Former Federal Reserve Chairman Alan Greenspan recently died, and former Congressman and presidential candidate Dr. Ron Paul took some time to recall Greenspan’s early writings in Ayn Rand’s newsletter, The Objectivist. Paul noted Greenspan’s positive views on gold, but also blamed him for inflating the housing bubble to get the country out of the collapse of the tech bubble. Paul writes:

Greenspan’s reputation survived the bursting of the Fed-created tech bubble. The Fed responded to the bursting of the tech bubble and the economic downturn following 9-11 by creating another bubble, this time in housing.

Later Paul concludes:

Ironically, a good explanation of why fiat currency is the enemy of liberty and gold is the friend of liberty is provided in “Gold and Economic Freedom” written by none other than Alan Greenspan and published in Ayn Rand’s The Objectivist newsletter in 1966. In that essay Greenspan wrote “Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.” Those seeking the path to prosperity and liberty should embrace the wisdom Greenspan showed before he became the fiat money maestro.

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