Ron Paul vs. Bernanke front and center on Drudge right now!

[jct74]

Nice!
http://drudgereport.com/

http://i54.tinypic.com/24l3ko3.jpg


article:
http://blogs.forbes.com/afontevecchia/2011/07/13/bernanke-fights-ron-paul-in-congress-golds-not-money/

[Gumba of Liberty]

Yes!!! You can't make this shit up haha.

[Krugerrand]

bad article. It made it sound like RP was constantly interrupting him. He did so only once .. and apologized for it. The rest was simply back and forth banter.

I like the video link it had of the entire questioning.

http://www.youtube.com/watch?v=2NJnL10vZ1Y

[sailingaway]

Would be nice if Drudge mentioned his name, but who won't click it?

[MJU1983]

Most excellent! What a great read, and the video was icing on the cake. :)

[RonPaulRules]

On Forbes.com it says - In a combative exchange with the libertarian congressman, the Federal Reserve chairman may have landed the best punch. Continue »

[1836]

BERNANKE SCHOOLED

Wow, I've never seen Ben Bernanke that nervous before! AMAZING line of questioning from Dr. Paul.

"Tradition" is what Ben Bernanke calls the US Government holding gold reserves. LOL

[Napoleon's Shadow]

The condensed version:






http://www.youtube.com/watch?v=2Dj9v9s9buk&feature=player_embedded

[rp4prez]

I've watched that video several times and crack up at "it's a tradition" hahahaha... priceless.

[sevin]

OMG that last 35 seconds of that video made my day. That was hilarious! I'm gonna watch it again.

[1836]

I never say it. Never, ever. But I must indulge:

PWNED

Credit to the excellent LOLfed.com: (http://www.lolfed.com)

http://lolfed.com/wp-content/uploads/bernanke-gold-tradition.jpg

[Warrior_of_Freedom]

Bernanke sounds scared

[HOLLYWOOD]

Man Ron look's awesome... perfect fit on his attire/jacket.

Excellent quality Suit, Shirt, well selected tie. Big Thumbs up on appearance!

[Revolution9]

The condensed version:


http://www.youtube.com/watch?v=2Dj9v9s9buk&feature=player_embedded


I think this vid might be the next by the guy doing the PWNED series. Ron Paul Pwns Bernanke on Money with the horns and explosions.

Rev9

[jct74]

Hannity talking about this right now at the start of show!

EDIT: over now. He brought up the snowball incident once again for some reason.

[jct74]

It seems like everything Hannity and Limbaugh talk about is driven by what is on Drudge Report at the moment.

[trey4sports]

Hannity talking about this right now at the start of show!

EDIT: over now, but he brought up the snowball incident once again

Hannity won't live that down! It was funny the first couple times he mentioned it, its getting pretty old now.

[Krugerrand]

already made Guardian:
http://www.guardian.co.uk/business/2011/jul/13/gold-price-record?INTCMP=SRCH

Bernanke told the House of Representatives financial services committee that the strength of gold reflected "global uncertainties" and worries that the global economy faced a major crisis.

Under questioning, Bernanke also said "tradition" dictated that most central banks held large quantities of gold bullion in reserve, rather than another asset such as diamonds.

[brushfire]

What's funny is Michael Savage's impersonation of Hannity. What's it that he calls him? "Wall Banger" LOL...

[1836]

Man Ron look's awesome... perfect fit on his attire/jacket.

Excellent quality Suit, Shirt, well selected tie. Big Thumbs up on appearance!

Yes I noticed that too. Really nice looking suit and fits his white hair very well. He looks good!

[SWATH]

Rush also mentioned the exchange positively of Paul. Although I think he spent a total of 10 seconds on it.

[1836]

Hannity won't live that down! It was funny the first couple times he mentioned it, its getting pretty old now.

Just like Hannity. (http://www.thedailybeast.com/articles/2011/02/09/glenn-beck-sean-hannity-ratings-drop-right-wing-talk-is-dying.html)

[sailingaway]

LOL! Forbes figured it out and put up an ad page to start with, I could have sworn it wasn't there the first time I clicked through drudge

[sailingaway]

i never say it. Never, ever. But i must indulge:

pwned

credit to the excellent lolfed.com: (http://www.lolfed.com)

http://lolfed.com/wp-content/uploads/bernanke-gold-tradition.jpg

lol!

[georgiaboy]

Isn't gold the 'traditional' money proven for eons?
And since when did 21st century American gov't care about tradition? Seems to me the establishment does everything it can to flout tradition.

This is just too great, and is gonna be EVERYWHERE. The timing couldn't be more perfect, either.

This may have just won Ron Paul the GOP nomination.

[IndianaPolitico]

Would be nice if Drudge mentioned his name, but who won't click it?

I think they did that so people who aren't interested in Paul would click, and would then be taken to a pro Paul article. Good strategy!

[thehighwaymanq]

We need a GIF image of him laughing!!!

[KramerDSP]

We need a GIF image of him laughing!!!

With Bernanke's 5-second pause and subsequent "no....." just before that (Bennie looked like a teenager lying to his parents after being confronted about something).

[Vessol]

Oh god I about pissed myself laughing when he talked about 'tradition'.

[Matthew Zak]

I've never seen Ron Paul laugh at someone before, but Bernanke's statement was so ridiculous Ron Paul actually let out a little "Are you fucking kidding me?" chuckle.

[ravedown]

the writer of the forbes article got schooled in the comments section btw...some really good reading there.

[IndianaPolitico]

Just noticed that "gold" is trending on yahoo.

[Carson]

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

They have screwed me for a lifetime. All I have to show for a life time of labor is debt. On top of mine and on top of the governments I have these crooks new 5 billion to pay off!


P.S. Actually the money we had before these scoundrels devalued our currency and financed their new world order on our backs still works very well in most markets. When I was younger gas ran about 17 to 25 cents a gallon. Still does with real money.

http://photos.imageevent.com/stokeybob/morestuff/gas-20-cents.jpg

[Luciconsort]

this guy is an IDIOT!!! simple math makes no sense to this man.... you could hire a 4th grader and get better results than this guy. WAKE UP AMERICA!

[Vessol]

http://photos.imageevent.com/stokeybob/morestuff/gas-20-cents.jpg

OH MY GOD.

That image is so full of win it's not even funny.

[flightlesskiwi]

you could literally see his little light bulb go off... "yeah, that's it! tradition!!!"

reminds me of my 6 year old when she is caught in a lie.

[Sola_Fide]

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

Money is what ain't money now!

They have screwed me for a lifetime. All I have to show for a life time of labor is debt. On top of mine and on top of the governments I have these crooks new 5 billion to pay off!


P.S. Actually the money we had before these scoundrels devalued our currency and financed their new world order on our backs still works very well in most markets. When I was younger gas ran about 17 to 25 cents a gallon. Still does with real money.

http://photos.imageevent.com/stokeybob/morestuff/gas-20-cents.jpg


Unbelievable image. Sent out to many people already. Thanks for posting.

[truthspeaker]

Um...Forbes link is completely down.

[jct74]

Um...Forbes link is completely down.

just worked for me

[ClayTrainor]

This thread wreaks of total awesomeness

[scottditzen]

Can somebody here with a better econ background please refute this argument?

Here is the gist of it:

Advocates of the gold standard are not just economically illiterate, they are mathematical illiterate as well. There isn't enough gold in the entire world, much less in the US Gold Reserves, to even think of running the US Economy if we switched back to a gold standard. Here are the facts:

US GDP: $ 15.02 Trillion
World GDP: $ 74.54 Trillion
US M2 money Supply: $ 9.01 Trillion

US Gold Reserves at today's rates: $ 0.39 Trillion
Value of ALL gold in the world, including jewelry, at today's rates: $ 8.45 Trillion

The bottom line is that the gold standard is not possible even if the US government owned all of the gold in the entire world. As a matter of fact, for Ron Paul to have his way and force the US onto a Gold Standard, the US dollar would devalue by a factor of about 25 compared to all other present currencies. Think oil at $2500 per barrel, $100 per gallon gasoline, but your wages & bank account the same as it is today. Everything in Walmart made in China, that cost $1 today, overnight costing $25, but again, but your wages & bank account the same as it is today. This is in addition to the loss of control of the economy, as gold standards leave the control of the gold-based currency in the hands of the world gold markets.

The gold standard is not just a stupid idea, it's advocates are poster children for those who flunked math in school.

[JacksonianBME]

The price of gold would be standardized to the money supply amount, so gold would be priced at money supply/oz of gold reserves. And the idea would be to keep that constant from here on out. There would be, or should I say should be, no new money created in such a transition. So his statement that everything would go up in price is not true. Also Dr. Paul is not dead set on a fixed exchange rate because he realizes the mistrust in such a system, so he is advocating competition in money to the Fed's monopoly, i.e. the Fed exists along with gold and silver as legal tender. Their ad hominem should immediately throw up red flags.

There is a recent thread that discussed a lot of what this person thinks they are refuting about the gold standard. You should search for that.




Can somebody here with a better econ background please refute this argument?

Here is the gist of it:

Advocates of the gold standard are not just economically illiterate, they are mathematical illiterate as well. There isn't enough gold in the entire world, much less in the US Gold Reserves, to even think of running the US Economy if we switched back to a gold standard. Here are the facts:

US GDP: $ 15.02 Trillion
World GDP: $ 74.54 Trillion
US M2 money Supply: $ 9.01 Trillion

US Gold Reserves at today's rates: $ 0.39 Trillion
Value of ALL gold in the world, including jewelry, at today's rates: $ 8.45 Trillion

The bottom line is that the gold standard is not possible even if the US government owned all of the gold in the entire world. As a matter of fact, for Ron Paul to have his way and force the US onto a Gold Standard, the US dollar would devalue by a factor of about 25 compared to all other present currencies. Think oil at $2500 per barrel, $100 per gallon gasoline, but your wages & bank account the same as it is today. Everything in Walmart made in China, that cost $1 today, overnight costing $25, but again, but your wages & bank account the same as it is today. This is in addition to the loss of control of the economy, as gold standards leave the control of the gold-based currency in the hands of the world gold markets.

The gold standard is not just a stupid idea, it's advocates are poster children for those who flunked math in school.

[JacksonianBME]

They are also using language such as "running the US economy" and "loss of control of the economy." This is exactly what we need to get away from. The bureaucrats and politicians do not know what is best for us. This person from the looks of it doesn't really care or realize that their standard of living has decreased at the behest of the system they fight for.

[ClayTrainor]

@scott

Also, while there is a strong argument to be made for a "Gold Standard" over FIAT Currency, I wouldn't make it my position to defend the Gold Standard as the best solution, because there are significant flaws with any government standard for currency, including gold. Instead I would advocate for "competing currencies" as the real goal, so the standards can emerge naturally based on what people prefer to use. :)

[Fermli]

http://img191.imageshack.us/img191/1343/ronpaulz.jpg

[wgadget]

Full version, uncensored:

http://lewrockwell.com/orig12/fontevecchia1.1.1.html

[matt0611]

Can somebody here with a better econ background please refute this argument?

Here is the gist of it:

Advocates of the gold standard are not just economically illiterate, they are mathematical illiterate as well. There isn't enough gold in the entire world, much less in the US Gold Reserves, to even think of running the US Economy if we switched back to a gold standard. Here are the facts:

US GDP: $ 15.02 Trillion
World GDP: $ 74.54 Trillion
US M2 money Supply: $ 9.01 Trillion

US Gold Reserves at today's rates: $ 0.39 Trillion
Value of ALL gold in the world, including jewelry, at today's rates: $ 8.45 Trillion

The bottom line is that the gold standard is not possible even if the US government owned all of the gold in the entire world. As a matter of fact, for Ron Paul to have his way and force the US onto a Gold Standard, the US dollar would devalue by a factor of about 25 compared to all other present currencies. Think oil at $2500 per barrel, $100 per gallon gasoline, but your wages & bank account the same as it is today. Everything in Walmart made in China, that cost $1 today, overnight costing $25, but again, but your wages & bank account the same as it is today. This is in addition to the loss of control of the economy, as gold standards leave the control of the gold-based currency in the hands of the world gold markets.

The gold standard is not just a stupid idea, it's advocates are poster children for those who flunked math in school.

Sure, easily. This person doesn't even understand money and how it works. The amount of gold that we have doesn't matter at all, the monetary value of the gold holdings we have has very little meaning.

Also, m2 would not be covered by gold, but rather M0 or the the actual notes in circulation (which is around 1.5T iirc). This comes out to around 5000 dollars / oz if you count all the gold we have in FT knox. All the treasury and fed would have to do is set this as the new price of gold and start buying it from people at this rate.

This person doesn't know what he's talking about.

[scottditzen]

Thanks so much for the enlightened responses guys!

[angrydragon]

This video...Ron Paul vs Bernanke: Is Gold Money? - July 13, 2011 is number 15 on the most viewed charts.

http://www.youtube.com/charts

[Carson]

Can somebody here with a better econ background please refute this argument?

Here is the gist of it:

Advocates of the gold standard are not just economically illiterate, they are mathematical illiterate as well. There isn't enough gold in the entire world, much less in the US Gold Reserves, to even think of running the US Economy if we switched back to a gold standard. Here are the facts:

US GDP: $ 15.02 Trillion
World GDP: $ 74.54 Trillion
US M2 money Supply: $ 9.01 Trillion

US Gold Reserves at today's rates: $ 0.39 Trillion
Value of ALL gold in the world, including jewelry, at today's rates: $ 8.45 Trillion

The bottom line is that the gold standard is not possible even if the US government owned all of the gold in the entire world. As a matter of fact, for Ron Paul to have his way and force the US onto a Gold Standard, the US dollar would devalue by a factor of about 25 compared to all other present currencies. Think oil at $2500 per barrel, $100 per gallon gasoline, but your wages & bank account the same as it is today. Everything in Walmart made in China, that cost $1 today, overnight costing $25, but again, but your wages & bank account the same as it is today. This is in addition to the loss of control of the economy, as gold standards leave the control of the gold-based currency in the hands of the world gold markets.

The gold standard is not just a stupid idea, it's advocates are poster children for those who flunked math in school.

People who think the central bank system we have now is great always use the argument against anyone that finds fault in it as someone that wants a gold based dollar. That is the only other option than can see.

I feel anything could be used for exchange to simplify a transaction. At one time or other anything probably was.

The fiat system we have now could have functioned fine and still could if it was taken out of the hands of crooks and the greedy.

Check out the line on this chart.

http://photos.imageevent.com/stokeybob/followthemoney/Baseline2.jpg

Basically it is a chart that show the value of our currency based on the consumer price index. I've extended a line showing a stable line from when we went off of the gold standard.

The way I figure it is that if you double the stuff you need currency to trade with and you double the money supply the line should remain stable.

See the little bumps during earlier times of war. That is when the government introduced fiat money into the system. People didn't like using a currency that lost value as soon as it was put in their pocket. Many refused to accept it. The government eventually retired the bills and the currency returned to something you could bank on.

So if we pulled enough of the fiat bills now out of the system we could save the dollar as a viable medium of exchange.

What ever we use it has to be manipulated with care. Not greed.

[Carson]

Just to rant a little about something I managed to controlled myself on in my previous post.

I mention how the little bumps in earlier times were when we printed up money we didn't have to finance the wars.

Look at the mother of all humps we have going for us now in the chart above! Have you thought just what it was they were spending money on?

I have lived it since seventy one or so when we went off of the gold and silver standard. Some of the things I noticed was the Zero Population Growth thing back in the early seventies. At the same time they were telling us there wouldn't be enough water and room on the roads and such for us to have children like everyone had in the past they opened up the floodgates to legal and illegal immigration.

And then there were wars. Wars on Vietnam. Wars on drugs. Wars on toilets. Wars on light bulbs. War on wars and wars and wars upon wars.

Ours isn't the only central bank either. It is just one on a string of pearls of central banks around the world. Combined I suspect they have finance the New World Order of things. Local governments are being co-oped and tricked into thinking they have a say in things like Agenda 21.

It isn't only our country that has lost control of our military and borders but it is a plague world wide.

I feel the new world order is sucking our currency's value like a mob of vampires. And then if you do manage to stand up against them they rise up again like a zombie or some dead guy in a science fiction movie. You know; the ones that keep getting up after they are suppose to be dead. They can afford to. They are using our money.

No matter how much money "we the people" can come up with to build their countries the way they want there are others that can print up what ever it take to get their way.