Greenspan has admitted repeatedly that nobody really
knows which monetary statistic is the "true" money.
Consider the answer that Greenspan gave to Congressman Ron
Paul of the House Banking Committee on November 17, 2000.
Congressman Ron Paul asked him why the Money
measure -- M3 -- has been growing for the past
several years. WHY, If Inflation, which
Greenspan claims to be trying to control, is
caused by growth in the Money Supply, why has the
FED allowed M3 to grow unchecked since 1992?
Greenspan replied, "... We have a problem trying
to define exactly what MONEY is...the current
definition of MONEY is not sufficient to give us
a good means for controlling the Money Supply..."
Congressman Paul asked "Well, if you can't define
Money, how can you control the Monetary System?"
Greenspan replied "That's the problem..."
this is a section from gary norths reality check.
i only copy part of the article since its not mine. and i'm not sure about copywrite crapola.
seeing guys like redspan splaining money makes me happy, happy to know that if he don't know what money is, how should i know?
since he can't splain it, i feel personally that me and my children don't owe a damn bit of money to anyones national debt!6 trillion 20 trillion of something that they can't explain or define, i'm not losing sleep over any of it.
just buffooning around thanks
http://www.monetary.org/greenspandilemma.htm
http://polyconomics.com/showarticle.asp?articleid=1557
