The Legend of Alan GreedScam

Mortgage Rates has an infographic featuring the tale of Alan Greenspan’s twin-like in appearance alter ego, Alan GreedScam, including how he helped orchestrate decades of malinvestment in the US.

Of course, it’s actually one in the same person, but when you look at Alan Greenspan’s early writing — strongly in support of gold-backed currency — you must wonder where he went wrong. In his 1966 piece, entitled Gold and Economic Freedom, he wrote:

“This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

The graphic below shows just how far he strayed from those beliefs. It can be seen in its full high-resolution glory exactly where it came to our attention, in a recent post about Alan GreedScam on The Big Picture blog.

The full infographic follows…

The Daily Reckoning