In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value….This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
– Allen Greenspan – Gold And Economic Freedom