261 responses to “Ron Paul Asks Ben Bernanke: How Do You Define a Dollar?”

  1. DokdoSong

    How is gold money? I still don't understand the logic behind that. Money is:

    1) A store of value
    2) A medium of exchange
    AND 3) Unit of account

    Gold, in any country in the world, does not fit criteria 2 or 3. No financial securities are denominated in gold, gold is not used as a medium of exchange, and therefore gold is not money. A country COULD have gold money by denominating their currency forthwith, but there is no intrinsic quality of gold that makes it money.

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  2. DokdoSong

    It looks like Bernanke answered the question in a way that made Paul look... well... wrong. I hate to say it, but Paul has no idea what he's talking about when it comes to monetary policy.

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  3. Andrew Zinn

    Of course he did: a dollar represents what it can purchase. That's why the Fed's charge is to maintain price stability. I would guess that you've never taken a course in economics, and if you have, that you didn't understand it very well. Much like Dr. Paul.

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  4. Gioxtream

    We are in deep troubles.

    God help us all.

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  5. aviomaster

    U. professor of economics and sociology Zagreb answer what is USA dollar ?
    USA dollar printed paper currency without backing of goods services or gold it is in deep hyperinflation just a question of time when it starts.

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