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Paul vs. Bernanke on Money

We're going to miss these moments when Ron Paul leaves Congress. Here he is asking Fed chairman Ben Bernanke whether gold is money: 

 

In a way, they are both right. Gold definitely meets the criteria of money in a very broad sense. Nevertheless, gold appears nowhere in the Federal Reserve's official measures of money, and for good reason. It simply isn't used as a medium of exchange in the U.S. 

View all comments (26) | Leave a comment

Clint| 7.14.11 @ 11:56AM

"Bernanke went on to acknowledge that gold is an asset and that central banks hold it as reserves. Paul demanded to know why the Fed didn't hold diamonds as an asset instead of gold if it wasn't really money and Bernanke, who seemed stumped, said it was a "long term tradition."

Noolasi Luapnor | 7.14.11 @ 12:51PM

The humor value that Ron Paul provides doesn't make up for the poisonous ideas he spreads within the Republican party, like blaming America for violence in the Middle East. (Please feel free to cut and paste your standard response, again showing that Ron Paul is not a Conservative. No true Conservative would EVER blame America for violence in the Middle East.)

Ron Paul is so batty he sometimes makes someone like Bernanke look sane. Gold is a precious metal. It's an asset. It's not money. You can't go out and dig up a lump of gold and plop it down on the counter at Walmart and by your cheese puffs with it. Ron Paul was grinning like he thought he'd scored some kind of point, but all he did was show why we'll be better off when he fades away.

Clint| 7.14.11 @ 2:04PM

More Traitor Bastard Israel Firster Slandering Lies By The Neo-Chickenhawk Coward.

Tell Us About The Great Hidden Tax & How Pegging Gold Would Squash That Scam.

Then, Tell Us All About QE3, Plastic Faux Professor Economics.

You're Up Israel Firster Agenda Creep.

Clint| 7.14.11 @ 2:12PM

Get Bent Knesset Clown.

We Know That The CIA's bin Laden Chief Agrees & Backs Up Dr. Ron Paul.

" Michael Scheuer, who was the head analyst at the CIA’s bin Laden unit, Alec Station, and authored the books Through Our Enemies Eyes and Imperial Hubris, said “I thought Mr. Paul captured it the other night exactly correctly. This war is dangerous to America because it’s based, not on gender equality, as Mr. Giuliani suggested, or any other kind of freedom, but simply because of what we do in the Islamic World – because ‘we’re over there,’ basically, as Mr. Paul said in the debate.”

Scheuer also agreed with Dr. Paul’s statement in the debate that the war in Iraq was a diversion from capturing or killing Osama bin Laden and that bin Laden was “delighted” that the U.S. is occupying Iraq as it has become a training ground and recruiting tool for new jihadists joining the movement."

Occam's Tool| 7.14.11 @ 6:42PM

Hiya, Clint. That other guy wasn't me, although

Ron Paul IS a Loon. Don't tax your 302 Neurons, Clint. Paul is an ignoramus on foreign affairs who called Ronald Reagan a failure.

Clint| 7.14.11 @ 6:59PM

I Wasn't Addressing You Tool Job.

However, apparently You think You're A Traitor Bastard & A Knesset Clown,Yourself.

Fool Know Thyself.

Clint| 7.14.11 @ 7:09PM

Aaaand, You're An Israel Firster Traitor Bastard,Tool Job.
Do Your Homework,Mensa Moron.
Ronald Reagan,
"Perhaps we didn't appreciate fully enough the depth of the hatred and the complexity of the problems that made the Middle East such a jungle. Perhaps the idea of a suicide car bomber committing mass murder to gain instant entry to Paradise was so foreign to our own values and consciousness that it did not create in us the concern for the marines' safety that it should have.

In the weeks immediately after the bombing, I believed the last thing that we should do was turn tail and leave. Yet the irrationality of Middle Eastern politics forced us to rethink our policy there. If there would be some rethinking of policy before our men die, we would be a lot better off. If that policy had changed towards more of a neutral position and neutrality, those 241 marines would be alive today."

Occam's Tool| 7.14.11 @ 7:36PM

Yes, I may be a bastard, but you are a Catamite for terrorists, C(lint) Elegans.

By the way, on abortion, Paul pales next to my former Rep, the AWESOME Robert Aderholt:

Republican Representative (AL-4): Click here for 16 full quotes OR click here for Robert Aderholt on other issues.
Voted NO on expanding research to more embryonic stem cell lines. (Jan 2007)
Voted NO on allowing human embryonic stem cell research. (May 2005)
Voted YES on restricting interstate transport of minors to get abortions. (Apr 2005)
Voted YES on making it a crime to harm a fetus during another crime. (Feb 2004)
Voted YES on banning partial-birth abortion except to save mother’s life. (Oct 2003)
Voted YES on forbidding human cloning for reproduction & medical research. (Feb 2003)
Voted YES on funding for health providers who don't provide abortion info. (Sep 2002)
Voted YES on banning Family Planning funding in US aid abroad. (May 2001)
Voted YES on federal crime to harm fetus while committing other crimes. (Apr 2001)
Voted YES on banning partial-birth abortions. (Apr 2000)
Voted YES on barring transporting minors to get an abortion. (Jun 1999)
Rated 0% by NARAL, indicating a pro-life voting record. (Dec 2003)
Rated 100% by the NRLC, indicating a pro-life stance. (Dec 2006)
Prohibit transporting minors across state lines for abortion. (Jan 2008)
Bar funding for abortion under federal Obamacare plans. (Jul 2010)
Grant the pre-born equal protection under 14th Amendment. (Jan 2007)

Aderholt NEVER trims or Compromises, unlike Putrid Paul or C(lint) Elegans.

Clint| 7.14.11 @ 7:54PM

The Screwball Nut Bag Fixated Israel Firster Traitor Bastard, Tool Job Is All Upset & Atwitter
Because No Presidential Candidate Voted Against Abortion More Than Our Tea Party presidential Candidate Dr.Ron Paul.

We'll See Your Traitor Ass At The 2012 GOP Primaries, Israel Firster Tool Job.

Occam's Tool| 7.14.11 @ 7:33PM

No, I'm saying you are a maggot. This is Aderholt on abortion issues, moron:

Republican Representative (AL-4): Click here for 16 full quotes OR click here for Robert Aderholt on other issues.
Voted NO on expanding research to more embryonic stem cell lines. (Jan 2007)
Voted NO on allowing human embryonic stem cell research. (May 2005)
Voted YES on restricting interstate transport of minors to get abortions. (Apr 2005)
Voted YES on making it a crime to harm a fetus during another crime. (Feb 2004)
Voted YES on banning partial-birth abortion except to save mother’s life. (Oct 2003)
Voted YES on forbidding human cloning for reproduction & medical research. (Feb 2003)
Voted YES on funding for health providers who don't provide abortion info. (Sep 2002)
Voted YES on banning Family Planning funding in US aid abroad. (May 2001)
Voted YES on federal crime to harm fetus while committing other crimes. (Apr 2001)
Voted YES on banning partial-birth abortions. (Apr 2000)
Voted YES on barring transporting minors to get an abortion. (Jun 1999)
Rated 0% by NARAL, indicating a pro-life voting record. (Dec 2003)
Rated 100% by the NRLC, indicating a pro-life stance. (Dec 2006)
Prohibit transporting minors across state lines for abortion. (Jan 2008)
Bar funding for abortion under federal Obamacare plans. (Jul 2010)
Grant the pre-born equal protection under 14th Amendment. (Jan 2007)

PERFECT SCORE, unlike Paul.

Clint| 7.14.11 @ 8:09PM

And I'm sayin' You're A Fixated Fanatic Israel Firster Screwball & One Sorry-Ass Excuse For A Government Shrink.

Aaaaand, No Presidential Candidate Voted Against Abortion More Than Our Tea Party Presidential Candidate Dr. Ron Paul.

Voted NO on expanding research to more embryonic stem cell lines. (Jan 2007)
Voted NO on allowing human embryonic stem cell research. (May 2005)
Voted NO on restricting interstate transport of minors to get abortions. (Apr 2005)
Voted NO on making it a crime to harm a fetus during another crime. (Feb 2004)
Voted YES on banning partial-birth abortion except to save mother’s life. (Oct 2003)
Voted NO on forbidding human cloning for reproduction & medical research. (Feb 2003)
Voted YES on funding for health providers who don't provide abortion info. (Sep 2002)
Voted YES on banning Family Planning funding in US aid abroad. (May 2001)
Voted NO on federal crime to harm fetus while committing other crimes. (Apr 2001)
Voted YES on banning partial-birth abortions. (Apr 2000)
Voted NO on barring transporting minors to get an abortion. (Jun 1999)

Oldefarte| 7.14.11 @ 3:56PM

Money is defined as METAL COINS OR PAPER NOTES THAT ARE USED AS A MEDIUM OF EXCHANGE. As such, gold was a medium of exchange before being replaced by paper notes, so yes gold should be rightfully considered money!!!!!!!!!

Noolasi Luapnor | 7.14.11 @ 8:16PM

By that definition, gold COINS are money, sure. So are zinc/copper coins. It's not the material that makes it money it's the fact that the metal has been turned into coins that are used as a medium of exchange.

I've got some gold American Eagles in the safe deposit box. I've also got some gold jewelry there. The former is money and the latter isn't even though both are gold. I wouldn't use the former as money because the metal itself is worth more than the face value. I'd sell the gold and then use the money I got from that sale.

You can't spend gold in this country. You can barter with it I guess, but you can barter with your old cabbage patch dolls or anything else someone is willing to accept in exchange for something else.

Ron Paul is a loon. Does he have any followers who know which words to capitalize and how to use simple punctuation?

Clint| 7.14.11 @ 8:24PM

We Notice, You Tell Us About The Great Hidden Tax & How Pegging Gold Would Squash That Scam.

Then, Tell Us All About QE3, Economic Buffoon.

You're Up Israel Firster Whack Job.

Red Phillips| 7.15.11 @ 9:51AM

Also NL, gold (and silver) USED TO BE money. That it is no longer official money is what Paul is bemoaning. (Isn't that what conservatives do? Like the way things used to be.) Ever heard of "pieces of eight?" Look it up. Ever heard the cheer "two bits, four bits, six bits, a dollar...?" What might that cheer be referencing? A very early act of Congress was to define the dollar as a FIXED WEIGHT of silver. Please educate yourself next time before you spout off. I only have so much time.

Red Phillips| 7.15.11 @ 9:40AM

NL, a conservative takes the facts as they are and doesn't warp them to fit their ideology. Did America's installation of the Shah not lead to the revolution in Iran and the installation of the Ayatollah? Of course it did. It would be foolish to deny this, and I DARE you to deny it and thus reveal your ideological laden ignorance.

Actions have consequences, and your Otteresque grandstanding doesn't change that. (Google "the otter defense")

American meddling in the Middle East clearly contributes to Muslim anger toward us. This is NOT disputable. Again, I DARE you to dispute this and reveal your ideological laden ignorance. It may not be the only thing cause. It may have to act on the template of Islam. But that our meddling "contributes" to the anger is simply not disputable.

Handy| 7.14.11 @ 2:29PM

I would have followed up with, "OK, Mr. Chairman, then please define money for us." It's always funny to see the experts sputter over that one.

Ryan| 7.14.11 @ 12:49PM

This is EXACTLY why Ron Paul needs to stay in the House. He asks real questions and pushes guys like Bernanke to give real answers.

Occam's Tool| 7.14.11 @ 6:46PM

Dear Ryan,

But Dowctuh Pawl wants to be Pwesident weal, weal, bad, so he can hunt those wabbits. It is not his fiscal formualtions that are the problem, it's the international bloodshed he would ause among our allies and eventually us. The man has all the foreign policy insight of a brain damaged C(lint) Elegans. And since C Elegans starts off with only 302 Neurons, that's not much.

Incidentally, I have an MD, too. Paul underwhelms.

And yes, Gold is a medium of exchange. Bernanke works for Obama. 'Nuff said.

Clint| 7.14.11 @ 7:14PM

"
Asked & Answered Screwball Israel Firster Bibi Boy.

Ronald Reagan,
"Perhaps we didn't appreciate fully enough the depth of the hatred and the complexity of the problems that made the Middle East such a jungle. Perhaps the idea of a suicide car bomber committing mass murder to gain instant entry to Paradise was so foreign to our own values and consciousness that it did not create in us the concern for the marines' safety that it should have.

In the weeks immediately after the bombing, I believed the last thing that we should do was turn tail and leave. Yet the irrationality of Middle Eastern politics forced us to rethink our policy there. If there would be some rethinking of policy before our men die, we would be a lot better off. If that policy had changed towards more of a neutral position and neutrality, those 241 marines would be alive today."

Occam's Tool| 7.14.11 @ 7:34PM

Yes, he was right. The USA shouldn't have protected the PLO or the Palestinians in Gaza, like Paul.

Clint| 7.14.11 @ 8:13PM

You're A Slandering Liar Fixated Screwball Israel Firster Nut Case, Tool Job.

“Our military’s purpose is to defend our country, not to police the
Middle East.

“As the President prepares to send even more support to Egypt, we should
be reminded that it was our foreign aid that helped Mubarak retain power
to repress his people in the first place. Now we have to deal with the
consequences of those decisions, yet we keep repeating the same mistakes.

“I am not the only one who can see the absurdities of our foreign
policy. We give $3 billion to Israel and $12 billion to her enemies.
Most Americans know that makes no sense.

“We need to come to our senses, trade with our friends in the Middle
East (both Arab and Israeli), clean up our own economic mess so we set a
good example, and allow them to work out their own conflicts.”

fwb| 7.14.11 @ 3:14PM

Regardless of opinions the ONLY legal money under the Constitution for the United States are gold and silver coins (Article I, Section 8, Paragraph 5 and Article I, Section 10, Paragraph 1).

Because of how paper is traded, paper is a bill of credit, an item discussed and supposedly banned by the Framers.

The feds have no authority to determine what is or is not legal tender (i.e. money.) and neither do the people. Only States can determine "legal tender". The People however do hold the authority to accept whatever exchange medium they wish in their transactions.

carol| 7.14.11 @ 3:32PM

at 1500.00 an ounce, I wouldn't be at wallmart with it
but I could definately find someone to buy it.
Let's see if I had bought it for 400.00 an ounce
let's see value????duh...

Oldefarte| 7.14.11 @ 4:02PM

Paul may have some weird ideas, but I'm beginning to think he's far more sane than is Bernanke, who is so far up this administration's rear that his bald head is popping out its navel [not only was QEI & II bad ideas, but now the fool is contemplating QEIII, and the futuristic inflation from same will make Carter's look like a walk in the park]!!!!!!!!!

yisong| 10.29.11 @ 2:11AM

slewing bearing can be widely used in heavy platform vehicle, container cranes, truck crane, high-altitude vehicles, sun-following solar power systems engineering and the new field of energy. http://www.1stbearing.com

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