Greenspan has always come across as a conflicted figure forced to reconcile his responsibilities as chairman of the Federal Reserve––the epicenter of the fiat money universe––with a "nostalgia," as he put it, for the gold standard, its diametric opposite. As such, I always saw him as torn between the two––the devil on one shoulder and an angel on the other.

Outside those memorable proddings by Congressman Paul, Greenspan rarely spoke publicly about the virtues of gold while Fed chairman, and when he did his approach seemed guarded. Even in the years following his tenure, he rarely broached the subject. In recent months though, as you are about to read, the gloves have come-off not just with respect to gold but with the dangers inherent to the fiat monetary system as well.