PDA

View Full Version : YouTube Video: Ron Paul Schooling Big Ben Again




michaelwise
11-08-2007, 11:30 AM
Ron Paul is Brilliant.
http://www.youtube.com/watch?v=yAwvlDJgJbM

NinjaPirate
11-08-2007, 11:33 AM
Woo! thank you!!

ladyliberty
11-08-2007, 11:39 AM
Thank You!!!

Zydeco
11-08-2007, 11:39 AM
Wow. Bernanke's "Devaluation of the dollar won't really hurt normal Americans because it only makes imported goods more expensive" comment -- that's a smoking gun.

This guy is a thief in a suit.

FrankRep
11-08-2007, 11:40 AM
Who knew C-SPAN could be so interesting.

KewlRonduderules
11-08-2007, 11:41 AM
Yeah, I was surprised by that statement. Hard to believe this guy went to Princeton.

Most American products have raw goods and materials from foreign countries. That's what you get with globalization. Does this guy really think the American public is that stupid? Obviously.

freelance
11-08-2007, 11:43 AM
Thank you for YouTubing. That was most entertaining.

Ben Bernanke said that if the American consumer is buying American consumer goods, then no problem re: the weakening dollar. WHAT consumer goods are still made in America? It's getting nearly impossible to find American food! Does he shop some place that we don't about?

Well, I see you all were typing the same thing at the same time I was.

:cool:

qsecofr
11-08-2007, 11:46 AM
Stuff like this should be on the november11th site =)

Pete
11-08-2007, 11:47 AM
Hmm, didn't like how Helicopter Ben looked sort of cocky and smug at the end of that exchange.

Edit: Watched it again and he is definitely defensive, i.e., pwned.

garrettwombat
11-08-2007, 11:50 AM
does anyone know what they talked about after that on msnbc? they all started laughing, what was said after that?

Dorfsmith
11-08-2007, 11:52 AM
Wow, I'm sending this video everywhere.

lastnymleft
11-08-2007, 11:52 AM
ABSOLUTELY brilliant!! Ron totally PWNS Bernanke, to the point where it seemed like Bernanke's voice was wavering a little, from 4:37min on. Bravo, fine Sir!

Mattsa
11-08-2007, 11:53 AM
It was a brilliant performance by Ron

Bernanke looked embarrassed and angry.

kenc9
11-08-2007, 11:55 AM
How much money does the corporation called the Federal Reserve make a year?

JoshLowry
11-08-2007, 11:56 AM
Rate, Favorite, and Comment.

Those three actions can add many more views to a video.

rycodge
11-08-2007, 11:57 AM
Did I just watch a clip of Comedy Central's Roast of Ben Bernake where Ron Paul was a guest?

Awesome.

michaelwise
11-08-2007, 11:59 AM
does anyone know what they talked about after that on msnbc? they all started laughing, what was said after that?The following congressman reinforced everything Ron Paul said, with his line of questioning.

wgadget
11-08-2007, 12:00 PM
Wow. Bernanke's "Devaluation of the dollar won't really hurt normal Americans because it only makes imported goods more expensive" comment -- that's a smoking gun.

This guy is a thief in a suit.

Um....I thought ALL of our goods were imported.

wgadget
11-08-2007, 12:01 PM
How much money does the corporation called the Federal Reserve make a year?

Literally or figuratively?

FrankRep
11-08-2007, 12:03 PM
At the end Ben was speechless. Loved it.

FrankRep
11-08-2007, 12:05 PM
How much money does the corporation called the Federal Reserve make a year?


Literally or figuratively?

Who owns the Federal Reserve?

The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

SOURCE:
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

Recovering Socialist
11-08-2007, 12:14 PM
At the end Ben was speechless. Loved it.

NO you can't solve inflation by dropping money from helicopters.... :D...or by lowering rates....

runderwo
11-08-2007, 12:16 PM
Does anyone have the CNBC clip for crunchy youtube goodness?

surf
11-08-2007, 12:24 PM
i tried to transcribe what Ben said:
“if somebody has their wealth in dollars and they’re gonna buy consumer goods in dollars as a typical American then the uh the decline in the dollar - the only effect it has on their buying power is it makes imported goods more expensive.”

fluoridatedbrainsoup
11-08-2007, 12:29 PM
Apparently Ron was getting applause somewhere and that was part of the anxiety at the end - just hearsay though because I read it in the video comments.

lastnymleft
11-08-2007, 12:35 PM
How much money does the corporation called the Federal Reserve make a year?

That's essentially what they were arguing over. RP was saying they were skimming too much, and Bernanke was trying to pass on the message from his masters that they'll take whatever they goddamn well please. Verbally, this round clearly went to RP. Practically, though, I'm afraid it probably still went to Bernanke, in that RP is powerless to stop him until we get RP - and an RP-friendly Congress - elected.

Work like a slave for Dr Paul for a year, so that we don't have to BE a slave to Bernanke et al, for the rest of our lives.

Dary
11-08-2007, 01:11 PM
i tried to transcribe what Ben said:
“if somebody has their wealth in dollars and they’re gonna buy consumer goods in dollars as a typical American then the uh the decline in the dollar - the only effect it has on their buying power is it makes imported goods more expensive.”

I transcribed it too. Just before he said "…the decline in the dollar…." he said "the devalue..."

He was going to say the devaluation of the dollar but stopped himself.

Here is what I heard:

"If somebody has their wealth in dollars and they're gonna buy consumer goods in dollars as a typical American then the uh, the devalue.., the decline in the dollar.., the only effect it has on their buying power is it makes imported goods more expensive."

risiusj
11-08-2007, 01:16 PM
How much money does the corporation called the Federal Reserve make a year?

How much do Americans spend on the federal income tax?
I believe the answer to both those questions is very close.

michaelwise
11-08-2007, 01:37 PM
I transcribed it too. Just before he said "…the decline in the dollar…." he said "the devalue..."

He was going to say the devaluation of the dollar but stopped himself.

Here is what I heard:

"If somebody has their wealth in dollars and they're gonna buy consumer goods in dollars as a typical American then the uh, the devalue.., the decline in the dollar.., the only effect it has on their buying power is it makes imported goods more expensive."The rest of the world gets to spend about the same amount of their own currency money on commodities like oil, gold, silver, wheat, and corn as they have been in recent days. While the US has to pay much more because of the devaluation of the US dollar. This is not rocket science.

Starks
11-08-2007, 01:40 PM
To Bernanke's credit, he's a decent economist, but he draws his conclusions through extremely faulty logic.

Ridiculous
11-08-2007, 01:44 PM
That's essentially what they were arguing over. RP was saying they were skimming too much, and Bernanke was trying to pass on the message from his masters that they'll take whatever they goddamn well please.

That's not what they were arguing over at all. No one was talking about the Fed "Skimming" anything, It doesn't quite work like that....

They were arguing about open market operations causing inflation....

The Fed actually gives it's profits back to the US Treasury.... Member banks are only allowed to make 6%. This is a dividend guarantee the Fed grants banks for not loaning out a percentage of their reserves.

blamx8
11-08-2007, 01:48 PM
"the only effect it has on their buying power is it makes imported goods more expensive." Bernanke

What a line. Bernanke is supposed to be a rather smart fellow. Surely he doesn't really think that the cost of imports doesn't spread to the entire economy? I wish that RP would have taken him to the woodshed on that statement alone, not that he didn't wear out a switch on him anyway. :D

SoloJlink
11-08-2007, 01:50 PM
this strikes me real good with money situation, i'm glad i saw this tube a month or 2 ago, now i feel like these people up in Federal Reserve Bank doesnt know what they are doing and drifting us in diffrent path

wfd40
11-08-2007, 02:28 PM
Wow... you guys notice how confident Doc looks??

I mean, the last Fed-beat-down video I saw, he basically read a speech he had written.

In this one, its entirely off-the-cuff, with no notes what-so-ever. Plus, listen to his tone... its full of swagger.

:)

Ridiculous
11-08-2007, 02:28 PM
If you can move funds around in your 401k or IRA, time to put it in foreign assets....

lastnymleft
11-08-2007, 02:32 PM
That's not what they were arguing over at all. No one was talking about the Fed "Skimming" anything, It doesn't quite work like that....

They were arguing about open market operations causing inflation....

The Fed actually gives it's profits back to the US Treasury.... Member banks are only allowed to make 6%. This is a dividend guarantee the Fed grants banks for not loaning out a percentage of their reserves.

What would you prefer: 6% interest on an M3 of $1Trillion or 6% interest on an M3 of $2Trillion? I know which one I'd want, and would work toward it, no end.

The Fed charges interest on every single dollar it prints out of thin air, and the only way that interest can be paid back is with more interest-accumulating fiat money, in an ever-decreasing spiral, till ultimate, and inevitable, collapse.

If you have a constraint on the *rate* at which you can earn money, how then do you grow your business, year on year?
(1) Do a *lot* more of the business that earns you the money ie Print truckloads more of the stuff.
(2) Re-/Open up new markets - ie Iraq (which switched to Euros in the months leading up to the invasion, and is now, miraculously, back on the Dollar)

Print Dollars -> Dollar Depreciates -> Cost of Imports Rise -> Domestic Inflation.

Just because nobody used the "skimming" word, doesn't mean that wasn't what was going on. The Fed (and its masters), is a subtle thief. To take too much in one hit (ie >6%) would be too blatant. But their ROI is also increased by devaluing the dollar, and that's what Our Ron was having a go at him about (through it's after effects, rising inflation for those with fixed currency assets, such as cash, and fixed deposits.).

freelance
11-08-2007, 02:38 PM
I transcribed it too. Just before he said "…the decline in the dollar…." he said "the devalue..."

He was going to say the devaluation of the dollar but stopped himself.

Yes, that was telling. That was probably his biggest blooper moment. Devalue = intentional decline.

Ridiculous
11-08-2007, 02:42 PM
What would you prefer: 6% interest on an M3 of $1Trillion or 6% interest on an M3 of $2Trillion? I know which one I'd want, and would work toward it, no end.

The Fed charges interest on every single dollar it prints out of thin air, and the only way that interest can be paid back is with more interest-accumulating fiat money, in an ever-decreasing spiral, till ultimate, and inevitable, collapse.

If you have a constraint on the *rate* at which you can earn money, how then do you grow your business, year on year?
(1) Do a *lot* more of the business that earns you the money ie Print truckloads more of the stuff.
(2) Re-/Open up new markets - ie Iraq (which switched to Euros in the months leading up to the invasion, and is now, miraculously, back on the Dollar)

Print Dollars -> Dollar Depreciates -> Cost of Imports Rise -> Domestic Inflation.

Just because nobody used the "skimming" word, doesn't mean that wasn't what was going on. The Fed (and its masters), is a subtle thief. To take too much in one hit (ie >6%) would be too blatant. But their ROI is also increased by devaluing the dollar, and that's what Our Ron was having a go at him about (through it's after effects, rising inflation for those with fixed currency assets, such as cash, and fixed deposits.).

We are on the same page, I just thought you misunderstood because of your word choice. Some people on here just seem to have a misconception about how the Fed actually works. The Fed's balance sheet is actually pretty transparent and actual fed profits go to the Treasury.

But like we agree, member banks can profit off of open market transactions and the dividends the fed pays on reserves.

AceNZ
11-08-2007, 02:44 PM
"If somebody has their wealth in dollars and they're gonna buy consumer goods in dollars as a typical American then the uh, the devalue.., the decline in the dollar.., the only effect it has on their buying power is it makes imported goods more expensive."

That's either an outright LIE, or Bernancke has no idea how the system really works. I'm not sure what's worse.

A weak dollar does lead to more expensive imports. But the prices of those imports (like oil) ripple through the economy and lead to overall higher prices. As RP said, people with fixed incomes are hit particularly hard. Even people on CPI-adjusted incomes are hit hard, because the CPI doesn't include energy or food (and of course food takes lots of energy to create).

A second and equally important point is that a weak dollar will eventually lead foreign holders of dollars (often in the form of T-Bonds) to either use the proceeds to buy a different foreign currency -- which drives the dollar down further while raising long-term interest rates -- or they repatriate the dollars by buying assets in the US (real estate, stocks, entire companies, etc). I read recently more than 70% of downtown Los Angeles is now owned by foreign investors, for example. The result of the influx of cash is higher domestic prices and a further weakening of the dollar -- a vicious feedback loop, the likely end of which is hyperinflation.

Ron Paul and the replacement of fiat money with hard money is the best cure!

BTW, Bernancke's comments about dropping money from helicopters were aimed at preventing *deflation*, which is his arch-enemy. Why? Because in times of deflation, borrowing from banks dramatically declines, since it's money is worth more in the future. The Fed's real goal is to protect and strengthen the big banks.

surf
11-08-2007, 03:21 PM
CNBC reported cheering in the currency pits. Rick Santelli: "a lot of people, and i don't mean this to be political, but when Ron Paul was firing every revolver in Ben Bernanke's direction there was a lot of people cheering down here [in the pits] with regard to the only tool the Fed ever seems to uses are [sic] the easing tool"

Patrick Henry
11-08-2007, 03:31 PM
placemark for later viewing

Swmorgan77
11-08-2007, 03:40 PM
Wow. Bernanke's "Devaluation of the dollar won't really hurt normal Americans because it only makes imported goods more expensive" comment -- that's a smoking gun.

This guy is a thief in a suit.

Bernake needs to start buying his own milk. We can live without garbage chinese electronics. We can't live without food and for most of us, gas.

ChooseLiberty
11-08-2007, 03:44 PM
Great vid. Thanks.

sylvania
11-08-2007, 03:56 PM
For the deaf and hard of hearing:

http://www.dotsub.com/films/ronpaulschoolsbernanke/index.php

michaelwise
11-08-2007, 05:43 PM
CNBC reported cheering in the currency pits. Rick Santelli: "a lot of people, and i don't mean this to be political, but when Ron Paul was firing every revolver in Ben Bernanke's direction there was a lot of people cheering down here [in the pits] with regard to the only tool the Fed ever seems to uses are [sic] the easing tool" That cheering for Ron Paul indicates that there is more support for RP than meets the eye.

The constant cheerleading and fluffing of the markets that goes on at CNBC has only on purpose, to trick people into believing the value of assets are based soley on a psychological factor called confidence. Unfortunately, a little something called reality is setting in. The reality Ron Paul has been trying to pound into their heads for many years now.

Nefertiti
11-08-2007, 06:10 PM
Bernake needs to start buying his own milk. We can live without garbage chinese electronics. We can't live without food and for most of us, gas.

You hit the nail on the head there about the milk. I'm a big milk drinker but I have cut back the last month or two because of the 50% increase in the price. I'm buying less cheese too as that has doubled in most cases, although for some reason cream cheese has been on sale a lot so I am making lots of cheesecake!

In any case, the food inflation is not so much the fault of the Fed as it is the fault of the move toward biofuels. This is driving up the cost of grain, corn, and consequently milk and meat that depend on those other commodities as feed. I read an article today where some British scientist called the biofuel movement a crime against humanity and I agree. While most Americans depend on gas, the most important thing that everyone depends on around the globe is food. In an increasingly urbanized world, more and more people have to buy this food and some people spend a large portion of their income on it. The first thing any of us, even the homeless on the street, need to spend our money on is food. When the price of that goes up, it impacts everyone immediately.

grfgerger
11-08-2007, 06:17 PM
wow that was an amazing clip

F3d
11-08-2007, 06:29 PM
....

paulpwns
11-08-2007, 06:46 PM
calling him Big Ben is an insult to Steeler fans everywhere.

westmich4paul
11-08-2007, 07:04 PM
Helicopter Ben looked smug and cockey? Well if you had all of America's gold and silver wouldn't you? His look was nothing more than a fox getting caught in the hen house.

Mommy2Princesses
11-08-2007, 08:59 PM
calling him Big Ben is an insult to Steeler fans everywhere.

Thats the first thing I think of!

CJP
11-08-2007, 09:28 PM
CNBC reported cheering in the currency pits. Rick Santelli: "a lot of people, and i don't mean this to be political, but when Ron Paul was firing every revolver in Ben Bernanke's direction there was a lot of people cheering down here [in the pits] with regard to the only tool the Fed ever seems to uses are [sic] the easing tool"

Here's the CNBC video:
www.youtube.com/watch?v=WvirM1goFq4

Wow! Imagine if traders are now getting on board. Word of mouth among these guys spreads like wildfire.

He's catchin' on!...

michaelwise
11-09-2007, 12:04 PM
I think I get what Ron Paul was talking about in his testimony here. No one wants to address the root cause of what has gotten us into this financial mess in the first place. It is as if we are living in a trance, and no one in power has the mental capacity to break through a psychological barrier in order to discuss the monetary policy that causes these booms an busts. Why is the dollar sinking like a stone and why are commodity prices soaring? This is the topic that no one wants to talk about, in order to prevent it from happening in the future. Band-aids do not suffice.

The cheerleaders on Wall Street are only interested in addressing the psychological factor, and try to maintain the edge by talking up an intangible thing called confidence. If everyone just believes everything is good, everything will be good. Wrong!

We must stop ignoring the physical tangible nature of the market, the actual dollars being printed out of thin air, and the overlooked mal-investment of those dollars. Are we all just a bunch of mental midgets who can't understand this?

Try playing a game of Monopoly with a bunch of people. The new rules are, you bring your own life savings to the game in gold and silver coins. The only money in the game is gold and silver. I think you'd be a lot more cautious and prudent on how you play that game.

Ron Paul Schools Ben Bernanke Again:
http://www.youtube.com/watch?v=yAwvlDJgJbM#GU5U2spHI_4

Rick Santelli's Analysis of Ron Paul:
http://www.youtube.com/watch?v=cD5qJCTwkhg

michaelwise
11-10-2007, 01:41 AM
http://hosting01.imagecross.com/myspace-image-hosting-m/3026Top-rated-1.jpg

http://hosting01.imagecross.com/myspace-image-hosting-m/6058Top-Rated-2.jpg
It looks like the Ron Paul bots are multiplying.

gpickett00
11-10-2007, 01:58 AM
that was just awesome!