Bernanke Fights Ron Paul In Congress: Gold Isn't Money

Jul. 13 2011 - 11:26 am | 149,605 views | 1 recommendation | Bernanke faced Ron Paul in Congress - H4cblog

Chairman Ben Bernanke faced-off with Fed-hating Representative Ron Paul during his monetary policy report to Congress on Wednesday.  The head of the Fed was forced to respond to accusations of enriching already rich corporations while failing to help Main Street, while he was pushed on his views on gold.  When asked whether gold is money, Bernanke flatly responded “No.” (See video below).

While most of Bernanke’s reports to Congress serve politicians to pursue their own agendas by gearing the Chairman towards their issues, with Republican Rep. Bacchus talking of the unsustainability of Medicaid and Rep. Frank (D, Mass.) asking about the need to raise the debt limit without cutting spending, it was a stand-off between Bernanke and Ron Paul that took all the attention. (Read Apocalyptic Bernanke: Raise The Debt Ceiling Or Else).

Rep. Ron Paul, Republican for Texas, asked Bernanke why a capital injection of more than $5 trillion “hasn’t done much” to help the consumer, who makes up about two-thirds of GDP in the U.S., and prop up the economy, while it helped boost corporate profits.  “You could’ve given $17,000 to each citizen,” Ron Paul claimed.

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Bernanke, clearly on the defensive, told Rep. Ron Paul that his institution hadn’t spent a single dollar, rather, the Fed has been a “profit center” according to the Chairman, returning profits to the federal government.  As Bernanke began to sermon Rep. Paul on the history of the Fed (“we are here to provide liquidity [in abnormal situations],” the Chairman said), he was interrupted.

“When you wake up in the morning, do you think about the price of gold,” Rep. Paul asked.  After pausing for a second, Bernanke responded, clearly uncomfortable. that he paid much attention to the price of gold, only to be interrupted once again.

“Gold’s at about $1,580 [an ounce] this morning, what do you think of the price of gold?” asked Rep. Paul.  A stern-faced Bernanke responded people bought it for protection and was once again cut-off, with Ron Paul once again on the offensive.

“Is gold money?” he asked.  Clearly bothered, Bernanke told the representative, “No. It’s a precious metal.”

After Paul interrupted him to note the long history of gold being used as money, Bernanke continued,”It’s an asset.  Would you say Treasury bills are money? I don’t think they’re money either but they’re a financial asset.”

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Bernanke Ron Paul fights in Congress: Gold is not money

Jul 13 2011-11: 26 pm | 149,605 Views | 1 Recommendation |  Bernanke faced Ron Paul in Congress - H4cblog

Chief Ben Bernanke faced - off with fed hating Representative Ron Paul during his monetary policy report to Congress on Wednesday.  The head of the Fed was forced, to respond to the allegations while failed to help main while he was pushed on his views on Gold Street, enrich already rich corporations.  The question of whether Gold is money, responded bluntly "no," Bernanke. (See video below).

Serve as the most Bernanke's call for of non sustainability Medicaid and Republic Frank (D mass.) reports to the Congress politician, to pursue their own agenda, is the Chairman of their issues with Republican Republic Bacchus talk focusing on the need to raise debt without issues, it was a stand-off between Bernanke and Ron Paul, who took all the attention. (Read apocalyptic Bernanke: the debt increase ceiling or otherwise).

Republic of Ron Paul, Republican for Texas, asked why a capital injection of more than $5 trillion "did not much" to help the consumer, in which about two-thirds of GDP in the United States, and which support economy, while it helped boost profits Bernanke.  "You $17,000 every citizen may have been," said Ron Paul.

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Bernanke, no single dollar spent on the defensive, told Republic of Ron Paul, that his institution had the Fed was the Chairman, again gains to the Government rather "Profit centre" according to.  When Bernanke Republic Paul about the history of the Fed began preaching ("We are here to liquidity [in abnormal situations]," said the Chairman), it was interrupted.

Republic Paul asked "When you wake in the morning up, do you think about the price of gold".  After stopping the for a second, Bernanke responded, clearly uncomfortable. that much on the price of gold attention, only to be interrupted again.

"Gold's at about $1,580 [an ounce] this morning, what you think of the price of gold?" asked Paul Republic.  A stern-faced Bernanke replied people bought it for protection and was once again cut off with Ron Paul again on the offensive.

"Gold is money?" he asked.  Clearly disturbed, Bernanke said representatives of the "No." "It is a precious metal."

After Paul, interrupted to note the long history of gold as money, Bernanke drove him continued: "It is an asset."  Would you say bills are money? I don't think that they are either money, but they are a financial asset. "

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