MercoPress. South Atlantic News Agency
Zero probability of US default, “we can always print money to pay any debt”
Former Federal Reserve Chairman Alan Greenspan downplayed the risk of a double-dip recession in the United States saying the domestic economy was in better shape compared to its European peers. Read full article
Comments
Disclaimer & comment rulesfar to many giving advice after the horse has bolted,
Aug 10th, 2011 - 08:10 pm - Link - Report abuse 0The United States can pay any debt it has because we can always print money to do that”.
so why don’t you just print say 12 trillion dollars,
And while your at it, can you print at least 2 trillion dollars or what ever our debt is now,
After all if its just a matter of printing money, why not print say 1,000 trillion dollars and save the world,
, am I wrong or where does this guy get of, just printing money all the time wont help. sooner or later someone has to pay for this, surely , ??
But it worked so well in other places, like Zimbabwe.
Aug 10th, 2011 - 10:08 pm - Link - Report abuse 0I saw a picture of a hundred trillion Zimbabwean dollar bill (worth about $0.004). Just think, they'd only have to print an American one and the deficit would be wiped out forevermore.
Or we can all just be very relieved that he's the EX-Federal Reserve chairman.
“Or we can all just be very relieved that he's the EX-Federal Reserve chairman.”
Aug 11th, 2011 - 12:42 am - Link - Report abuse 0No, because his buddy Ben Shalom Bernanke does exactly what he says, QE1, QE2, QE3, and more to come. Oh let's not forget, both agree that though they keep an eye on the price of Gold, it doesn't matter, US dollar is as “good” as Gold. Yeah right.
Printing money - good idea. Worked in Germany in the 1930's !
Aug 11th, 2011 - 01:11 am - Link - Report abuse 0@4
Aug 11th, 2011 - 04:40 am - Link - Report abuse 0Lolz, sure did.
Briton,
Aug 11th, 2011 - 01:40 pm - Link - Report abuse 0you wrote: “am I wrong or where does this guy get of, just printing money all the time wont help. sooner or later someone has to pay for this, surely , ??”
Yes you are Wrong, Totally wrong.
The US reserve has Over 8000 Tonnes of Gold at Ft. Knox. at a price of $472.00/ounce. Today's price is over $1700.00/ounce, which makes it's value far more than 14 trillion Dollars. (do the math if you have enough digits in your calculator) Yes they can print as many as they want and still be totally and legally backed by the Gold value as they are today. That is what Greenspan meant. What you wanted to say comes out of total ignorance of basic economics.
wangito,
Aug 11th, 2011 - 04:38 pm - Link - Report abuse 0That's one swiss cheese theory you use to prove Briton wrong.
1st, you have no prove about the gold at Ft. Knox. Even if you come up with those google links. why? Go the 2nd.
2nd, KPMG was the last independent auditor who audited the gold, but it was based on what it said on statements. KPMG admitted and that it hasn't seen physically gold at Ft. Knox. It has been said that the Ft. Knox theory was mocked in the movie “Gold Finger” of the great british spy(MI5/MI6), bankeR/investment banker (so you can imagine he knew more about that subject) and novelist Ian Fleming.
What it did witnessed was the gold reserve at Federal Reserve of NY (what is a division of the private Federal Reserve bank) and at West Point (Military Base and acadamy). But guess what, it admitted it that it belongs to foreigners (UK, Germany, France, Middle eastern oil produce nations, and now to nations who bought through the IMF = JP Morgan Chace, Goldman Sachs and other 4 foreign mega banks). If you buy physically gold, you better store it in your own country, because the US might and can confiscate it to protect their own interests, again. why again? It happened before when President Nixon in the 70's shut down the gold windo and when the US left the Gold standard so it could print more money to pay for the war in Vietnam. Sounds familiar?
3rd you believe the debt is just above 14 trillion dollars? Even with the gold you claim that US has, it cannot pay the debt that is over 100 trillion dollars with all the worthless derivatives it bought from the banks to keep them afloat (QE1,QE2,QE3 and more to come).
4th, Alan Greenspan is a jackass, but he's right, but shows he doesn't care about the people of the USA at all, but it make sense because a private bank works for the interest of it's share holders, the banksters who own the Federal Reserve. That's not a conspiracy, but a fact. Do your homework because you show how ignorant you are of basic economics and facts.
wangito Yes you are Wrong, Totally wrong.
Aug 11th, 2011 - 05:48 pm - Link - Report abuse 0The US reserve has Over 8000 Tonnes of Gold at Ft. Knox. at a price of $472.00/ounce. Today's price is over $1700.00/ounce, which makes it's value far more than 14 trillion Dollars. (do the math if you have enough digits in your calculator) Yes they can print as many as they want and still be totally and legally backed by the Gold value as they are today. That is what Greenspan meant. What you wanted to say comes out of total ignorance of basic economics.
you missed the point my friend
totaly missed the point.
Briton,
Aug 11th, 2011 - 06:18 pm - Link - Report abuse 0OK, Enlighten me please, Where am I or was blinded?
i was talking about printing money,
Aug 11th, 2011 - 06:36 pm - Link - Report abuse 0thats all
nothing about gold, nothing about fort nox,
we are not all stupid, we all know if you spend more than your reserves you may well end up bankrupt,
[his words were] its only money, we can print money,
you cannot see the logic, in the joke
its only money, paper money, and we can print the world,
get it,
“The US reserve has Over 8000 Tonnes of Gold at Ft. Knox. at a price of $472.00/ounce. Today's price is over $1700.00/ounce, which makes it's value far more than 14 trillion Dollars.”
Aug 17th, 2011 - 07:16 pm - Link - Report abuse 0Not really.
Fort Knox holds 2.5% of all the gold ever refined(all US gold). 33 Liberty Street, Manhattan holds a further 25% of the worlds gold reserves. This is however mostly owned by other governments and held by the US for free.
“It has been estimated that all the gold mined by the end of 2009 totaled 165,000 tonnes.[2] At a price of US$1500/oz., reached in 2011, one tonne of gold has a value of approximately US$48.22 million. The total value of all gold ever mined would exceed US$7.5 trillion at that valuation.”
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