Greenspan: Gold spike indicates move "away from paper currencies"

garybeck

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Wed Sep-09-09 09:49 AM
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Greenspan: Gold spike indicates move "away from paper currencies"

Sept. 9 (Bloomberg) -- Gold prices that jumped above $1,000 an ounce this week are signaling that investors are buying metals to hedge against declines in currencies, former Federal Reserve Chairman Alan Greenspan said.

The gains are �strictly a monetary phenomenon,� Greenspan said today at an investment conference in New York. Rising prices of precious metals and other commodities are �an indication of a very early stage of an endeavor to move away from paper currencies,� he said.

http://www.bloomberg.com/apps/news?pid=20601083&sid=acrGvxBXPDfk

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Winterblues

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Wed Sep-09-09 10:09 AM
Response to Original message

1. Especially american paper currencies..

Obama has not done a thing to change world attitude on this issue. America is no longer a credible nation in the eyes of the rest of the world..

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garybeck

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Wed Sep-09-09 10:30 AM
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2. what can he do other than try to fix the economy?

that would bring back dollar value

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Winterblues

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Wed Sep-09-09 10:36 AM
Response to Reply #2

3. I do not have the answers, but I see a distinct effort to distance the world

Edited on Wed Sep-09-09 10:38 AM by Winterblues

economic structure from the American dollar. It would seem to me to be an important issue that should at least be addressed. If it has been I must have missed it. I think a lot of it is our continuing wars and the way we spend our borrowed money. The world as a whole can not see the logic. Why are we spending a billion dollars a month in Iraq and not providing Health care to our citizens? That alone demonstrates to the world that we are an irresponsible country.

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