The writing is too boring for me to do more than skim this, and the ideas I skimmed are too common for me to care.
"His own ownership of the valuable thing is diluted. He would be cheated."
Well, by golly, we should force all those greedy cheats at the gold mining companies to shut down ... they're diluting ownership of a valuable thing. What an epiphany.
My favorite part of Alan Greenspan is when he got the money machine cranking and dumped billions into the market right before Y2K.
Those dollars pumped up the Nazdog and KERBLAM! five months later - Nazdog CRASH!
Which turned the market bad, and was enough to defeat Al "Mein Planet" Gore.
So the moral of the story is...I have no idea whatsoever what Alan Greenspan is talking about when he testifies before congress.