When wheelbarrows are filled with useless paper, commodities historically become the accepted medium of exchange.
A stalwart of this basic reality, Alan Greenspan was once a full blown laissez-faire capitalist and a direct disciple of Ayn Rand’s objectivist fundamental philosophy.
He was very close with Rand and even inviting her to his swearing in for Gerald Ford’s Council of Economic Advisors before eventually becoming the Chairman of the Federal Reserve from 1987 to 2006.
His oversight on tax cuts and Social Security privatization were largely blamed as the catalyst that created the subprime mortgage crisis.
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