The Spectacle Blog

Paul vs. Bernanke on Money

By on 7.14.11 | 11:43AM

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. 

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