Ron Paul Asks Ben Bernanke: How Do You Define a Dollar?




Ron Paul confronts Fed Chairman Ben Bernanke on monetary policy, and says that Fed policy has not helped to stabilize the economy over the last 30 years or so. Paul asks how the Fed can manage monetary policy if it doesn’t have a definition for a dollar. And, he adds, gold is the true long-term measurement of value

Date: 03/02/2011



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261 Comments:

  1. YOU KNOW THE COCK ROACH IS an interesting creature. some of the present day politicians. I like to, liken to what I call a parasitic cockroach.
    THANK GOD RON PAUL AND HIS, IS NOT ONE OF THEM. GOD BLESS RON PAUL AND ALL OF HIS. GOD BLESS

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  2. Bernake is a cow.
    Ready to be milked by his true captors that he enjoys.
    HOW DOSE IT FEEEEL BEN?????

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  3. Water-board him, Ron!!!

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  4. harryinitiative

    It's funny how Bernanke is blaming the financial crisis. Ron Paul and Peter Schiff have been talking about the financial crisis for so long and no one listened, not even Bernanke.

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  5. Warren Buffet on Gold: "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

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  6. Ron Paul is a drooling moron. I agree with the guy below. Bernake is wondering how low the averag IQ must be in Ron Paul's district. Also, Gold costs $350/oz to mine, smelter and stock. How long will the facade of $1400/oz value be sustained for a commodity with no industrial use.

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    • and yet the average federal note costs between 6 and 7 c to manufacture.

      Aliens from Mars must be wondering, people plant trees and cotton, cut down the tree and harvest the cotton, press it into flat sheets, put some green ink on it with a couple zeros, then put it in a vault and pay people to guard it. Not only that, they are willing to part with a hard physical asset in exchange for this pretty paper that's marked with green ink. The only difference being how many zeros are printed on the notes (they're all the same size, colour and texture).

      I can't eat a federal reserve note. It has no utility (I can't even coat my earphone plug for better reception with green cotton paper, the signal doesn't come through clearly).

      Why do we pay people to cut down trees and harvest cotton for something that has no utility?

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  7. The look on Bernanke's face says, "How did this man out of ALL the men in Congress get this position? *Groan*"

    But Dr. Paul's point is excellent. The dollar has no definition. To say that it is it's value is its relation to buying goods is ridiculous since the value is constantly changing. The dollar is supposed to be of value, which means gold, and THEN it has the power to truly buy goods.

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  8. Libertariandebater

    Here we go again, can’t get a straight answer from the FED Chairman… What a sad joke… There is no definition of a FED Dollar… Bernanke knows this but will not be straight with this honest man… So after all this double speak, what is the definition of the dollar?

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  9. A dollar is supposed to be 1/20th of an ounce of gold....thats it.

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  10. You're correct in that the dollar is a medium of exchange, but a more accurate term is that the dollar is currency, not money. Money is a store of intrinsic value. The dollar is a piece of paper, that has no intrinsic value other than what it can be exchanged for. It doesn't store value in and of itself, and with the flooding of printed dollars into the market, its value will eventually return to its intrinsic value... which is the small store of heat energy released when its lit on fire.

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    • added to this, a Federal Reserve Note, the green piece of paper you use, is NOT a dollar. It is a receipt/claim on a dollar.

      $1 coins issued by the US Treasury are actual 'dollars'. The fact that FRNs are currently accepted to be substitutes for $1 coins doens't actually make them dollars.

      Nickels are currently the only worthwhile money issued by the US Treasury.

      You're spot on though.

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  11. You're correct in that the dollar is a medium of exchange, but a more accurate term is that the dollar is currency, not money. Money is a store of intrinsic value. The dollar is a piece of paper, that has no intrinsic value other than what it can be exchanged for. It doesn't store value in and of itself, and with the flooding of printed dollars into the market, its value will eventually return to its intrinsic value... which is the small store of heat energy released when its lit on fire..

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  12. RoflmaoAtSheepeople

    We need to, as a people to round the filth up tie them to a post or thowe them in jail with the familys, their just as bad if not worst! When is that going to happen.Lets put and end to this once and for all every 40 to 50 years this crap keeps on comeing over and over?
    Give them hell Mr Paul go. Ron Paul in 2012

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  13. RoflmaoAtSheepeople

    We need to as a people to round the filth up tie them to a post or thowe them in jail with thet familys their just as bad if not worst! When is that going to happen.Lets put and end to this once and for all every 40 to 50 years this crap keeps on comeing over and over?

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  14. a dollar is money. money is a medium of exchange. something everyone can agree on to measure the values of goods and services. like an escrow or a third party that holds purchasing power until it's needed.
    that's what Ben meant to say I'm sure of it.

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  15. OaktownWhiteboy

    Sometimes you can't see the problem because you caused the problem. Respect.

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  16. chevycorvette70

    Hello Mr. Frowny face under Paul.

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  17. how dumb is ben bernanky...or is he just blind to the whats really going on? "over the period last 25 years, or so, the stability of unemployment has been much greater then it has been in previous decades"...what? can u say welfare state

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  18. how dumb is ben bernanky...or is he just blind to the whats really going on?

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  19. theblackmanOyeah

    listen to the last statement at 5:11.

    who does this asshole think he is fooling? they just don't give up, do they? propagating lie after lie..... eventually we know where that gets us... back to another lie. is anyone pissed yet?

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  20. theblackmanOyeah

    bernanke needs a bitchslap.

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