Government

‘Is Gold Money?’: Ron Paul Grills Bernanke on Fed Policies

Congressman Ron Paul skewered Federal Reserve Chairman Ben Bernanke yesterday in a U.S. House Financial Services Committee Meeting amidst growing rumors that the Fed is turning on the money spigot for a third round of quantitative easing.

‘Is Gold Money?’: Ron Paul Grills Bernanke on Fed PoliciesRep. Paul opened the discussion with deep concerns about the future of the economy, stating his disbelief in forecasts of better times ahead. The congressman pointed out that the $5 trillion already injected into the U.S. economy through borrowing has been totally ineffective at improving the overall economic situation of Americans.

He went on to cite a few sobering statistics: on Obama’s watch, the National Debt went up $5 trillion, average unemployment used to be 17 weeks — now it’s 40 weeks, and prices have gone up 9% every year. Paul also pointed out that if consumer spending were truly important to the economy,  the federal government could have given a check for $17,000 to every man, woman, and child in America for the cost of the $5 trillion debt increase.

If you want to watch the most combative part of the exchange, skip right to the 5:00 minute mark of the video below. Here is an abbreviated transcript of it:

Rep. Paul: Do you think Gold is Money?

Bernanke: No….

Rep. Paul: It’s not money? Even if it was a precious metal for 6000 years somebody reversed that, eliminated that economic law?

Beranke: Well…it’s an asset. Would you say treasury bills are money? I don‘t think they’re money either.

Rep. Paul: Why do Central Banks hold it?

Bernanke: It’s a form of reserves.

Rep. Paul: Why do central banks hold it? Why don’t they hold diamonds?

Bernanke: Tradition, long term tradition…

Rep. Paul: Some People Still think it’s money….

Comments (160)

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  • Islesfordian
    Posted on July 14, 2011 at 11:27am

    “Gold is not money” That tells you everything about these guys economic philosophy. They think they can create an economy by fiat.

    Report Post » Islesfordian  
    • Jefferson
      Posted on July 14, 2011 at 12:32pm

      They are destroying this economy on purpose to drive the once great nation into 3rd world status, to integrate it into the North American Union. (Canada, Mexico, USA)
      This has been the plan all along.
      Only Ron Paul understands this, and will stand against it.
      If Ron Paul doesn’t win, then America will go up in flames.
      The future is in your hands.
      Don’t get fooled again!!
      RonPaul2012DOTcom

      Report Post »  
    • Susan Harkins
      Posted on July 14, 2011 at 12:37pm

      And again, in 2012…

      …Ron Paul gets our family’s votes.

      Report Post » Susan Harkins  
    • ILUVJESUS
      Posted on July 14, 2011 at 1:01pm

      You are on target, so right!

      Report Post » ILUVJESUS  
    • drphil69
      Posted on July 14, 2011 at 2:09pm

      I once heard a lib say that the government creates wealth by printing money… looks like Mr. B. believes this as well…

      Report Post »  
    • OneofMany
      Posted on July 14, 2011 at 2:25pm

      @IslesfordianL

      The Fed said gold wasn’t money, but they obviously don’t believe that as they are rumored to have taken all the gold from Fort Knox (the US people’s Gold) as security for our national debt which is owed to the Fed (a private corporation )… They want people to believe that thier printed notes are money, but they know too well that money is anything of value anything that can be traded. Gold is called a precious metal because of it value in millions of applications… in a famine, it wouldn’t be worth much compared to wheat, but short of a famine, gold has been the base of ALL economies since civilization. The Fed knows then and it’s why they seek to confiscate YOUR gold and pay you back with a worthless piece of paper that is only as good as the trust the people have for it. Hence his answer is to help bolster your trust in his worthless paper.

      Report Post » OneofMany  
    • Heitah
      Posted on July 14, 2011 at 2:48pm

      “Gold is not money” That tells you everything about these guys economic philosophy. They think they can create an economy by fiat.

      I think the person who posted this is absolutely right!

      Report Post » Heitah  
    • ConstitutionalPatriot
      Posted on July 14, 2011 at 3:12pm

      Gold isn’t money, treasury notes aren’t money either, (both Bernanke’s quotes). But the real news is the turning over of 125 Billion dollars in profits… Where did they come from? The Federal reserve has only printed out the money it loans to the U.S. Government, actually, not even 1 dollar more to attempt to pay the loan. So when did they turn over more money then the Fed Government borrowed? In truth he lied. They turn nothing over to the United States Government except loans. This is why we are in deep trouble.

      Example of this system would be:

      You have a credit card. You use it to a spend $1000.00 in a month
      You only pay the interest on the $1000.00, not the $1000.00. Next month you spend $1000.00
      You now owe $2000.00 plus interest, you pay only the interest. Same the next month and the next month… You do this for 98 years, (that is how long the U.S. Gov has been doing this), you owe over $14,000,000,000,000.00 plus interest. What do you do?

      Think of this; raising the Debt limit equates to you getting another credit card, on top of this credit card you owe 14 trillion dollars on. Do you think raising the debt limit is the right, or wise, thing to do?

      Report Post » ConstitutionalPatriot  
    • Talmid of Yeshua
      Posted on July 14, 2011 at 3:18pm

      Didn’t our Founding Fathers require the gold standard as our only form of currency? Am I mistaken?

      Report Post » Talmid of Yeshua  
    • BlazingPatriot
      Posted on July 14, 2011 at 3:35pm

      Forget gold as it is too costly at the current price for the average US citizen.

      ATTENTION …. Start aggressively stashing the following:

      * Pre 1982 U.S. copper pennies (95% copper) currently worth almost 3¢ each
      http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html

      * All US nickels ever minted (74% copper – 25% nickel)
      http://www.survivalblog.com/nickels.html

      Report Post » BlazingPatriot  
    • louise
      Posted on July 14, 2011 at 3:43pm

      I supported him the last time, and will again this time.
      He is my President
      Ron Paul 2012

      @ Jefferson, amen1

      Report Post » louise  
    • Bulldog43
      Posted on July 14, 2011 at 5:33pm

      @ Jefferson – I see your point, but please dont make the mistake of thinking that Paul is the only one understanding that.

      Report Post »  
    • 101
      Posted on July 14, 2011 at 5:44pm

      Put this in your search bar: “ Mandrake Mechanism ” and read why worthless money is worth more the more worthless it becomes, you’ll understand why congress is so eager to create more debt!

      Attn: The Blaze do not censor this out again, it doesn‘t violate any of your policy’s

      Report Post »  
    • Eblaze44
      Posted on July 14, 2011 at 6:05pm

      Gold is NOT money and never has been. Money is a concept rather than an actuality. Money, dollar bills or coin, represents a value that can be exchanged for some other item of value. say a bag of wheat. if a bag of wheat had the same value as a bag of carrots – you wouldn’t want to haul around a bag of carrots to get that bag of wheat – and what if the wheat owner didn’t want carrots but a bag of diamonds. So people invented the concept of money – something that represents value that can be exchanged for that bag of wheat so the wheat owner can take the money and get his bag of diamonds.

      Yes, it’s true – gold has value – but it is not money. Silver is not money. Just as a bag of wheat or carrots are not money.

      Report Post » Eblaze44  
    • 101
      Posted on July 14, 2011 at 6:13pm

      Fox News reported this: Utah legalize gold and silver coins as currency

      SALT LAKE CITY – Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being “as good as gold.”
      To make that point, they’ve turned it around, and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes.

      Read more: http://www.foxnews.com/us/2011/05/22/gold-silver-coins-legal-currency-utah/#ixzz1S7VnWZjW

      Report Post »  
    • jhaydeng
      Posted on July 14, 2011 at 6:51pm

      It’s a shame that the general population looks at Paul as a kook because if they researched what they have been taught they would realize he was right all along!

      Report Post »  
    • avenger
      Posted on July 14, 2011 at 7:09pm

      hey,I will take all that non money off your liberal hands..call me !

      Report Post »  
    • AmericanPatriot01
      Posted on July 14, 2011 at 8:02pm

      Ron Paul will end the Dominance of the FED and their FIAT money scheme and they know it. That is why FOX and the rest of the Media refuse to admit that Ron Paul is a serious contender for the presidentail office. He would end the FED and the IRS!! He would put us back on the giold standard and remove the progressive federal income tax. Replacing it with a consumer tax when you spend it on goods and products. No one else is talking about solutions! RON PAUL is the ONLY ONE!! Everyone else is talking about the problems and the symptoms of the disease, Ron Paul knows how to cure the problem!

      RON PAUL for President 2012!!!!!!!!!!!!

      Both the Established RINO Republicans and the democRats are afraid of these possibilities because they depend on the control over the money supply to subvert and control the people.

      Report Post » AmericanPatriot01  
    • OKC08GT500
      Posted on July 14, 2011 at 9:39pm

      If gold is money, try walking into your local Ford dealership, plunking down a bag of gold coins and driving off with a brand new Shelby GT500.

      Report Post » OKC08GT500  
    • Luke21
      Posted on July 14, 2011 at 10:47pm

      @EBLAZE44

      From Webster’s dictionary, circa 1880:
      Money
      MONEY, n. plu. moneys.

      1. Coin; stamped metal; any piece of metal, usually gold, silver or copper, stamped by public authority, and used as the medium of commerce. We sometimes give the name of money to other coined metals,and to any other material which rude nations use a medium of trade. But among modern commercial nations, gold, silver and copper are the only metals used for this purpose. Gold and silver, containing great value in small compass, and being therefore of easy conveyance, and being also durable and little liable to diminution by use, are the most convenient metals for coin or money, which is the representative of commodities of all kinds, of lands, and of every thing that is capable of being transferred in commerce.

      2. Bank notes or bills of credit issued by authority, and exchangeable for coin or redeemable, are also called money; as such notes in modern times represent coin, and are used as a substitute for it. If a man pays in hand for goods in bank notes which are current, he is said to pay in ready money.

      3. Wealth; affluence.

      Money can neither open new avenues to pleasure, nor block up the passages of anguish.

      So while your definition may agree w/ mr. b’s, history (& common sense) don’t.

      Report Post »  
    • Luke21
      Posted on July 14, 2011 at 10:57pm

      @OKC08GT500

      I can‘t say I’ve tried buying a car w/ it, but I have made purchases w/ it. Have you actually tried what you’re suggesting? My guess is, if you brought enough of the stuff, you’d find a dealer that would deal… conjecture, I admit.

      PS Thank you for your service & God bless you.

      Report Post »  
    • 101
      Posted on July 14, 2011 at 11:09pm

      @OKC08GT500

      I’ll buy your gold & you can go buy that car : )

      Report Post »  
  • frustratedwithgovt
    Posted on July 14, 2011 at 11:27am

    It may be more accurate to say that gold is what we compare our worthless pieces of reserve notes against. What we can buy with a 1 oz gold coin has remained pretty much unchanged over time. The inflationary nature of fiat currency is what drives prices up. That said I think Ron Paul was right on the money in grilling Bernakenstien.

    Report Post » frustratedwithgovt  
    • Professional Infidel
      Posted on July 14, 2011 at 2:05pm

      1 oz AU, buys a new pair of shoes and a new suit, then and now!! constant value!!!!

      Report Post »  
    • tradexpertbuysell
      Posted on July 14, 2011 at 6:26pm

      Gold may not be money but it has been our standard for the past 200 years as well as the world’s for 5,000 years. It also is a mesure that tells us that Bernanke is a crook or a man at best suffering from insanity. In any case, Gold is the report card that tells is the FED and the Obama Administration stinks on ice!

      Grade: F-

      Report Post »  
  • cloudsofwar
    Posted on July 14, 2011 at 11:23am

    i think ben is right, gold is not money it is an investment. you have to sell it(hopefully at a profit) for money. now when we were on the gold standard you could turn in your dollars at the fed for gold. now you can’t take your gold to the fed for dollars, you have to sell it on the open market. i think it’s time to go back on the gold standard. If we did that Congress would say how many dollars you will get for your gold and they would have gold to back the green back. no more printing money out of the thin air. so because of that it will never happen.

    Report Post »  
    • No Free Beer
      Posted on July 14, 2011 at 11:31am

      Gloudsofwar, I think you’re mistaken. Just look at the US Constitution…gold and silver are legal tender…

      Report Post » No Free Beer  
    • cloudsofwar
      Posted on July 14, 2011 at 11:43am

      no free beer………. not in this government, because we are not on the gold standard.

      Report Post »  
    • gemologist
      Posted on July 14, 2011 at 12:07pm

      Bah, I don’t buy it, I hold gold and silver as money, I then trade it for the intermediary, $USD, and then purchase the goods with it that can be held as securities, or as investments. The dollar is simply the most accepted form of currency, if gold and silver were more widely accepted, then they would be used more as actual money. I have always accepted gold and silver as payment personally.

      Report Post »  
    • Dismayed Veteran
      Posted on July 14, 2011 at 12:56pm

      Actually gold and silver are not part of the Constituion but they were the standard accepted by many countries. Gold became money when the Gold Standard Act of 1900 was past and set the specific worth of US gold coins. In 1933, legislation was passed prohibiting the private ownership of gold by our buddy FDR. President Nixon took the US of the gold standard.

      We have a fiat currency now. This is paper money that a government declares to be legal tender although it is not based on or convertible into coins and therefore depends on government decree to determine its value. This psychologial money or money supported by the belief it has value. This is why we are going to suck wind if the USD is downgraded and/or other countries declare the USD is no longer the basis currency.

      Gold is not money now. It is a commodity that can be exchanged for money. No question if you had bought gold in the 80′s when it was $300/oz you would make a ton of money if you sold it now. But that money would be fiat money,

      Report Post » Dismayed Veteran  
    • No Free Beer
      Posted on July 14, 2011 at 1:13pm

      Cloudsofwar, Money – Noun – 1. A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively. Now, lets look at Bernanke’s own Macro book from back in the day…
      ““In economics, however, money refers specifically to assets that are widely used and accepted as payment. Historically, the forms of money have ranged from beads and shells to gold and silver—and even cigarettes.” And “Money has three useful functions in an economy: It is a medium of exchange, a unit of account, and a store of value.”

      now lets look at Central Banks and government actions…
      central banks and governments hold gold as reserves. They trade, sell, exchange, swap, and lend gold to one another. They use gold as insurance policies to back their currency (in case their money gets devalued in any way). Gold has been used for over 6,000 years between individuals, groups, and governments. Ron’s point is, if it isn’t money, why not use diamonds? Why not use pencils? Why not use socks? Etc? What Bernanke said was that money is not money. We don’t buy things with money, sell things with money, trade things with money. Money isn’t money. Money is only tradition. Now, Cloudsofwar…does that make any sense? The fact is, gold and silver are mediums of exchange. GOLD IS MONEY!

      Report Post » No Free Beer  
    • orkydorky
      Posted on July 14, 2011 at 1:26pm

      Gold is money, and can be traded anywhere for goods, just because it’s not commonly done, don‘t mean it can’t be. If we were back on the gold standard, the Fed. would be held to the fact that they would have to back the paper money with gold and would definitely put a damper on the continual printing of our Monopoly money they are using to monetize the debt. I feel the fed needs to be disbanded for the sake of our country. It has to much power over our economy and why, to make the ultra rich around the world richer? The Federal reserve bank has no business in our government!

      Report Post » orkydorky  
  • TheOracleOfTruth
    Posted on July 14, 2011 at 11:16am

    Rep Paul speaks the truth, Ben does not, that is the big difference. We all know the fractional reserve system is based on fiat debt. T-Notes for cash out of thin air, backed by NOTHING, is fiat money. Since 1913 the Fed has manipulated our money supply and interest rates, free market my arse! Once you pay off a debt, you destroy money, so we have to be in a perpetual credit supply of increasing proportions (read inflation) to carry the ponzi scheme further…our debt is our life’s blood, every dollar in your pocket is a debt, yet it if not managed correctly (read fiscally sane), it will be the end of our economy!

    Report Post »  
    • dont tread
      Posted on July 14, 2011 at 12:23pm

      The federal reserve has increased growing periods while decreasing bust periods by controling interest rates and therefore, in the words of Alan Greenspan, “irrational exuberance”.

      Report Post »  
  • EMB.JR
    Posted on July 14, 2011 at 11:15am

    Intellect does not equal wisdom. Ben is an intellectual fool.

    Report Post »  
  • prmermen
    Posted on July 14, 2011 at 11:14am

    when will they stop with the song and dance. just ask all of these people involved with the crashing of the economy. What is your end goal? It is obvious they have the education and resorces to fix the economy. so just start asking them’ Why are you deliberatley crashing our economy?, what is it you want?

    Report Post » prmermen  
  • vires montesque vincimus
    Posted on July 14, 2011 at 11:12am

    He seems to be one of only a handful of politicians who are able to get the truth out of their mouths. Nothing will change however because most politicians only care about keeping their power and position. How many of them have changed their party affiliation just to be able to try and stay in power? I believe that we will have to completely collapse before all will wake from their comatose condition. Prepare yourselves,your families, rely on no one for your survival. Nature will weed out those who are unprepared due to their blind allegiance. I thank God every day that I spent all those years as an Infantry soldier, it has prepared me for any situation.

    Report Post »  
  • agameofthrones
    Posted on July 14, 2011 at 11:10am

    Is Monopoly money real money, Mr. Bernanke? Traditionally, some people believe it is. Gold is not money? George Soros thinks it is. He has lots of it. Our Federal government still thinks it is too and they have lots of it in Fort Knox. But you say it’s not money. Hey, I have a thought. If it’s not really money, but some people think it is, let’s find the ones who think that way that we owe money to and pay them in gold rather than in REAL money. Wouldn’t that be funny? Then we could keep more of the REAL money and have a good laugh on them. What do you say?

    Report Post » agameofthrones  
    • RebelSon
      Posted on July 14, 2011 at 2:56pm

      agameofthrones
      Posted on July 14, 2011 at 11:10am

      Is Monopoly money real money, Mr. Bernanke? Traditionally, some people believe it is. Gold is not money? George Soros thinks it is. He has lots of it.” Our Federal government still thinks it is too and they have lots of it in Fort Knox. ”

      Oh really? Have you seen it? I haven’t either. Do you know anyone who has? Chew on that for awhile.

      Report Post » RebelSon  
  • quickstudy
    Posted on July 14, 2011 at 11:08am

    Definition of MONEY
    1. A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.

    Report Post »  
    • ShineTheLightBrighter
      Posted on July 14, 2011 at 11:28am

      Quickstudy, you beat me to it. Bernanke is correct on this one. Gold is a commodity that has been and in some places is still used as a form of exchange but these days money is a minimal value device used to represent the true value of past work or a stored object. Wikipedia has the best definition and history of money. Unfortunately when our “money” went off the gold standard it instantly began to inflate and will never stop until it is eventually worthless paper which will have to be replaced by a new system, if the USA last that long.

      Report Post »  
    • agameofthrones
      Posted on July 14, 2011 at 12:08pm

      Well, at least gold is still worth something.

      Report Post » agameofthrones  
    • american1st
      Posted on July 14, 2011 at 1:35pm

      gold is both a money and a commodity,
      no other commodity spikes in price like gold does when there are fears about the currency..
      just because government regulations make exchanging it for goods a pain in the ass, and there are heavy (collectible) taxes attached to it by the government to discourage its use, doesn’t make it less of a form of money ….

      gold is both money and commodity and probably always be both

      Report Post » american1st  
  • atl3128
    Posted on July 14, 2011 at 11:07am

    Bernanke= MORON! The Fed prints worthless FIAT paper money out of thin air. Gold and silver are the real currencies but they cant manipulate gold and silver as easy as they can paper. What a scam the Federal Reserve and Bernanke are.

    Report Post »  
    • quickstudy
      Posted on July 14, 2011 at 11:09am

      Money:
      1. A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.

      Report Post »  
  • mohavegreen
    Posted on July 14, 2011 at 11:05am

    It may not be in the idealogs thought process (different from thinking), but it’s the closest thing there is in mine.

    Report Post » mohavegreen  
  • Lesbian Packing Hollow Points
    Posted on July 14, 2011 at 11:03am

    Because if banks held diamonds as money, deBeers could bankrupt any nation on Earth on a whim.

    Report Post » Lesbian Packing Hollow Points  
  • momprayn
    Posted on July 14, 2011 at 11:03am

    Yes, I really like Ron Paul – God bless him. Everyone needs to get “fired up” about the evils of the FEDERAL RESERVE — it’s frightening.

    Report Post »  
  • Uncurable wound
    Posted on July 14, 2011 at 11:03am

    You can almost hear the slaps.
    Ron Paul you ROCK!!!

    Report Post »  
  • tommyg524
    Posted on July 14, 2011 at 11:02am

    elitism happens.

    Report Post »  
  • V-MAN MACE
    Posted on July 14, 2011 at 11:00am

    NO!!!

    I’m a whackjob ANTIAMERICAN for wanting the FED abolished!!!

    Ron Paul is CUCKOO FOR COCOA PUFFS when he says abolish the Fed!!

    Can ANYBODY ON THIS SITE, ESPECIALLY NEOCONS AND LIBERALS, ANSWER THIS SIMPLE QUESTION?!?!

    WHAT BRANCH OF GOVERNMENT DOES THE FEDERAL RESERVE FALL UNDER?

    LEGISLATIVE, EXECUTIVE, OR JUDICIAL???

    Report Post » V-MAN MACE  
    • TheOracleOfTruth
      Posted on July 14, 2011 at 11:24am

      @V-MAN MACE

      None of the above. It is a private entity which controls the banks in this country, and basically by defacto the world banks. It is a charter, only the Board of Governers is part of the Federal Govt control.

      Report Post »  
    • V-MAN MACE
      Posted on July 14, 2011 at 11:48am

      Thank you for making me feel better!

      I was beginning to think everyone was going to call the Fed a 4th branch of government!

      It is an unconstitutional PARASITE!

      They got it through with a frontman in the President, and with frontmen bought and paid off in Congress, and we haven’t been able to get rid of them since!

      The Fed is WORSE than Obamacare!! The Bankers wrote the Federal Reserve Act and created the IRS, and the Insurance companies wrote Obamacare!

      Report Post » V-MAN MACE  
    • frustratedwithgovt
      Posted on July 14, 2011 at 11:56am

      Pick up a copy of “The creature from Jekyll Island” and then tell me you don’t think the Fed should be abolished. Ron Paul is right.

      Report Post » frustratedwithgovt  
    • tommyg524
      Posted on July 14, 2011 at 11:58am

      The fed is a private entity, put together in 1913 from an elitist covert meeting and run by private elititsts. They also run Washington,congress,senate,you,me,the corporations who of course then hire lobbyists,lawyers, et al. This has never been a government for and by the people. The consitution doesn’t mean anything anymore. Elitism happens, everywhere. Therefore the great chasm between the worlds rich and poor widens daily. Billionaires of the world made an extra 25%…….25% on their money these last two years. Meanwhile, hunger, desease, societal ills of all shapes and sizes are rampant. But thats OK, Jesus is watching with much anticipation. I can’t wait till the elitists of the WORLD, all of them, suddenly realise they CANT buy their way through the peraly gates. LOL…………HA.

      Report Post »  
    • V-MAN MACE
      Posted on July 14, 2011 at 12:17pm

      Awesome response Tommy!

      Spot on!

      Report Post » V-MAN MACE  
    • awizard
      Posted on July 14, 2011 at 12:56pm

      @V-child; Son you really should try learning a little history, no really, I’ve been reading your posts, you need to figure out what the has happened in the last 2,000 or so years. You also need to get out more and interact with real people (if your stuck in a large city, maybe further ‘out’?). Most of the posters here know where the fed. reserve came from and what it is, most would like to see a change of some kind in it and want to find solutions to the problems we all face, insults and denigrations (look it up) do not yield friends … I’m just saying … you have a good day.

      Report Post » awizard  
    • Amren
      Posted on July 14, 2011 at 1:20pm

      V-Man,
      You are 100% right. The Fed has NO BUSINESS even existing!
      It needs to be abolished. We need to go back to a gold standard. Utah is already coining its own gold and silver coins. The rest of the country needs to follow it’s example. Soon the only thing our dollars will be good for is lighting fires and wiping butts. Well, maybe not wiping butts. I don‘t think it’s that absorbant…

      Report Post » Amren  
    • VRW Conspirator
      Posted on July 14, 2011 at 3:56pm

      i know this will piss many of you off…but regarding the FED…

      1) it does have a right to exist because Congress passed a bill (Constitutional or not – since it hasn’t been overturned) that became Law and established an entity called the Federal Reserve Bank. Now you can argue all you like about that law being Constitutional or the job the FED now does violating its’ charter, but the FED is a legal entity until Congress abolishes it with a new bill or the SCOTUS overturns the bill creating it, which will never happen.

      2) Congress – namely the House – has the power to raise funds, pay bills, set taxes (even Income Taxes since that Amendment was passed as well), set tariffs, fees, fines, and control the minting of coins (made of ANY metal they choose).

      3) I bet you 100% of my life, fortune, and Sacred Honor..that if we returned to the Gold Standard or Silver Standard…Ron Paul would drop his “abolish the FED” rants immediately… and even if we did return to the Gold or Silver Standard….that STILL would not mean the FED could not print money over and above the value of gold on reserve… that is why we built Fort Know…to keep a national gold reserve that was then leveraged to print paper currency that was “BACKED” by gold….there was not a 1 to 1 ratio in Fort Knox….even on the gold standard, since the government knew everyone wouldn’t turn in the dollar for a gold coin at the same time, printed more dollars than they had backed by physical gold

      Report Post » VRW Conspirator  
    • Bulldog43
      Posted on July 14, 2011 at 5:43pm

      You cant get rid of the Federal Reserve unless you are willing to be called an “anti-semite” in the process. I like Ron Paul, and enjoyed the video, but dont be so easily fooled. Bernake was looking right at him, and was probably thinking,”You dared to raise a hand to us, but you’ll regret it during your campaign”. In some articles Paul has already been unfairly labelled as an “anti-semite”. It will probably be kicked up a notch or two after this.

      Report Post »  
    • V-MAN MACE
      Posted on July 14, 2011 at 6:39pm

      ***POOF*** be gone, awizard.

      Go troll in a deserted area or something. No one wants to hear your stupid tangential garbage.

      VRW Conspirator

      #1 The Fed is illegal, unconstitutional, and the Congress never had the authority to charter a private entity the printing of our currency. The currency is supposed to be gold and silver coin according to Article 10, Section 8, and that is a breach also. The Congressional action of chartering the printing of our currency constitutes an INSURRECTION and REBELLION against the United States of America, because our currency is a national security interest. This violates the “insurrection and rebellion clause” of the 14th Amendment. It is illegal now, unconstitutional always, and we DON’T have to accept it.

      #2 Ron Paul wouldn’t stop his push to abolish the PRIVATE bank, because even if they backed the money in gold, they still are owned by private shareholders that claim independence from our government, while WITHIN our government. It is a parasite by definition. The gold still wouldn’t belong to our country, but to those private shareholders, who would lend our entire country money against their gold… The Federal Reserve is not ours, get it? It’s PRIVATELY OWNED. BTW, there isn’t any gold in Fort Knox. The Federal Reserve is holding our gold as collateral for our debt. It is THEIR gold.

      The media has tried all sorts of dirty tricks on Ron Paul. We expect more of the same, and with increased vitriol. They are despera

      Report Post » V-MAN MACE  
  • hauschild
    Posted on July 14, 2011 at 10:59am

    Wow – Ben Bern is more hopeless than I had realized.

    Is it not dumfounding how these idiots are given positions of mass authority, like Ben and Barrack? My God, you talk about a serious regression – and not over the course of very many years.

    Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on July 14, 2011 at 10:58am

    May you live in interesting days…it is an old Chinese curse; yet in America it becomes a call for the best of the nation to arise in the time of challenge and crisis. This is the time when the worst is at the doorsteps we will see heros arise, and the people stand for what is right.

    Mr Paul, good job on grilling him.

    Report Post » Snowleopard {gallery of cat folks}  
    • hauschild
      Posted on July 14, 2011 at 11:59am

      The worst is not even close to being realized yet. We‘re still monetizing the debt for God’s sakes?!?!? Wait until that is literally no longer possible and we actually will have to fulfill our obligations or default. I hope you live in a very close-knit community.

      Report Post »  
  • TomFerrari
    Posted on July 14, 2011 at 10:57am

    Bernanke just got…

    SCHOOLED!

    Report Post » TomFerrari  
    • DTOM_Jericho (Creator vindicator)
      Posted on July 14, 2011 at 11:01am

      Why do you “journalists” keep quoting Bernanke incorrectly. His response was not a simple, ‘No’. This is the way your account should read (an ellipsis is completely inappropriate to end the answer.)

      Rep. Paul: Do you think Gold is Money?
      Bernanke: No…. it’s a precious metal.

      precious metal
      n.
      Any of several metals, including gold and platinum, that have high economic value.

      Hmmm… sounds like money, idiot.

      Report Post » DTOM_Jericho (Creator vindicator)  
  • V-MAN MACE
    Posted on July 14, 2011 at 10:57am

    Abolish the FED!!

    Arrest Ben “Bohemian Grover” Bernanke!

    Report Post » V-MAN MACE  
    • let us prey
      Posted on July 14, 2011 at 12:28pm

      The list is getting so long for peoiple who should be arrested. They are all guilty of something in DC.

      Report Post » let us prey  
  • LadyIzShy
    Posted on July 14, 2011 at 10:55am

    the more I see of Ron Paul the more I like him.. frightening some days but we need to hear it

    Report Post » LadyIzShy  
  • I.Gaspar
    Posted on July 14, 2011 at 10:54am

    bernanke and geitner are two reasons why we are in so much trouble.
    Put these two together with obama and his crew and it’s a wonder we still even exist as a country.
    I wonder how long it will take to get to QE4 and QE5….

    Report Post »  
  • ShyMan
    Posted on July 14, 2011 at 10:53am

    Anything you can trade is money. Whether it’s goods or services, doesn’t matter.

    Report Post » ShyMan  
    • Lawlcat001
      Posted on July 14, 2011 at 11:02am

      CAN IT!

      Money has a definition.
      What you’re talking about is bartering.

      Learn the difference, or CAN IT!

      Report Post »  
    • HKS
      Posted on July 14, 2011 at 11:10am

      Well, I think the IRS sees it as money, all those folks that Oprah gave a car paid income taxes on the value of the car. So the car was money. Certainly gold is money. It‘s been said that the guy that caught Jeter’s 3000′Th hit will be taxed on the perceived value of that ball. So even a five dollar baseball is money far beyond it actual value, per the IRS.

      Report Post » HKS  
    • awizard
      Posted on July 14, 2011 at 11:59am

      @lcat001; What’s this “SHUTUP you are a fool” stuff?.. or better yet, turn it around fool … the “federal government” considers everything of value as “money” … Most recently, that kid that gave the 3000 hit ball back was immediately slapped with a $14,000 tax on the value of a BASEBALL!.. It was a BASEBALL!.. no “money” was exchanged …

      How could they figure it’s $ value when NO “money” was exchanged unless they figured the BASEBALL it’s self was “money” …

      The fed. also counts bartering as an exchange the same as “money” … ‘Get “caught” out here in my world trading a truck load of hay for a load of corn (it’s done all the time) if the feds. find out they tax you for what “they” say is the value of each (By union scale) … hmmm IN DOLLARS … “money” is what you use (in the real world) to do business.

      You need to get out of the (spit) “city” and look around. I/We try not to rely on the “federal currency” especially since the value has gone down so much. Hay’s hay, corn’s corn … just ’cause it costs more don’t mean it grows bigger chickens …

      Get off your “hi horse” many of us don’t rely on “the federal government” … barnacle is wrong, “money” is anything of value to someone else when traded for something of value to you.

      (Just don’t let the feds. catch you “buying or selling”)

      Him saying that is total BS … of course gold is “money”, ‘No use to me but some people like it.

      Report Post » awizard  
  • TH30PH1LUS
    Posted on July 14, 2011 at 10:52am

    Ron Paul is awesome

    Report Post » TH30PH1LUS  
  • DTOM_Jericho (Creator vindicator)
    Posted on July 14, 2011 at 10:52am

    The only candidate qualified to be president.

    Report Post » DTOM_Jericho (Creator vindicator)  
    • Lawlcat001
      Posted on July 14, 2011 at 11:03am

      bazinga^

      Report Post »  
    • prmermen
      Posted on July 14, 2011 at 11:23am

      agreed

      Report Post » prmermen  
    • Pydge
      Posted on July 15, 2011 at 5:25am

      I don’t totally agree because I am hearing John Bolton might run—and then Michelle Bachmann shows promise. The thing about Ron Paul, though is that he is the epitome of what I‘ve always imagined a 1776 Patriot would’ve looked and sounded like. He is amazingly linear and true. There isn’t anyone I recall quite like him anywhere.
      Wouldn’t be something to have a Paul-Bolton ticket? Or a Bolton-Bachmann ticket with Ron Paul on the Cabinet? (Just thinkin’ outloud….)

      Report Post » Pydge  
    • Pydge
      Posted on July 15, 2011 at 5:35am

      PS to my other comment—There are people right here on this blog that could do more and be more logical, thoughtful, effective in Wash DC and would fulfill the care of our domestic tranquility. Those of you who articulate your concerns so well, have you thought of public office? Anyway…I wish I could vote for some of you!

      I don’t have tranquility with my government right now—not for a long time, actually—but it seems this is the worst mess any prezcongress has ever made since the disasters of 1929—>1945.

      Bernanke looks close to a nervous breakdown to me. He hates public speaking. So much for professorship, but there it is. He denied printing money on a CSPAN program about 3 mos ago.

      Report Post » Pydge  
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