Transcript
Chairman: Dr. Paul?
Ron Paul: Thank you, Mr. Chairman. Mr. Bernanke, if you don’t mind, would you tell me whether or not you do your own shopping at the grocery store?
Ben Bernanke: Yes, I do.
Ron Paul: Okay, so you’re aware of the prices. You know, nobody believes this argument about the prices going up by about 2%. The old CPI says prices are going up at 9%, they believe this. The people are really hurting, the middle class are really hurting, because their inflation rate is very much higher than the government tries to tell them, and that’s why they lose trust in government. But this whole idea about prices and the debasement of currency, if you loan me $100 and in 2 years from now I gave you $90 back, you’d be pretty upset. But we pan bad money back, and it’s worth 10% or 15% or 20% less, and nobody seems to be able to do anything about it, and it’s very upsetting. But it’s theft, if I don’t give you your $100 back if you loan me a $100, I’m stealing $10 from you. So somebody is stealing wealth, and this is very upsetting.
But in January, in one of your press conferences, you sort of poked a little bit of fun at people to downplay the 2% inflation rate. But if you say it’s 2% and I say it’s 9%, let’s compromise for the sake of argument that it’s 5%. You said that it doesn’t hurt you unless you’re one of those people who stick their money in the mattress. But where are you going to put it, are you going to put it in a CD and not make any money at all? So this doesn’t make any sense, it doesn’t encourage savings and it just discourages people. But I do want to make a point about prices, because when prices go up, that to me, is not the inflation; it is one of the bad consequences of the inflation which comes from the increase in the money supply and that’s one of the bad affects. But you took over the Fed in 2006. I have a silver ounce here, and this ounce of silver back in 2006 would buy over [14] gallons of gasoline. Today, it will buy almost 11 gallons of gasoline; that’s preservation of value, and that’s what the market has always said should be money. Money comes into effect in a natural way, not in an edict, not by fiat or by governments declaring it is money. But why is it that the two of us can’t consider an option? You allow paper money, I think money should be honest, constitutional, (it’s still in the books), gold and silver legal tender. Why don’t we use it? But why don’t we allow currencies to run parallel, they do it around the world? One of my options, as much as I’d like to do something with the Fed, I say, “The Fed is going to self destruct eventually anyway when the money is gone”. But why wouldn’t we legalize competing currencies, why can’t people save and put this in the mattress and get 4, 5 times as much of the value in a few years? So the record of what you’ve done in the last 6 years is destroying the value of paper money, and, at the same time, real money is preserved. But, as for a competing currency, we already have a silver eager, it’s legal tender for a dollar, and some people say, “Well, it’s legal tender, it’s a dollar, it’s on the books”, and if they use it, they get into being trouble. The government comes and closes them down and they can get arrested for that. But what would be wrong with talking about parallel currencies, competing currencies? This is something that Hayek talked about, something that I think would be a compromise and we could work along those views.
Ben Bernanke: First of all, good to see you again, Congressman Paul. Just one word on the inflation, of course, those numbers constructed by the Bureau of Labor Statistics, not by the Fed, they’re independently constructed and I think they’re done in a very serious and thoughtful way. On alternative currencies, nobody prevents you from holding the silver of gold if you want to, it’s perfectly legal to do that. And it’s also perfectly fine to hold other currencies; Euros or Yen or whatever else. So, in that respect, you can do that, and I’d be happy to talk to you about …
Ron Paul: But, Mr. Chairman, that’s not money. I mean, when you pay taxes to buy a coin, or you have a capital gains tax. If you have to settle a lawsuit, it’s always settled in depreciating Federal Reserve notes, it’s never settled in the real contract. So that’s nobody near money when it’s illegal to use it. But to do it, you’d have to repeal the legal tender laws, you would have to legalize this, you’d have to get rid of the sales taxes, you’d have to get rid of capitals gains taxes. Even in Mexico they’re talking about this, they’re trying to have competing currencies, they’ve been wiped out too many times with inflation wiping out the middle class. They’re allowing people to start to save in a silver currency. So I hope we move along in that direction, because there shouldn’t be any overwhelming changes all of a sudden. There could be a transition and you could vote on it, maybe they’ll give up on a Federal Reserve note and vote for real money.
Ben Bernanke: I’d be very happy to talk to you about it.
Ron Paul: Thank you very much.
—
This is a rush transcript. If you notice any errors please report them using the “Help improve this post” link at the bottom of this post.
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bible= man made, satan= man made.. all religion of this planet are man made.. you can deny that, but it really won’t change my mind.
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you are misinformed. the talmud is inspired by Satan. that is the Jewish religion. The tribes of Israel are patriachial. Jews under satanic law are matriarchal. Ie, they are not jews but pretend to be. Jews are evil. Not Zionists. Talmudists.
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Not all jews are evil, only the zionists are.
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The Fed and the Government have completely fucked america over for the majority of Americans. The select few who have the power take care of themselves and their friends. Its so obvious what Ron Paul says is true and to the benefit of everyone! But for some reason what he advocates is not how it is. I wonder why that is? Because that puts everyone on an even playing field!
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im so fucking tired of usa in every possible way , and im not even sorry …
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Ron=Intellectual Godfather
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Mitt Romney = Judas Goat
If not aware of this olden days’ meaning — here it is:
When sheep are led to be slaughtered, they instinctively feel something is wrong. So, mill around and bleat, but won’t enter the gate leading to the one waiting to smash their heads with a sledge hammer. So, a Judas goat is placed in the pen. The Judas goat is trained to associate with sheep or cattle, leading them through the gate, and passing it safely — while its own life is spared, the ones flowing get their brains bashed!
Mitt will lead us — and at the end of the gate, Bama will wield the sledge hammer….
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And the sheeple keep walking into the slaughter house….so little hope left…I try to talk to people…they all just agree with the professional liars like MATT LAUER BRIAN WILLIAMS…how can these “JOURNALISTS” keep selling this? Don’t they listen?
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Fuck You Bernanke
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The quran told us these 1400 years ago. Real Money is Gold and Silver. It tells us that the only way to economic success is through free markets.
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The only way to prevent voter fraud is to get a receipt.
When I invest into a product — buying a steak at the supermarket per say — they give me a receipt for my investment (shows the item code# and the date and time of my investment (purchasing in good faith, upon accountability by vendor, that I received the right product))!
Elections MUST be held to at least the same standard, as buying a steak — when people invest into their Right To Vote, give them a VALID receipt for their investment!
If States can issue millions of Lottery Tickets weekly, that cannot be forged — why not be FORCED to do the same during the rare elections?!
Without a RECEIPT, what government assurance do you have that your VOTE actually COUNTED…?!
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Wow Ben lied on the first words he said in this video. Who actually believes that this criminal actually does his own shopping when he’s a billionaire?
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The jew, who is entirely evil. ruling people who are entirely dumb and entirely evil as well. the evil jew is even above them, because at least intelligent.
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china doesn’t understand they work for the jew. india doesn’t understand they work for the jew. england doesn’t understand they work for the jew, Germany doesn’t understand they work for the jew. america doesn’t understand they work for the jew. in all these countries, they feel proud. and holy. to be extirely evil. every one of these and every common soul. there is no academic of spiritual mind in any of these countries. none.
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..Is any sure that this kind of talk won’t land Dr Paul in prison? i find it unlikely this kind of behavior was no outlined somewhere.. maybe in In the health care law? maybe they passed a law ron paul hasn’t heard of yet. top secret un secrity code. 90% of americans and 99% of non-americans wouldthink this was sensible, as if Paul should spend time in Gitmo. that’s about right. picture george steponallovus telling saying it with a straight face. He was working will alkieda
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please read thewayhomeorfacethefiredotnet, all questions will be answered.
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“Hon.” Bernanke??? Nice name on the table. lol
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Why do the other 3 “GOP” candidates that have videos on Youtube often censor, block comments and disable likes and dislikes ?
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I’ll bet a lot of you are wondering the same thing I’ve been wondering – did my vote get counted? Despite turnouts at rallies that dwarf anything any of the other candidates have done, Paul is still mysteriously trailing at the polls, despite capturing a majority of delegates. The delegates can be explained by our dedication, but not the lack of votes. It’s really gotten to bother me, so I rolled up my sleeves and made a website where you can register that you voted for Paul, the county, city and precint, name email etc. that also verifies you’re a person and not a bot, so they can’t use THAT against us. I’ve been up till 3am for the last two weeks getting the various pieces to work smoothly and scale so Super Tuesday won’t be a problem. If we all agree to voluntarily disclose our votes, the cheaters won’t be able to cheat any more. Please help spread the word about IVoted4RonPaul.com in time for Super Tuesday. Tell everyone you know, and get them to +1 it and like it and Digg it, etc. I’m getting nothing for this, I’m paying for it myself and I did all the work myself. Your email will never be used or sold to anyone, not even Dr. Paul. But hey, he’s already GOT your email, doesn’t he ?
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KEEP LAUGHING ben , the one who laUGhs last WINS
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I like is approach here.
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This video is 5.24. I have to download this video to be able to watch it past 0.33. What is going on?
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Two questions in six and a half minutes? You’re grandstanding Dr. Paul; please use your time wisely and ask poignant and probing questions. End the Fed, N.E.E.D. Act H.R.2990
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hu cool. What he is suggestion is for the american people to see and decide which is best: paper money or what the market decides?
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We can see Dr. Paul fighting for us right before our eyes. What are the other Presidential candidates doing? Campaigning for votes to get into the White House and f*ck us over.
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9pc! no wonder government is hiding real CPI figure.
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I think I’ve liked this video four times. lol.
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I cant understand why the MAINSTREAM MEDIA wasnt covering this or talking about this all day! I mean, The Doctor is RUNNING for PRESIDENT, is he not?
Well, I take it back, I do understand why they are not covering it, after all we dont want the PEOPLE to WAKE UP, right?
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politics are best left ignored..this is so stupid!! who cares..theses guys are just playing the role..what a joke
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We the people need to unite!!!!! Show the government they work for us¡!!! We don’t work for them!!!!
Power to the People!!!! Ron Paul 2012
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Ron Paul 2012!!!!
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Now what a good question to ask but unfortunately no answer as usual
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It would be nice to get paid in gold and silver instead “monopoly” money.
money with an experation date
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We need more politicians like Ron Paul who stop and take the time to wonder if what they’re doing is the right thing or not for the country’s future/well-being, rather than the kind we currently have that only want to do the right thing for themselves and their political parties.
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why do ppl pay tax when they get not ting back if it was me i would just not take part in the type of world why do ppl pay tax when they get not ting back if it was me i would just not take part in the type of world why do ppl pay tax when they get not ting back if it was me i would just not take part in the type of world why do ppl pay tax when they get not ting back if it was me i would just not take part in the type of world why do ppl pay tax
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