Ron Paul Asks Bernanke: "When You Wake Up In The Morning Do You Care About The Price Of Gold? -- Why Doesn't The Fed Just Hold Diamonds Instead?"
Do you care about the price of gold?
Flashback - Ron Paul Vs. Bernanke - July 13, 2011
This clip is the introduction to the hearing and Dr. Paul's complete exchange with Bernanke. It is notable for the the jovial nature of the first 2 minutes as Barney Frank thanks Dr. Paul for his three decades of service in the House. Also, Dr. Paul cracks a joke about the smile on Bernanke's face (and that of his staff) at the mention of Paul's retirement. Funny stuff and then the action begins.
Paul discusses the how the CPI has changed, that the current real rate of inflation is slightly above 10% when it's calculated in the same manner as was done in the 80s under Volcker, then switches gears to discuss the wars, money-printing, the national debt, the Wall Street bailout at the expense of main street, and finally asks Bernanke whether gold is money in the eyes of the Fed.
---
Related reading:
Sep 29, 2011 at 1:07 PM
Reader Comments (14)
China is by far the top holder of US debt, with holdings at $1.153 trillion in April according to US data, and has raised concerns about its investment in the past.
"We hope the US government adopts responsible policy and measures to ensure the interests of investors," foreign ministry spokesman Hong Lei told reporters at a briefing.
http://www.google.com/hostednews/afp/article/ALeqM5gmq67g3FjOd1np3QXSy2WlC2rxhQ?docId=CNG.b1c58d26b0c9564c167c1fae7686eb79.3a1
Professor Dr. Andreas Zimmer, team leader at the Institut für Molekulare Psychiatrie at the University of Bonn, along with Dr. Andras Bilkei-Gorzo, study leader on Zimmer's team, Önder Albayram, principal author on Zimmer's team, and a group of researchers, have discovered that a certain receptor can play a large role in preventing degeneration of the brain.
A receptor is a protein that is capable of binding to other substances which leads to a chain of signals. One receptor in particular, called the cannabinoid-1 (CB1) receptor, allow cannabinoids like THC bind to it, which causes a person to feel the effect of marijuana for example. Now, researchers have found that this receptor plays a role in brain degeneration.
Scientists have found that the CB1 receptor has a signal system that protects nerve cells. When the receptor is switched off, the brain ages much faster.
http://www.dailytech.com/Cannabinoid1+Receptor+Protects+Brain+from+Rapid+Degeneration+/article22138.htm
http://revolutionarypolitics.tv/video/viewVideo.php?video_id=15710
a good summary of the hearings...
http://www.marketwatch.com/story/us-requests-for-jobless-benefits-fall-to-405000-2011-07-14
“We are not prepared at this point to take further action,” Bernanke told the Senate Banking Committee, in the second of two days of testimony to Congress on monetary policy.
http://www.marketwatch.com/story/fed-doesnt-have-itchy-trigger-finger-bernanke-2011-07-14
http://www.boston.com/news/nation/washington/articles/2011/07/16/obama_bypassing_warren_for_consumer_bureau_officials_say/
As far as Bernanke's statement I found it more profound that he seemed stumped and began to back peddle after Dr. Paul questioned him about diamonds. Cleaver on the Dr.'s part to because had he not mentioned it, Bernanke's statement could have been explained as misunderstood at first. Differentiating printed money as to gold regarding the definition of currency.
Truly it was a lesson for me and I think I am not alone on the topic. Though I understand that many other people do. However it's why I think it is another great point by Dr. Paul. He is a great teacher and that is what we really need in office.
I'll be sharing this one for sure. Thanks guy's!
http://youtu.be/0L8sHIU8YAg