Topic: Ayn Rand

Ayn Rand's book "Capitalism: The Unknown Ideal" features early essays by Federal Reserve Chairman Alan Greenspan from the 1960s. In these writings, Greenspan argued for a gold standard and criticized the government for becoming socialist while claiming to support a free market. The essays highlight how fiat money systems in private hands grant immense power to banks, a stance Greenspan has since abandoned.

In a 1962 essay for Ayn Rand, Alan Greenspan argued that coercive monopolies cannot exist in a truly free market and that government subsidies, not the market, caused the failure of 19th-century railroads. He characterized the US as a "mixed economy" that is essentially a parasitic socialist system for the rich. These early views on the dangers of the Federal Reserve contrast sharply with Greenspan's current role as its chairman.