I remember watching Alan Greenspan testify to the Senate Banking Committee in 2005 and my mouth hit the floor when I heard it. I have been looking of this clip for years, and could never find it. A friend finally sent it to me and I posted it to my YouTube channel and below in this article. I was just starting my Awakening process in 2005 and this was one of those thunderbolts that really sped up my awareness.
Senator Reed asked the sitting Federal Reserve Chairman Alan Greenspan if he still believed that we should maintain the fundamental principles of Social Security?
“I believe that we should maintain the principles of Social Security, but I think the existing structure is not working. Until we construct a system that creates the savings that are required to build the REAL assets, so that the retirees have REAL goods and services. We don’t have a system that is working. We have one that basically moves cash around and we can guarantee cash benefits as far out and whatever size you like, but we cannot guarantee their purchasing power. Do we have the material goods and services that people will need to consume, not whether or not we pass some hurdle with respect to how legal financing occurs. Financing is a secondary issue and it is a means to create the REAL wealth, not an end into itself.” -Alan Greenspan 2005
This is as close as you are ever going to get a banker telling you the truth. In this brief clip Sir Alan Greenspan admits that we have a Ponzi Financial system that does not create REAL wealth. “We have one that basically moves cash around .” If the Social Security is fundamentally flawed, the entire US Economy is fundamentally flawed. This financing mechanism the Fed provides creates NO REAL WEALTH, it merely creates cash out of thin air. Social Security then takes that cash and sets up a generational Ponzi Scheme to take from those that are working, to those that are not. Please don’t tell me that you paid in and that you are just taking out. The money that you put in years ago, got paid out almost immediately to those that were taking from the system back then. Those of you that are collecting money, are directly from workers who are working right now. What is worse, now we are paying people now on money we have not even collected yet. With 80 million baby boomers coming to take from from the Ponzi scheme this will end as badly as it did for Bernie Madoff’s victims. (Read:The Shock of a New Paradigm.)
“The whole government is a Ponzi scheme.” Bernie Madoff
- There is not lock box.
- There are no savings.
- There are no REAL assets.
- There is only a filing cabinet full of IOU’s
Here is a picture of your Social Security Savings. I am not kidding, that is it. Isn’t it crazy to think that this filing cabinet has trillions of dollars of IOUs? Isn’t crazy that we have been duped into thinking this was going to end okay? Isn’t it crazy that a woman that wears white panty hose is protecting our Social Security? I would want a vault with some guys with guns at the very least, but hey there is nothing really there, so why bother…
The most telling part of Greenspan’s testimony was when he admits that the Fed, “can guarantee cash benefits as far out and whatever size you like, but we cannot guarantee their purchasing power.” This means that hyperinflation is the end game. We have billion dollar trade deficits. We have trillion dollar budget deficits. We have $4 trillion that needs to be financed in the next two years with NO buyers. We have $140 trillion dollars of unfunded liabilities that are coming due. We also have the world’s reserve currency. Greenspan says, “sure promise whatever you like and my owners of the Privately and Foreign held Federal Reserve will make the money.” He does admit that he cannot guarantee that those trillions of dollars will buy any REAL goods or services.
Get your money out of all paper assets and into REAL goods before they make good on their promise to flood the world with worthless money. How many more times do you have to hear stuff like this to make your move?
“The last duty of a central banker is to tell the public the truth.” Alan Blinder, Vice Chairman of the Federal Reserve