Regarding Greenspan: the truth is that he has never been able to think for himself.
Ayn Rand was a girl who had lived a rough life. She was able to come to New York, was enthralled with what she saw and decided to make it here. She did make it here and I love her for it.
I read her novels in 1961 and met her and Nathaniel Branden a few months later in New York on a cold winter night. It was a 'lecture' with maybe 13-14 other people attending. Branden's presentation was a complete waste of time. Rand appeared insecure, frail, uncertain. Certainly not what I expected.
Her novels were a major influence on me for a while and continue to influence me to this day. But she had a grasp on only a small part of what is true and what everyone needs to know. It didn't take me long to understand this fact, thinking rationally of course.
Money? Money is nothing more or less than a medium of exchange. Its value is agreed upon by those involved in the exchange.
Gold is a metal and polished gold is prized as a trinket. Long before we had gold the natives here, in the United States, used sea shells from the West Coast as a medium of exchange throughout the various tribes and nations.
The idea of using gold as my foundation of exchange, mined at will by a few companies here and there, is just as ludicrous as using sea shells picked off the beach by Native Americans.
We've advanced beyond that. Now we base the value of money on the ability of a group of people to deliver products and services of value to others.
The value of the currencies utilized by these various groups rise and fall as their collective ability to produce value rises and falls.
Ayn Rand had beautiful eyes.