printing to fuel another bubble? Money can be defined and measuring it is not irrational because it calculates the status of our economy. Ron Paul knew that this bubble was a problem and sure enough he was right. This was before 9/11 and the real estate bubble. As Ron Paul warned us, printing too much money causes inflation and economic problems!!!!!
MONOPOLY35 7 months ago
Bizzaro world
kyriacos40 7 months ago
He is talking so much shit!!
loveofkemet 7 months ago
2 as H Wilson said after he realised his Huge mistake THE GREATEST DECEPTION IN HUMAN HISTORY IS BEEN COMMITED BY THE FED against my ppl my country can u imagine anything more diabolical than have few ppl printing the international trading currency BASED ON FA UNDER NO ONE'S CONTROL? work 24/7 produe the best on earth so what they can n do print more u trade everything on bits of paper they print u will ALWAYS BE THEIR SLAVES THIS IS THE REAL CAUSE how can the whole world we so much to them?
polygamous1 7 months ago
@polygamous1 Someone has to print more of a currency if the economy it represents is growing. People who serve in the Fed have to be approved by congress, the banking sector, and sometimes the president, representing all sides. Everything else you said from Mickey Mouse bits to how the Fed has been "bought out" thru fractional reserve banking does not make any coherent sense. Even if the second situation were true, it would call for a lower money multiplier, not an end to the Federal Reserve.
hjackson830 7 months ago
No one knowes what money is because money is nothing
s06048 7 months ago
Greenspan is not stupid. He knows EVERYTHING about economy, finance and the whole monetary system! Because he and his organisation MADE the system! He is just acting, playing his own game. Not Greenspan got owned, Ron Paul got owned...I feel sorry for that because I think Ron is a good guy. Greetings from Germany!
Shiva1158 7 months ago
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Would a mathematical analysis of the Ponzi scheme Federal Reserve operation that will inherently lead the U.S. into bankruptcy all for the benefit of “financiers” who received $8.4 trillion from the auctions of securities last year without a whisper of that profit to Congress be of interest ?? Ref.
3w scribd dot com, message 49040689 RIP OFF BY THE FEDERAL RESERVE
oldereb38 8 months ago
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All non-republican supporters of Ron Paul need to temporarily register republican to vote for him in the primaries. If he doesn't win the nomination it will be Mitt Rino & in a choice between obama & obama lite I'm writing in Ron Paul.
KenMacMillan 8 months ago
Tell them Ron......
polokhor 8 months ago
paul looks like he is 20 years younger in the year 2000
fedorvonbock16 8 months ago 2
This video should be called "Ron Paul was Right."
93mgobluefan 8 months ago
Whats the punishment for treason anyway? Ron Paul 2012
MichaelTMurray 8 months ago
AHHAH Lizard Man
hunkgod 9 months ago
@vre655u Ron Paul was not pointing out any of the factors that led to the financial crisis in this video. He was concerned about inflation, which was at one of its lowest levels ever when this video was made and continued to be historically low as long as Alan Greenspan was chairman of the Federal Reserve. The factors that led to the financial crisis would have required more regulation in certain areas of the financial sector, which Ron Paul was against.
hjackson830 9 months ago
@hjackson830 Perhaps you did not watch the entire clip, especially the very end, where Greenspan admits the Fed has an impossible mission, managing the money supply, something they have continuously failed to be able to define. The times of "low inflation" stated in your post where only times of low inflation if you went by the government's CPI, which, obviously, failed to shine light on a GIANT housing bubble which had been forming. That's inflation, inflation the Fed didn't see.
bamacre1 9 months ago
Comment removed
hjackson830 8 months ago
@bamacre1 If the Federal Reserve has an impossible mission, then what about that suggests someone else will do a better job? Alan Greenspan made mistakes at the Federal Reserve, where he did not regulate toughly enough and he allowed banks to lend far more than what was healthy, depending too heavily on debt as a tool to introduce money to the economy. Ron Paul, however, failed in all of his questionings of Alan Greenspan to criticize this aspect of his record.
hjackson830 8 months ago
@hjackson830 No, Paul addresses this head on. And to answer your question, I don't want someone else to do a better job, because as I pointed out, this is impossible. We, the people, collectively, can only do a better job. Interest rates need to be set by the market, not one man, not one small group of people.
bamacre1 8 months ago
@bamacre1 There was a time where interest rates were set naturally by people and banks, and it led to frequent financial crises and retarded economic growth. Since the Federal Reserve has begun manipulating the money supply and interest rates, we have seen far greater levels of stability and growth. Why would we want to go back to a system where the markets launched into self-destructive competition which led to depressions, bank runs, and extraordinary levels of inflation and deflation?
hjackson830 8 months ago
@hjackson830 When those times led to "financial crises and retarded economic growth," the problem wasn't the market managing interest rates, but the central bank or, when applicable, the government manipulating the money supply. Your following statement is simply wrong. We have had more, and bigger, problems since 1913. The dollar has been highly volatile, unemployment has been volatile, and interest rates even more so, all due to the MUCH bigger sized bubbles/busts.
bamacre1 8 months ago
@bamacre1 Since the modern Federal Reserve in the 1930's, and even more since its reform in the late 70's, we've seen faster growth and a far more stable dollar. During times in American history when there was no central bank, the results were always devastating.
hjackson830 8 months ago
@bamacre1 We've discovered recently that the Federal Reserve under Greenspan made bad decisions in his later tenure by deregulating banks and allowing for too much credit when the money multiplier was too high to handle so many financial assets. This does not justify getting rid of a central bank. It justifies changing its policies.
hjackson830 8 months ago
@hjackson830 BS from 1862 to 1890 us inflation went UP 0.2% but that time money was Real based on gold/silver issued by a Real US gov now u got mickey mouse bits of paper printed by the Private fed based on FA 23rd Dec 1913 all C/men went home for Xmas 2 Bribed C/men voted for the fed us gov put up $20M to start the fed fractional banking means all banks can loan 10X their assets fed directors loaned themselfs $200M n bought 90% in the fed with FA THE MONEY MASTERS will make u cry st this
polygamous1 7 months ago
@polygamous1 Inflation was only .2 % because of the massive bouts of deflation which happened often in our country's early days, causing depressions and market failures so frequent that most people did not trust banks. Thank you. This is yet another reason why having the Federal Reserve and tighter financial regulations have allowed us to enjoy a stable economy and build the world's reserve currency.
hjackson830 7 months ago
@vre655u Greenspan was not perfect and made mistakes. I never gave a general opinion for Mr. Greenspan on this video, However, on the basics of monetary policy, Greenspan clearly destroys Ron Paul in this exchange. Ron Paul ends up looking like a raging fool while Greenspan comes across as the adult. I have seen the video where Greenspan humbly admitted an error on his thoughts relating to regulation for banks.
hjackson830 9 months ago
He talks typical economic giberish
fredonia81 9 months ago
money: Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. Hopefully greenspan will get this msg. Or he can just go and Google the term. So he admits he cant define what he is managing and that he cant manage it.
princeofexcess 10 months ago
am I the only one or, what greenspan says makes no literal sense. Either my vocabulary sucks and I'm missing something or he's trying to use fancy words to confuse everyone.
HeliosFire9ll 10 months ago
Greenspan just OWNED this idiot.
hjackson830 10 months ago
@hjackson830 by telling him that he doesnt understand what money is?
princeofexcess 10 months ago
@princeofexcess Ron Paul is complaining to Alan Greenspan about inflation, even though Greenspan kept inflation lower than any Federal Reserve Chairman up to this point. Then Dr. Paul complains about how Wall Street somehow is benefiting from inflation while shrimpers and people on main street are hurt by it, even though it is savers that are hurt by inflation, so I can't imagine how Wall Street is benefiting. Then Alan Greenspan schools him on the subtleties of money. Beautiful.
hjackson830 10 months ago
@hjackson830 Are you insane? Greenspan is a crook steeling the peoples money. The Fed is an absolute disaster for America. You dollar is about to collapse and you pat Greenspan on the back.
nikolayzou 9 months ago
@nikolayzou If my dollar is about to collapse, that would be Ben Bernake's fault, not Alan Greenspan's fault. But please, explain to me why my dollar is about to collapse. Explain to me why economic experts all over the world who think the dollar is so safe and reliable--are wrong. Also explain how Alan Greenspan, who holds no position of power, is stealing my money and about to cause economic doom.
hjackson830 9 months ago
@hjackson830 That's fine, don't worry about it, your dollar is safe.
nikolayzou 9 months ago
@hjackson830
AS long as the printing presses are running, it's a bad sign. Ever since this country came off the gold standard the Federal Reserve has been playing their games. They naturally have to print some to replace the money that is destroyed or worn out because of age. The problem lies in the fact that we are printing above the limits. With more dollars pumped into the system, it causes the dollar to lose its value. As we borrow more and more from China, we give china U.S. currency.
jlwarner7 8 months ago
@jlwarner7 As wealth and value grow, so does the amount of currency which represents it. Therefor, the Federal Reserve has to print more dollars and introduce them to the economy, either through introducing debt via banks, or through buying U.S. government debt, which is the debt we owe China a trillion dollars worth.
hjackson830 8 months ago
Paul: Are you going to shrink the money supply?
Greenspan: Blaah, blaah, blaah, blaah, blaah, blaah, blaah. I'll just lower the interest rates. Blaah, blaah, blaah, blaah, blaah, blaah. I'll do whateva!! Blaah, blaah, blaah, blaah, blaah. Is this a good idea? Blaah, blaah, blaah, blaah, blaah. I don't give a SHIT about anything! Blaah, blaah, blaah, blaah, blaah. Oh well I don't give a FUCK.
Paul: You don't know what the HELL your managing and what it means, you stupid ignorant fool.
unknownunknowns 10 months ago
I wonder if he have something to do with all overall corruptions in USA and arouns the world if not it's o.k! but I'm sure he know way way hidding things that no one on the face of earth know-(talking fianancely of corse) - Wonder if he realeted to AIPAK AND ADL if yes-and it's for sure it's yes! then I want explains to all the harassments that I expiriances in the last few years!
src438 10 months ago
the nasdaq bubble burst about a month after this speech lol. Good call Ron Paul! 4.05
mastaPh 10 months ago
the nasdaq bubble burst about a month after this speech lol. Good call Ron Paul!
mastaPh 10 months ago
Alan is so eloquent and smart. Good thing were not in a recession right now! They obviously know exactly what their doing! NOT!!!
LIGHT2U4U 10 months ago
"most economists" can't grasp the idea that you can't, and especially not the government, put an objective price on a specific product, let alone all of them and wage rates. T. Sowell describes a scenario in which if a newspaper costs 40c, the only way you would pay that 40c is if that newspaper was more valuable then your 40c.. but then how much is it really worth? prices and value is subjective and it is vital information that needs to be conveyed throughout the free market
pureaggression 10 months ago
Ron Paul destroys him. I am no libertarian but Paul is absolutely right here.
gwangjuboy1 10 months ago
Ron is laughing because he basically baited Greenspan into admitting that he can't do the main thing that he is supposed to do-- manage money!
chinkzilla03 10 months ago
Its so interesting that Dr. Paul and Mr. Greenspan are both students of Ayn Rand
Beckett125 11 months ago
shrimpers sounds like strippers
chillyrooster 11 months ago
INTERESTING...two students and fans of Ayn Rand and presumably Objectivism and Libertarianism.
mowriter 11 months ago
Mr. Greenspan, Chairman of the Federal Reserve Board, chose the most complicated, confusing phraseology to say the simplest thing: he does not really know what money is. Ron Paul knows what money is, because the Constitution tells us that money is gold or silver coin created by congress. NOT a paper substitute issued by a private bank. Ron Paul was actually laughing at him. Greenspan is not stupid. Nor is he really ignorant. He is simply involved in the most massive fraud in all history .
grifflesnaffle 11 months ago 55
@grifflesnaffle yeah and not many people want to understand it. they play into the democrat's fault or republican's fault blame game, while the rich get richer and the poor poorer. But they never ask why. Hell, most of them do not even know a federal bank exists!
sharinganclan213 11 months ago
@grifflesnaffle mexico has more gold silver and precious metals than the US
these bankers are not what you illiterate youtube activists think
21scuderia 6 months ago
If you gave me a gun, during an Alan Greenspan speech, he would be dead.
YodaGman 11 months ago
Ron Paul Looks young here.
nycrtst33 11 months ago
Then where was the inflation Paul? I don't remember any.
hoodoo961 11 months ago
@hoodoo961 Compare the prices on goods after the introduction of the federal reserve 1913. The Fed print out money with no gold to back it up. This affects us that our money gets less worth everyday and the wages are not growing because of foreign competition. In other words in the near futre you must work harder for even less money which itself is not worth as much. Support Paul to stop it from happend. Oh and buy as much gold as you can.
ohnoshedidntw8 11 months ago
@hoodoo961 Today's dollar is worth about a 20th of a 1913th dollar.
SamPineappleOFFICIAL 11 months ago
@SamPineappleOFFICIAL Thats only an issue if you do not know the difference between something "nominal" and "real" price. Yes, each dollar is worth less; but I make more dollars than I would have back then. So whats the point.
hoodoo961 11 months ago
@hoodoo961 yes but prices of commodities have risen faster than your wage. And If you saved money, it would decline in value. so it's bad for saving. If your great grandfather saved up his life savings for you, it would be worth 1/20th of what it would be worth if there was no inflation.
SamPineappleOFFICIAL 11 months ago
@SamPineappleOFFICIAL I don't think prices have risen faster than wages. I think in the long run prices rise in tandem, because prices ultimately reflect real, not nominal, exchanges. Wages may be set in nominal terms, but are really negotiated to reflect purchasing power. And what you say about savings would only be true if there were no such thing as interest rates. Look up the Fisher equation to learn how interest rates are determined so as the correct for inflation. i=r+pi.
hoodoo961 11 months ago
@hoodoo961 sure it would have a great impact. And I didn't mean save in a savings account, I meant save outside of a bank. Put 100 dollars in a jar. and come back in 20 years, it's worth a lot less.
SamPineappleOFFICIAL 11 months ago
@hoodoo961 SamPineappleOFFICIAL wrote: "it's bad for saving. If your great grandfather saved up his life savings for you, it would be worth 1/20th of what it would be worth if there was no inflation." And I agree. hood90061 says that the existence of interest rates makes this point invalid. Please explain precisely how this is so.
grifflesnaffle 11 months ago
@grifflesnaffle The nominal interest rate you receive on your savings in the bank is equal to the real interest rate + the rate of expected inflation. What that means is if you are getting a 2% real interest rate and inflation is expected to be 1%, the nominal rate will be 3%. Your purchasing power is not diminished by inflation because nominal interest rates can correct for that. The damage occurs when inflation EXCEEDS expected inflation, than purchasing power is diminished.
hoodoo961 10 months ago
The fact is that all the time Greenspan was the policy maker, there was a bubble after bubble, and burst after burst in American economy. No sound money policies, just bubbled and inflated speculation, that enriched the least productive, but the most destructive.
klinok19 11 months ago
He called the burst before anybody!
Jbrouhaha 11 months ago
All he needed to say was. WE DONT WANT YOUR JEW GOLD
jh4dc5s 11 months ago
@CR4TES ~
"... of the direction of finance and the economy. Regrettably, none of those which we've been able to develop including MZM has not [sic] done that. That does not mean that we think that money is irrelevant; it means that we think our measures of money have been inadequate, and as a consequence of that, we as I have mentioned previously have downgraded the use of the monetary aggregates for monetary policy purposes until we are able to find a more stable proxy..."
CR4TES 1 year ago
@CR4TES ~
"... for what we believe is the underlying money in the economy."
Greenspan's response (paraphrased): "We don't."
CR4TES 1 year ago
Ron Paul's Thesis and Query (paraphrased): "How do you plan to reduce the money supply by a roughly equivalent amount to the money you printed for Y2K, a crisis that never occured?"
Greenspan's response (literal): "The monetary aggregates as we measure them become increasinly complex and difficult to integrate into a set of forecasts. The problem we have is not that money is unimportant, but how we define it."
(to be continued)
CR4TES 1 year ago
@CR4TES ~
"By definition, all prices are indeed the ratio of an exchange of a good for money, and what we seek is what that is. Our problem is, we used M1 at one point as the proxy for money, and it turned out to be a very difficult indicator of any financial state. We then went to M2, and had a similar problem. We've never done M3 per se because it largely reflects the extent of expansion of the banking industry, and when in effect, banks expand, in and of itself..."
CR4TES 1 year ago
@CR4TES ~
"... it doesn't tell you terribly much about what the real money is. So our problem is not that we do not believe in sound money; we do. We very much believe that if you have a debased currency, that you will have a debased economy. The difficulty is in defining what part of our liquidity structure is truly money. We've had trouble ferreting out proxies for that for a number of years, and the standard we employ is whether it gives us a good forward indicator..."
CR4TES 1 year ago
What's sad is that Greenspan and Ron used to have talks, and Greenspan endorsed the idea of a sound currency. After he became Fed chair, obviously things changed. Ron even had Greenspan autograph a newsletter he had written about gold/silver back in the day ;)
mit26chell 1 year ago
Thank you soooo much for posting this.
I really wonder what happened to Greenspan. He wrote in my opinion the most convincing argument for a gold coin standard.
VictoryCough 1 year ago
@VictoryCough Haha, I just posted this above before I saw this comment. Ron says that he had Greenspan autograph a copy of this newsletter years back!
mit26chell 1 year ago
back in the day
before they stopped reporting M3
BassGoesBoom1 1 year ago
This is an excellent example of "Greenspeak" or "Fedspeak".
Fifteen seconds into anything Greenspan says, all I can hear is white noise.
*KSCHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH*
Then, he stops talking, and I wake back up and think, "WTF did he just say?"
CR4TES 1 year ago
@CR4TES Yup, and you can tell Ron is thinking the same thing in almost all of these hearings. The reason being is the Federal Reserve's monetary policy is not based on any sound, proven economic laws. Central planners reject sound economics and real prosperity while endorsing corrupt systems of illusory wealth / credit creation that *always* serves as the impetus of a vast transfer of wealth from the poor/middle classes to the upper, wealthy elite.
mit26chell 1 year ago
They are going to kill him.
obbabob 1 year ago
Ron @ 2:40 - 4:16, looking at the facts and predicting the Dotcom bubble explosion before it happened. Yet again, those who follow the Austrian School and apply its principles to Federal Reserve policies will always be a step ahead of all other economics in predicting recessions. This has been proven over and over throughout time, yet no one seems to listen.
LibertyMike1 1 year ago
THAT PROVES HIS POINT !!!!....WTF ???
M1 , M2, M3,...STAND FOR MISTAKES 1,2,&3.
utubesucksutubesucks
13AJJONES 1 year ago
Thank you Dr. Paul fro opening my eyes. I suggest we put a picture of Ron next to the dictionary entry for "hero".
LawyerScumGhost 1 year ago
greenspan sounds like a blabbering idiot trying to make up an excuse at the last second
Volomonoh 1 year ago
Greenspan sounds like Treebeard
jl359 1 year ago
Alan Greenspan......another New World Order Hitman that ran a bank(Fed) controlled by the banks and now his protege Bernanke is continuing the crusade helped by the ABSOLUTE shit situation here in Ireland...along with the IMF hawks and their comrades in Brussels....God fuckin help us
noelio67 1 year ago
FACT: Today the U.S. Dollar is worth 4 pennies. Do U.S. citizens NOT see ANYTHING wrong with this??
SUlAkHA1 1 year ago
Long live Ron Paul. End the Fed!
Bluto2973 1 year ago
i love the end
overshotfilms08 1 year ago
End the Fed!
slowmanEF 1 year ago
Greenspan sounds like an alien!
CartoonPoem 1 year ago
Mr. Greenspan is a fucking reptile.
LetsGetEthereal 1 year ago 19
@LetsGetEthereal easy now man stop insulting reptiles
polygamous1 7 months ago
Comment removed
luckycharmz336 1 year ago
Economists use math as an estimation tool. And estimations are never correct.
godchosengeneration 1 year ago
@jscalise1 Greenspan meant that because monetary aggregates don't a poor job and no magical indicator has been developed, the fed will use a broad range of indicators to track monetary supply.
Again, money is difficult to model because people do so many different things with it. For example, during the y2k fear, people held more liquid forms of money, but indicators of the liquid forms did not reflect that. Should the FED have ignored reality because some stat poorly modeled reality?
jrs89 1 year ago
@jscalise1 In layman's terms,
Paul: "M3 has exploded. You missed your targets. Why aren't you doing something about it?"
Greenspan: "M3 (and M1/M2) is a poor indicator monetary supply. Factors (activity in CD markets) outside of monetary policy are driving them. It's not saying what you think it is.
Paul: "You don't care about M3, therefore you don't care about money supply. You don't have some golden magical indicator, therefore you don't care about money supply."
jrs89 1 year ago
@jscalise1 With the advent of checking accounts barring interest, the distinction between M1 (currency + checking accts) and M2 (M1 + close substitutes for money like savings accounts) have been blurred. Other financial innovations have blurred it even more. As a result, the distinct measures of monetary base don't have the uses they once had.
Again, it's not the fed doesn't care about money, it's just the monetary aggregates don't tell them precisely what is happening to money.
jrs89 1 year ago
@jscalise1 What do you want to know?
Money is hard to define and model. It means different things to many different people. For some it's a pure store of wealth. For others it's only a medium of exchange. Greenspan is right. Monetary base is just one component of monetary supply.
M3 is pointless. It's relevant components for monetary policy are already measured in M2. They missed their M3 targets because they don't have much control over them. They don't even report M3 for that reason.
jrs89 1 year ago
This comment has received too many negative votes show
Ron Paul = clueless
jrs89 1 year ago
@jrs89 Why?
ltrizzle84 1 year ago
I hope my fellow Americans are awake and understanding who has destroyed us and how. It is the central bank war mongers who are the great thieves in world history.
Greenspan and people like him need to firmly placed in the history books along side people like Stalin, Mao, Mussolini, Hitler.
kmg501 1 year ago
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Alan Greenspan (former Federal Reserve Chairman) now works for John Paulson's fund. Guess what John Paulson's fund's BIGGEST position is right now? GOLD. . Don't say you weren't told. Protect your families wealth. Visit: goldsave.co/
Efficacious24 1 year ago
This interview is awesome. In particular what Alan Greenspan says, which is hilarious in a really sad way(which sounds like one hell of a contradiction)
He says that he believes in a sound currency, that he believes a debased currency is a debased economy and that NONE of his models were able to predict the direction of finance and the economy. Or even follow the money supply.
NicosMind 1 year ago
@NicosMind So you're mad there is no model that precisely measures something is very much driven by human behavior? OK.
jrs89 1 year ago
@jrs89 Does it sound like im mad? I just think its hilarious that Greenspan has admitted that NONE of his models work. It means that "his style" of economics is fundamentally flawed. That him and the many others in charged should either be ignored, or have their approach to economics re-examined thoroughly.
And they can listed listen to those that predicted everything and are still predicting and getting everything right! watch?v=2I0QN-FYkpw
NicosMind 1 year ago 2
@NicosMind The monetary aggregates are flawed because of advancements in financial sector in the past few decades. Greenspan is saying that there is no metric that models monetary supply like the monetary aggregates precisely once did. That doesn't mean that there are other ways of modeling monetary policy. There are other models that guide them with the fed fund rates (Taylor Rule has worked very well).
Greenspan says M3 is a poor metric for good reasons, but Paul seems to like it just fine.
jrs89 1 year ago
@NicosMind Tons of mainstream economics predicted an asset price bubble in housing. Krugman was writing articles in NYT about the housing bubble a half a decade ago. Dean Baker's think tank was warning about a housing bubble as well.
Schiff is an Austrian economist who may have got the housing bubble right, but is failing to get right what is going on today. His model says we should be having hyper inflation. Guess what? Prices are stagnant or deflationary..
Google "The Hangover Theory"
jrs89 1 year ago
@jrs89 Peter Schiff hasnt said that we should have hyperinflation right now but has warned that its a very real threat if we keep going the way we're going. If you listen to him hes been saying the whole time that we can pull it back if we return to sensible policies and stop printing all this money. However he knows thats the only trick these guys have and theyll keep doing it until we will have hyperinflation. QE2 will work as well as the Titanic and only make things worst, And what (continue)
NicosMind 1 year ago
(cont) do you think theyll do whenever that happens? They have a one track mind they think its deflation only that creates depressions and even if they didnt theyd rather sacrifice the economy to save the banks. Decapitalising the economy to capitalise the banks as they have done.
Krugman also wanted a housing bubble foolishly thinking it was healthy.(quote to follow). Also we may not be having hyperinflation but we are having real inflation in real assets. The CPI is a fraud! (continue)
NicosMind 1 year ago
So heres the Krugman quote. Since the link is so long ill happly pass it onto anyone that asks via youtube mail.
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble"
Paul Krugman -- NY Times Aug 2002
NicosMind 1 year ago
Our Accountants and Financiers DO NOT UNDERSTAND NUMBERS.
People from our business schools are not fit to lead our major companies, the FED or the Department of Treasury . If they happen to be CEO, they need near them, Mathematicians, Engineers... as assistants( Chief Tech Officers). The Chief Tech Officer understands numbers and he knows math better. All Wall street officials, are not as qualified as Congressman Ron Paul. As a Physician Mr. Ron Paul knows math and he understands numbers.
godchosengeneration 1 year ago
@godchosengeneration Actually, Greenspan is not a financier (in the business school sense). Has to econ degrees from NYU. FED and Treasury employ economist to formulate policy. Most PhD economists receive significantly more mathematical training than engineers. It is very difficult to get into a good econ grad program without practically majoring in math as an undergrad.
jrs89 1 year ago
@godchosengeneration
Physician: Calc 1 (maybe 2), Stats
Engineer: + Calc 3, Discrete, Diff EQ, Linear Alg, Applied Stats
Economist: + Adv Calc (Real Analysis), Mathematical Statistics, Applied Regressions, Time Series, Econometrics, etc
jrs89 1 year ago
@shadowgeyser
yeah and he screwed up in 2001/2002 when reinflated the bubble instead of letting the recession happen. We would be a million times better off today.. Greenspan killed our economy along with all the speculators and well street.
xMaXiMuSx 1 year ago
Wow... Paul is passionate and Greenspan is deep... Excellent clip!
eklipst2x 1 year ago
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I'm from the UK (England) and I have been watching Ron Paul for some years now...and I think he is great... He would make the best president you have had since Andrew Jackson!!!! He is such a straight talking honest man who is as wise as he is intelligent.... They would have to assinate him to shut him up!!! A true peoples man... RON PAUL FOR US PRESIDENT!!!!!!
LeeboProductions 1 year ago
we need more politicians with integrity lets only vote for people who car about reasonable spending and freedom
Sv650K4 1 year ago
JFK, Elliot Ness, Ron Paul = Untouchables
AMERICA HAS TOO FEW HEROS............
Jayvaio 1 year ago
Exactly... so why should a monopolistic central bank be managing something they admit they cant define!.. end the fed!.... and to think that even after the crash in 2008 greenspan still cant admit he is wrong.
astro7894 1 year ago
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i love ron pauls smirk at the end aka "alan greenspan you are full of shit"
RonPaulBenjaminFrank 1 year ago
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RonPaulBenjaminFrank 1 year ago
Beginning at the four minute and ten second mark Dr. Paul says, "the economy likes it when the bubble's getting bigger but my concern is what's going to happen when this bursts?"
It's interestng that people somehow still try to marginalize him for being what they call "out of touch" with modern economic theory.
Personally, I don't think that there's anything modern about Keynesianism. Shell games and Ponzi schemes have been around since the times of Babylon.
UserNumber112358 1 year ago 12
@UserNumber112358 Yeah, nice comment!
pureaggression 10 months ago
Greenspan was probably the last somewhat sound money federal reserve chief we have had. Not saying much though as he definitely inflated too.
casienwhey 1 year ago
complex, hard to forecast, what is the definition of money, this Greenspan joker has made generations of Americans poorer. Do you notice how these terms, crisis, complex, reform keep coming up decade after decade? Feb 17, 2000 Gold cost $308 per ounce, today $1,224. Thanks Greenspan/Bernanke
6024691380 1 year ago
hahaha greenspan's is probably thinking in his mind "OH SHIT! NOT RON PAUL!" I wonder why Ronnie is the only one with COJONES who stands up to these banksters..... They are the real manipulators of the world economy, and they are the biggest thieves in the world, us average joes get arrested for petty crime, but this assholes steal trillions and nothing is even said.
Bilderbergz 1 year ago
Catch the smirk of pure win at 7:14! !!
theonlygoodelf 1 year ago
graanspan looks like a fuckin jew
jews control the money and if they control the money they control the world.
All federal reserve chairmen were jews.
andrewrosso 1 year ago
@andrewrosso you are an ignorant arse hole, anti-semitic bigots like you are the reason people have been trying to wipe the jews out for the last 2000+ years
evilsceptic 1 year ago
@evilsceptic if you want to all your income taxes to go to the federal reserve system thats fine. But dont conplain that your paying the jews
andrewrosso 1 year ago
@andrewrosso, hold on all I said wos to stop blaming the jews, nothing about income tax or the federal reserve
evilsceptic 1 year ago
Alan Greenspan is master philosopher and troll
lol
warwize 1 year ago
alan greenspan is a criminal
heroinhero69 1 year ago 2
you must understand. he is a far right wing conservative. they get rich from civil war here, but not as much as the banks that will proffit now that EVERYONE will be insured. obama should be impeached and these oligarchs jailed. all the while they dont tell you our birth certificates are worth billions. how do YOU think china wants to cash in on half our debt? and they are already occupying california. and 90k+ troops in mexico. we are fighting them in africa right now.all our boys are overseas
thered702 1 year ago
@thered702
I would love to learn more about China occupying California and the 90k plus troops they have in Mexico and how we are fighting them in Africa.... Do you have any references I can turn to (videos, articles, books)?
6703445 1 year ago
i want to live up to the day when revolution breaks out against this preconditioning prison we call america.
punkpilot182 1 year ago
@punkpilot182 how come?
1XMarksSpot 1 year ago
@1XMarksSpot
So that i can take part.
punkpilot182 1 year ago
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RON PAUL IS A REPTILIAN
Dadge42 1 year ago