ron paul

[jpandlef3]

i have been a big fan of ron paul for quite some time now and yes i know he can be a little girly at times but i for one do not have a saul complex. time for this country to elect a true LEADER and not a flashy, smooth, corrupt career politician.

[inheritance]

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

Jul. 13 2011 - 11:26 am | 180,911 views | 1 recommendation | 86 comments

By AGUSTINO FONTEVECCHIA

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.

see photosGetty ImagesClick for full photo gallery: Ben Bernanke Testifies On The Economy

“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.”

Paul asked Bernanke why central banks didn’t hold diamonds, clearly hinting at his fiat money criticism of the U.S. monetary system. The Fed Chairman told Rep. Paul it was nothing more than tradition, and, as he was attempting to develop his argument, Rep. Ron Paul quickly asked the acting authority of the House of Representative’s Committee on Financial Services, Rep. Bacchus, to excuse him for exceeding his time, as he returned the floor to the Committee. (Read Bernanke To Rep. Paul Ryan: QE2 Created 600,000 Jobs).

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The interesting exchange served as one of the few times Bernanke has been publicly pushed off his comfort zone by an elected official. Rep. Ron Paul brought up the issues that he’s famous for, namely, a sort of allegiance between the Fed and the nation’s most powerful institutions, the illusion of fiat money, and the gold standard. Bernanke, angered and bothered, had no option but to respond. (Read Bernanke’s Contradiction: Minutes Reveal QE3 Talk And Exit Strategy).

http://blogs.forbes.com/afontevecchia/2011/07/13/bernanke-fights-ron-paul-in-congress-golds-not-money/

[PartyTime]

Excellent! So now we can repeal the part of the federal reserve act requiring the government to pay the fed back in gold on the fiat currency they borrowed from the fed.

And if gold is not money, then when FDR put the United States into bankruptcy in 1933, and issued an executives to confiscate all the gold from the people that they were holding in their possessions, why did the government take that $60 BILLION in gold at that time and hand it all over to the fed if gold is not money?

And if gold is not money, then why is it defined as money in the constitution? Is the constitution not the constitution then?

What I think he really meant to say isn't that gold is not money, but that you can't use gold for money per HJR 192. It was declared against public policy to pay any debts in gold or silver and to require any payment in gold or silver to pay any debt. That is more likely what he was really saying.

Edited July 13, 2011 by PartyTime

[Sirius]

[tommyboy]

So Bernanke thinks neither gold nor treasury bills are money. Tell me this; what is money then?

Vote for RON PAUL and get rid of the parasite AKA the FED.

Edited July 13, 2011 by tommyboy