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Ron Paul vs Ben Bernanke: Is Gold Money?
3491 ResponsesBy RonPaul.com on July 13, 2011
Posted in Federal Reserve, Ron Paul in Congress | Tagged Ben Bernanke, Financial Services Committee, Gold, Inflation | 3491 Responses
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Owned…
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pauly you silly goose, how can you mention debt hikes and slow gdp growth without also mentioning the supply side bullshit that helped anything but the gap between the rich and poor
stop making up this bullshit about getting rid of banks and start talking about redirecting tax cuts to the middle class who will put it back into the economy instead of to the rich who will put it into their offshore bank accounts. but youre crazy so wtf should i expect
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RON PAUL 2012! You want Freedom, Or do you want to have a Pop star for a President!
»crosslinked«
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Mr. Ron Paul was making a very valid and subtle point with the order of his questioning. The money that is created by the reserve is backed up by no tangible good to validate it.
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“Is gold money?” – that’s one of the most stupid and irrelevant questions. First, define your understanding of money before asking a stupid question like this. Does gold represent any value? – sure it does. Does it represent a certain “currency” of a certain country? – hell no! (unless a country makes a gold coin, but then we’re not talking about just gold) Can you expand the “supply” of gold to virtually any size at any time like you could do with money by printing it? – hell no!
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Gold is not money… it is a commodity. So are platinum, silver, copper, to name a few other precious metals. By Paul’s logic, we should have reserves of every type of commodity, such as grains, energy, metals, softs, and livestock. Gold reserves are held in significant quantity by many nations as a means of defending their currency, and hedging against the U.S. Dollar, which forms the bulk of liquid currency reserves. Simply put, we use it to back our dollar.
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The value of gold never changes. The same amount of gold buys you the same quantity of products today as it did 100 years ago, and as it will 100 years from now. Saying that the value of gold is increasing is just another way of saying that your paper dollar is losing its purchasing power. Welcome back to the Gold Standard, boys and girls!!! (P.S. You never left. You were just being lied to.)
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Fiat “money” is what a person will accept as currency. It doesn’t matter what the substance is. I wouldn’t normally accept gold for selling my car or offering my services, but I would accept dollars. Also, the Fed DID spend money by lowering the debt of others. Bernanke should be the most hated man in America. BTW, you college aged intellectuals need to get out of school and get a job! Stop posting on youtube.
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the fed was made to help prevent unstable economics? and yet within 16years they crashed the american economy (1913-1929).
They think they can lie to our faces because we are “too stupid to see it” guy is an arrogant fool that should be charged with treason and executed.
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Speaking of gold vs diamonds: gold is a much better investment, in case of a collapse in the luxury market, since it has all sorts of industrial applications besides just luxury use. Plus you can artificially create diamonds, but not so easily gold.
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b2cw 4i1ii y54t21q ic6mu5
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gold is not money……………..ya want to know what is money? well my only answer is OIL
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I love you Ron Paul!!
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bagvasht heht, hey. vote black man
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Bernanke’s voice was quivering throughout the whole video
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Hconstantine your thinking using current price levels. If money were grounded by gold. Price levels would decline dramatically, potentially back to levels of the very early 1900s. If a house cost $6000 would you still say that that world output is more valuable than gold?
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Ron Paul has got to be the most honest politician around. I love how he keeps it simple and doesn’t talk in circles.
Ron, you’ve got my vote.
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how is any of this good? It’s all denial. America is for sale one deal at a time. They are the elite and have been. So it’s a matter of eased time that the fed will own all of america. the dept is just what will have to be payed back, not in taxes but property and hard liquidity. They can trade it sell it to who ever they want, inside outside they don’t care about the impact it has on us.
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inflation is only good for banks and governments. not the people
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Wow Ben is very long winded. I guess he had a lot of practice on down playing big issues. After all that is his job. No one can blame a guy for doing his job right? Well you can if your job is BS
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Ron Paul should be america’s next president
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Ron Paul is a dumb ass
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Bernanke just got knocked the fuck out!!!!!
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Ron:1
Ben: -2,387,000,000,000
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Ron Paul for President
Jim Traficant VP
Ron Paul will go after the Federal Reserve and the Member Banksters while Traficant goes after the Israeli Lobby and Zionist fucks who have corrupted our Government.
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ENDED!
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Gold and silver were always used as money even since ancient times. The US used to be on the gold standard where the strength of the dollar was backed by how much gold it could buy. The US was taken off the gold standard so now they can just keep printing money which drops the value of the dollar. Paper currency is just paper it can change value at any time. GOLD will always be gold.
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You gotta love those bankers. They are true wizards! They’ve been fervently shafting us and our governments since the creation of the safe. And we all come back for more…
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Ron Paul is an idtion, give every person $16,000??? This guy pulls up crap out of his ass and expects us to believe that what he says is going to work?
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IF you are going to vote republican…. the only Sane choice is Ron Paul…. actually the only non-puppet choice is Ron Paul.
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Ron Paul is a true patriot.
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BUT. THE CONSTITUTION SAYS SO. GOLD IS MONEY…VERY CLEARLY.
IS THIS THE TYPE OF ELEMENT THAT IS BEHIND THE FEDERAL RESERVE ?
NOW. I KNOW WHY USA IS SO FUCKED UP. ANYWAY….I DON’T THINK THEY EVEN CARE….. MOST OF THE USA ARE DUMMIES. DON’T BOTHER..KEEP WATCHING AMERICAN IDOL AND MTV….DID YOU GET ALSO YOUR NEW IPOD PHONE??? OH YES.THOSE ARE THE ISSUES THEY ARE EXPERT ON.
POOR OF USA.
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That Ben Bernanke looks like he could have been more of a “Prick” but was surprisingly controlled and answered rather fairly. Ron Paul made good points as usual. I hope they keep at it, and find a fair solution for all.
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5:01 – He’s thinking “… ah, crap.”
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