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.

He currently works as a private adviser and provides consulting for firms through his company Greenspan Associates LLC. Greenspan attended George Washington High School from 1940 until he graduated in June 1943 where one of his classmates was John Kemeny.

First appointed Federal Reserve chairman by President Ronald Reagan in August 1987 he was reappointed at successive four-year intervals until retiring on January 31 2006 after the second-longest tenure in the position. Although he was subdued in his public appearances favorable media coverage raised his profile to a point that several observers likened him to a "rock star". Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts that they felt would increase the deficit.