Alan Greenspan-ek gobernuaz, diruaz eta erretiroaz

Greenspan: “There is nothing to prevent the government from creating as much money as it wants1.”

COMMITTEE ON THE BUDGET, HOUSE OF REPRESENTATIVES, MARCH 2, 2005

Paul Ryan: “Having personal retirement accounts
is another way of making a future retiree’s benefits more
secure for their retirement.
And also, do you believe personal retirement accounts as a
component to a system of solvency does help improve solvency,
because when you have a personal retirement account policy, if
it is a company with a benefit offset, with that feature in
place do you believe that personal retirement accounts can help
us achieve solvency for the system and make those future
retiree benefits more secure
?”

Alan Greenspan: “I wouldn’t say the pay-as-you-go benefits
are insecure in the sense that
there is nothing to prevent the
Federal Government from creating as much money as it wants and
paying it to somebody
. The question is, how do you set up a
system which assures that the real assets are created which
those benefits are employed to purchase?
So it is not a
question of security. It is a question of the structure of a
financial system which assures that the real resources are
created for retirement
as distinct from the cash. The cash
itself is nice to have, but it has got to be in the context of
the real resources being created at the time those benefits are
paid and so that you can purchase real resources with the
benefits, which of course are cash.”

https://www.c-span.org/video/?185718-1/economic-outlook-fiscal-issues

https://www.gpo.gov/fdsys/pkg/CHRG-109hhrg99828/html/CHRG-109hhrg99828.htm

As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational. Moreover, there will always be a market for U.S. government debt at home because the U.S. government has the only means of creating risk-free dollar-denominated assets (by virtue of never facing insolvency and paying interest rates over the inflation rate, e.g., TIPS—Treasury Inflation-Protected Securities).”


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