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. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
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.
Alan Greenspan, 1966
La politique financières des etats exige que les citoyens n'aient aucune possibilité de protéger leur fortune. Voilà pourquoi la mauvaise publicité qui est faite à l'or par les représentants de ces etats. Les dettes publiques sont un outil pour la depossession discrète des biens de la poulation. L'or empêche ce processus vicieux et protège le droit à la propriété.