Alan Greenspan, former Chairman of the Federal Reserve, had an article entitled “Golden Rule – Why Beijing Is Buying” published in Foreign Policy, the journal of the influential Council on Foreign Relations, in which he extols the virtues of gold as “universally acceptable.”
He highlights that bullion holds special properties that no currency can claim, except maybe silver. The fiat currencies and moving exchange rates that make up our monetary system of today are backed by the tax raising abilities of government’s of sovereign nations. However, gold bullion for over 2000 years has been an “unquestioned acceptance as payment,” writes Greenspan.
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