I am reading Ron Paul's book named "End the Fed" and came across an Alan Greenspan quote from his essay "Gold and economic Freedom" (from before he became a chairman of the Fed and printed insane amounts of currency).
Here is the quote from Greenspan (emphasis - mine).
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold.
If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good and thereafter decline to accept checks as payments for goods, bank deposits would lose their purchasing power and government-credited bank credit would be worthless as claims on goods.
The financial policy of the welfare state requires that there be no way for owners of wealth to protect themselves.
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.
We all know they didn't see bitcoin coming and underestimated it. Now it's too late.
Now they have to make self-custody of bitcoin illegal and they have to incentivize people to buy the ETFs (much easier to control, not how bitcoin was intended to be used).
They've been suppressing the price of gold for a hundred years to make inflation and the loss of purchasing power of the dollar seem lower than it actually is.
Self-custodying bitcoin fixes this. Bitcoin will succeed where gold failed.
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