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Alan Greenspan, Federal Reserve Bank Of Chicago, Federal Reserve Bank Of New York, Federal Reserve Bank Of Philadelphia


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"As long as we issue fiat currency,

I see no alternative to a legal tender law."

-- Alan Greenspan

(1926- ) Chairman of the Federal Reserve Board of Governors (1987-2006)





"The actual process of money creation takes place in commercial banks.

As noted earlier, demand liabilities of commercial banks are money."

-- Federal Reserve Bank of Chicago

Source: Modern Money Mechanics, p.3




"Because of 'fractional' reserve system, banks, as a whole,

can expand our money supply several times, by making loans and investments."

-- Federal Reserve Bank of New York

Source: The Story of Banks, p.5.




"Without the confidence factor, many believe

a paper money system is liable to collapse eventually."

-- Federal Reserve Bank of Philadelphia

Source: Gold, p. 10


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  • 2 weeks later...

I think it just means these folks said some things he agrees with. :shrug:

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