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Ben Believes Gold Only Has Value Due To Tradition
This happened earler:
From Brian Rogers of Fator Securities
ron paul just asked the bernank if he thought gold was money. The bernank almost swallows his tongue, stares blankly for a few seconds and then says, “no.”
paul then asks why banks hold gold on their balance sheet? why not diamonds? the bernank says, “tradition, I suppose.” so let me get this straight, banks hold billions of dollars of an asset that pays no interest or dividends on their balance sheet for reasons of "tradition". nothing to do with anything else, just tradition. uh, yea. that must be it.
classic! the bernank just revealed his fundamental adherence to fiat money and his massive misunderstanding of real money and economics. BUY MORE GOLD AND SILVER immediately if not sooner!!!
We wonder what his answer would be as to why the dollar still has any value left: vampire blood?
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Let's tell him that all the other central bankers jumped off a of a bridge.
The Ron Paul Revolution --
http://thehardrightedge.com/twilightzone/
Gold is Money....
Gold just made new highs in the euro/pound/canadian dollar/and now US Dollar....
Am I the only person on ZH who sometimes feels a little sorry for the Bernank?
He's quite obviously more comfortable as an academic, and he is forced into the brutal world of politics, and all these cringeworthy interogations.. and his voice wobbles, and I feel a little sorry for him.
Don't get me wrong, I HATE the money system.
[CNBC]
Tradition, tradition! Tradition!
Tradition, tradition! Tradition!
[Chairman Bernank]
Who, day and night, must scramble to do the printing,
Feed the banks and trusts, say his daily lies?
And who has the right, as master of The Fed,
To have the final word in DC?
The Chairman, the Chairman! Tradition.
The Chairman, the Chairman! Tradition.
[Mama Frank]
Who must know the way to make a proper hearing,
A queer hearing, a kosher hearing?
Who must raise the debt and run the hearing,
So Chairman's free to cook the nation's books?
The Mama, the Mama! Tradition!
The Mama, the Mama! Tradition!
[Congressmen]
At three, we started Hebrew school. At ten, we learned to lie.
I hear they've picked a district for me. I hope it's pretty.
The Congressmen, the Congressmen! Tradition!
The Congressmen, the Congressmen! Tradition!
[Bankers]
And who does Mama owe for money and young dicks,
Preparing laws to bailout whoever The Chairman picks?
The Bankers, the Bankers! Tradition!
The Bankers, the Bankers! Tradition!
He who dies with the most barbarous relics wins.
Actually, I suspect it's the heirs of the person who dies with the most barbarous relics who are the real winners....
Don't forget the taxman.
Certainly not, I have several boxes of 12GA slugs at the ready.
I am Chumbawamba.
To bring this conversation full circle, make sure your kids know how to use them!
come on CW, you should divest your slugs and get OObuck....easier to hit your targets with the same devastating force.....
I'm saving the 00 for head shots on the NWO goons that come in and try to trample my vegetable garden. With the IRS I'm aiming for the gut. Evisceration.
- Chumblez.
Every representative was calm, talking with purpose, not shaking, showing no nervousness.
Benocide, on the other hand, dogded questions. Voice trembling, mumbling and stumbling over very simple questions, not complicated policy issues.
This, coming from the monetary 'chairman', as he answers questions about what should be done to restore consumer confidence in the marketplace.
Well, perhaps looking in the mirror might yield some answers.
Benocide gives us all NO confidence. When Paul asked "Do you think Gold is money", I could feel a world-wide gasp, as time stood still for a moment.
Benocide confirmed he's a liar.
Berank had a chirping cricket moment!
The silent sound of anal leakage!
On behalf of US Empire & its proud hegemon-nationalist citizens, some of who post here.
Pladizow, you really must tell me where you got those delightful boobies. I need a higher resolution photo so I can pin it up as a poster on my wall! *drool*
I think the technical term is "puffies". That might help your search for a higher res sample.
Hmmmm? Oh, I'm sorry, did you say something? I was mezmerized by your avitar.
duplicate
He really did not say what the headline suggests. He says they hold gold because of tradition. They do not hold Toyota Camrys but that is not the same as saying they are of no value. With that said, however, there is some fibbing. When asked if he is printing money he says, "No. We are creating reserves in the banking system." He is correct: printing requires ink and paper, and he is not consuming ink and paper. Thus, he is not lying but he is a liar.
Excellent distinction between "printing money" and "creating reserves".
I very distinctly noticed this when he said this. I was like what the hell are the reserves then? Its not money created out of thing air.... but its something made.... that purchases things..... of value.... and they can make it.... out of thin air....
he is not speaking to us (and there are plenty to believe him until too late...), so he is not lying but a liar, to us. :-p
Correct.
Digital money creation is not the same as printing new dollars.
It's actually smart for the Fed to not print it. Digital money creation is essentially free. We already know inflation is even showing its ugly head at the Fed's printing presses.
A Transitory Tradition Bitchez!
The transitory tradition is the USD!
WOW!!! Fanfreakingtastic!!! Please put that up on youtube somehow!
Ha!
Yeah....cause then it will get 25 or 30 views.
A nice little one minute break for Bieber fans to catch their wind
Good one. Hence my moniker "Fiddler_on_the_roof".
Tradition : wisdom of our forefathers. Any society that trhows away their tradition will lose it's way.
Tradition, Tradition.....
+1587 Fiddles!!!!!
Well done, Tevye!
Everything that comes out of the Bernank's mouth, the opposite is the actual truth. Bernanke is Opposite Man. He's so easy to read, not like the Mystro Alan Greenspan.
I curse Bernanke to here this song playing over and over in his head 24/7/365 till the day he dies.
Fiddler on the roof - Tradition ( with subtitles )
http://www.youtube.com/watch?v=gRdfX7ut8gw
LOL should have thought about that before committing perjury.
Forced? No. He could quit any day. No questions asked, he has asked for the flogging. Some people praise him for his "ability to work through it."
I'll give him enough credit I guess that he can take a fucking whopping, for shitty policies. However, thats his fault. He could have just stayed in the halls of academia.
One cannot shame nor embarrass a psychopath.
Come on, he is obviously ashamed and embarrassed, and that makes it clear that he is NOT a psychopath.
Nobody forced him anywhere. He volunteered to lead the destruction.
As for watching him flounder, it's one of the few things that give me hope, as it displays the cracks in the facade, as opposed to Greenspin, who would just launch into theoretical gibberish, and would never answer a question directly, if at all.
He might not be leading. There is a theory that the Fed takes it's directives from the Treasury through the operation of the low profile Exchange Stabilization Fund. The men behind the curtain.
It's compelling, but....don't know.
http://www.youtube.com/watch?v=2ssrcD5GdPQ
Yes, of course. I really meant lead, as in cheer-lead, but with puppet strings.
It is obvious there is no way that he actually does anything, as they only need him to fill out a suit while sitting in a chair.
Ahhh, Greenspin................
Here's his latest most IGNORANT statement made in my lifetime.
http://www.businessinsider.com/alan-greenspan-blames-the-us-economy-on-the-young-work-force-and-the-us-copying-china-2011-7?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+clusterstock+(ClusterStock)
The economy is in trouble because of our LAZY workers.
Who are now doing the job of THREE,just to keep theirs.
What a Buffoon.
This guy is certainly not prepared to be hit by waves of stupidity as he is now when pseudo grilled by US politicians.
Gold is on bank balance sheet then it is money. Wonderful.
Welcome to the US world order.
Well,at least for once,he's made an honest statement.
I cannot believe he said it.
IF he goes missing, we will know why.
Sorry for him? Why? Trust me he will skate out of this just fine. Gideon Gono is living in style, why should I expect any different for Zimbabwe Ben? Hell can you point out the last time a maniacal central banker faced justice? I can't imagine an easier job then just hitting the print button ala The Jetsons and getting fame and fortune for it. No I feel sorry for the dumb cattle that will have their feed stolen from them because Zimbabwe Ben will price beer and pizza out of their reach.
Yes , I just can't hate the guy like I did Greenspan.
He seems really sorry for this mess - Bill Fleckenstein always gives the guy a break but BB was Greenspan's right hand man never the less.
Yes, I believe you are :)
He should have stayed in academia with his unicorn and rainbow mental masturbations. If you want to run with the big dogs, suck it up. Reality rarely tracks theory.
People are trying to feed their families, not debate economic theories. His policies have not worked. Adapt and change to solve the problem -- instead he holds onto his PhD thesis for dear life. I don't know, does he think his textbook royalties are going to go down if he doesn't defend his theory to the end?
He is just serving his masters.
When people ask me what I would do, or what my theory is, I tell them I believe in trial and error. And one of the most important aspects of trial and error is knowing when 'trial' has had an error. In other words, when the system has become FUBAR, that America can no longer be called either a capitalist economy (more like crony capitalism) nor a democracy (instead we have an corporatist oligarchy).
I'm with ya, Troublehoff. Bernanke was brought into this because his credentials said he was the right one for the job (req'd debt deleveraging). But politics is an ugly place where skewering and grilling is part of the show.
It's a shame that soundbites don't have subtitles to educate the audience (eg. currency versus money).
The problem is, NOBODY is "the right man for the job", when the job consists of economic central planning.
Did not the fall of the USSR, and China's abandonment of rigid central planning, teach us anything?
China's cultural revolution taught us u can kill millions of peasants and still be revered as a great leader 60 years later.
Well, lets face it. The ponzi was irredeemable by the time the Bernank assumed power. Regardless of his stance (printing or not printing) people will be hurting.
...but it's true, what akak says about central planning, it's shite and it is the fractional reserve banking system that makes this clusterfuck possible
I agree. Problem is he is not returning the favor. If he did he would come out and blast the real faces of this slave system.
Bernanke is looking a little older. Guess those helicopter rides aren't as fun as they used to be. Kinda like Groundhog Day.
@ Troublehoff,
I can hardly wait to get back to the USA (48 hours) too see if there is any physical left...
Sure they can bash it it, but the more I think about it, I doubt that we will ever see ¨FOFOA´s Bottom¨ (my term not his) in which the paper price might go to zero to $400 as the physical price goes to MANY THOUSANDS.
Maybe the paper price (if the exchanges stay in business) will never go below the ¨India Put¨ price of $1040.
It is getting harder each day to keep the lid on. Yeah, sure, they might bash it hard, but it is REALLY HARD for me to see gold going below $1000, EVER EVER AGAIN.
Next time there is a dip, well youknow what to do. Buy the physical while still in reach.
Do,
Time to maybe re-think that percentage of NW % posture.........
Ya think?.
What is the "India Put?"
An expression to note that the ‘price’ of gold can never get too low. Gold is adored by foreign gov’ts, central banks and right-wing survivalists. It’s really a unifying thing.
it takes real talent to lie without voice cracking or inflection.
I wonder what he's say about the dollar.
the problem with diamonds and I'd have kept those is that the supply is kept reduced to keep price elevated, also they can now be produced a well as dug up.
While I'll agree w/the probably fake shortage created by DeBeers, a jeweler can tell the difference between real and man made. Mrs. Weinerdog (and I suspect a lot of women) are smart enough to ask the jeweler if it's real or fake. I found out the hard way that created diamonds are never larger than 1 carat. The jeweler said there is always going to be a discount dealing with something that 'isn't rare'.
Interesting. I always found that anything bigger than 1 carat looks like cubic zirconium.
No i dont. The Bernank, as an academic swore and oath to accept logic and reason above all else. Clearly he has not kept that oath.
"wizards should know better." - Treebeard.
Indeed they should.
He's a patsy, that's all. Yes, I feel sorry for him. I think he might have been chosen, because he is a replicant, and because he could be counted on to do "the right thing," when the time came (i.e. keep the pedal to the metal on the $$ printer).
Wa Wa Wa-poor little schoolboy Benny forced into the real world. Doesn't he have a family that he needs to spend more time with?
+1
I'm glad to see there is someone here who has some empathy.
To dehumanize your enemy is to dehumanize yourself.
Yes, I do feel sorry for the Bernank.
What do central banks hold that doesn't produce income? Currency and gold. Nothing else.
You should use that pimple on your neck a little more often, else you should remain silent.
Ewwwww.
Lookit that zit!
Pop it! I wanna see it stick ta dah mirror.
Why not apply your piece of advice to yourself? You distinguish between gold and currency yourself.Start to apply your own principles to yourself first. I know that it is going to be hard for a US citizen but it also makes speech more credible.
It's not my fault you are too stupid to understand the difference between money and currency.
Ask yourself: is Confederate currency money? That is the difference.
Gold is money. Always has been, always will be. Currency is also money, but hasn't been for long, and won't be forever. Central banks hold both. But they value gold over fleeting currency.
Laughable.
Confederate currency? But there is no more confederate currency. There was during the times of the confederation. Which is no longer. Banks are holding confederate currency on their bank account?
US citizens are full of contempt. They scorn everyone.
US citizens are not stupid though. They are duplicitous. And are growing angrier because they have to come to realization their propaganda has grown so weak it does not sell anymore.
So you propose that all of those nations which have fallen by the wayside are historical anomalies, and that every national and supranational currency in existence now will last forever and all time?
Also, nice collectivism there.
I'm done with you, puss for brains.
Well, that is putting words into mouth...
Currency, what does it mean? Does it have something to do with current? And affiliated?
Is the confederate currency circulated? It is not. There is no more confederate currency.
Changes nothing to the premise here: currencies are hold on bank account so they are money. Still you can provide an example of banks holding a former currency on their bank account,well..
As to collectivism, what has it to do with that?
And if you are done with me, maybe time to be done with yourself and apply your own principles to yourself? Will greatly help to give credibility to your words.
You have something else in your mouth. Take it out so we can hear you.
Right. And when USA crumbles the dollar will be worth the same as confederate money, nothing. Gold will always have value. The dollar used to equal gold when we had gold standard. But ignorant people still think the dollar is worth something. Dollar is a wasting asset not being helped by printers like Benny.
Sure, sure, valuation has nothing situational.
This said, people who think like that are free and encouraged to put their acts where their mouths are. I could give them a bank account number so that they transfer their very soon useless USD on it. I am a generous kind and I take the risks for them.
Or they could buy Gold.
AnAnonymous:
Why is gold and silver up sharply today?
Why is Gold at all time highs? Why did silver just blow through its 50DMA?
These are very serious times where putting your faith into a rich politician, who will vanish once TSHTF, is really putting yourself out on a limb. Benocide is all talk, as this governments' main priority is not employment but Thought and Perception Management. As such, he can't give gold credibility, as that is the ultimate in insubordination.
Sharply in what? Fiat money?
I dont put my faith in rich or poor politicians, save when they make sense. I dont put fait in people who do not make sense.
This site is a collection of US citizens congregating to hone the next package of lies they wish to live from.
It is a fact that both gold and silver ARE both up sharply today, and it has nothing to do with fiat currency -- they are both up in VALUE, purchasing power if you will. And if you were not a disingenuous asswipe and shill for the corrupt and failing financial and monetary status-quo, you would know and recognize that.
I'd rather be a Paultard than an Establishment Puppet.
Because Paultards are not establishment puppets? That is first news. Ron Paul being such an established US citizen politician. He has even started a dynasty of politicians.
Incredible piece of news.
You are utterly retarded.
Good things that the US eugenics fantasy was repelled through pressure from the world then... I might not have been born if not.
My understanding is that it was the Europeans that you so endear that last applied industrial solutions to eugenics problems. It was the USA that stopped them, becuase without it wouldn't have been accomplished.
I seen it on the History Channel.
U R welcome!
The fact is that for US citizens, denial is not just a river. Industrial solutions to eugenics problems? US made. And with that, the US funded european efforts for US made policies.
You are insulting retards everywhere when including this subhuman shit stain in their group.
Subhumanity? That is the spirit of the US. And subhumans have subhuman rights. Great rationalization thread to explain why the US failed to enforce their own standards. The history of the US.
How US citizenism has spread and promoted the idea that among human beings, some are subhumans or non humans.
Great legacy of the US world order. Subhumans and non humans of the world, stand up and applause your creator.
AnAnonymous could be a Keynesian professor going through a mid-life crisis.
He cannot accept his whole life and work has been dedicated to a failing system and he now feels the need to paste his ignorance for others to see.
Silly Keynesian, economics is for Austrians....
The US could be an expansionist country going through a mid life and terminal crisis.
This country can not accept life and work of entire generations have been dedicated to a failing system and now US citizens feels the need to past their ignorance for others to see.
Economics is drivel, no matter the school.
No reason to insult AnAnonymous just because he does not have the genetic material to decipher the current political economy.
If deciphering the current political economy is what is propagated by so many on this site, well, I thank the randomness of birth to have granted me a different genetic material.
Uh, genetic material in the sense of intelligence, which, although randomly distributed worldwide, apparently insufficient in your case.
Once again, I am really glad I am not given the kind of intelligence US citizens are so fond of. Twist of observations, rejection of facts, delusion, duplicity and more seems to mark the US intelligence kind.
So do please tell us, AnAnonymousAsshole, from which all-enlightened, intellectually blessed and magically insightful kingdom do you hail? From my travels of the world, I find both wisdom and willful ignorance to be remarkably well-distributed.
AnAnon,
Yes, he is, and I would wager one of a handful that really ever have been honest, and holds the seat for his country's sake, and for his constituents first.
I will take a House & Senate full of people with his character any day of the week compared to the majority of the scum we have now.
It's obvious your not a historian, know nothing of America's true character,or the real population outside what you have witnessed by our government and far left morons.(your reference to eugenics,came from that segment).
Leaders of countries, and governments by and large do NOT represent the views, values, and mores of it's peoples.
Comical. I know no US politicians. But they are the more polished face of the US. US policy is by popular will, there is no discontinuity between US policy and the US People.
The character of the population? The very same as when the US was started. The US citizens nature is eternal. It is the same people who patrolled on their own will slave huts in order to prevent slaves from fleeing and gain their liberty. No government oppression in that.
US citizens are the same today, they flock to join the US army ranks on their own will to have fun and kill a few people abroad.
Hey AnAnonymous, I'm sure it's all down to the Homestead Act of 1868, and slavery, like you appear to believe everything else is.
Yes? Because of the homestead Act, slavery, banks holding gold on their balance sheet makes it money?
Very US citizenish.
AnAnon,
Where did the slaves come from, and who enslaved them for sale first?,into America?.
How long has slavery existed?.
I submit due to your writings, that slavery was a well established fact in your neck of the woods WAY before there was an America.
You act as though WE invented the concept,and practice.
Ah US citizens and their dedication to strawsmen. You gotta love them.
US citizens have definitively invented slavery while proclaiming freedom. Please provide another example if not.
Have US citizens grown that weak in their mind they think people wont see the difference between slaver countries proclaiming slavery and a country that proclaimed freedom and maintained slavery?
You're wrong Chairman Bernanke. Central banks hold gold because it is money.
1862
.308 match grade hollow points have value due to tradition (and the ability to reach out an "touch" someone at 800 yards). Make sure you diversify your portfolio with beans, bullets and bullion.
Make that "buried bullion"?
You limited the range.............
That's a tough shot beyond that. I admire your optimism and possibly your skill, but think you might have a little bit more of one than the other ;0
Ben should be on stage every day. Every time he speaks the once cute little gold bug is fed a little bit more fiat, growing into a ferocious gold monster.
I working on a real time chart: he spoke from 10-12:30pm - gold increased about $15.36 during that time.
I'd like him to do appearances every day!
+1
Ben does for gold prices, what Barry has done for gun sales.
If he really believed this, his actions would be otherwise.
I don't know how RP didn't bust a gut on that.
He is as pshychotic as they come...
YOUTUBE OF IT: http://www.youtube.com/watch?v=YGK5z2LBn7k
Thank you for posting the video. That was CLASSIC!
I second that. Thanks!
I'm not the one who uploaded it, but you're welcome.
Ahhh.. just as sweet as the first time I heard it. thanks! I've duely emailed this out for many to see.
"The price of gold reflects many things...." Ben Bernanke.
I'll add that the valuation of the dollar reflects only a few things.
There is a much shorter list of what the meaning of a weak dollar portends.
So, which is the better "asset"?
I guess Paul will be asking soon 'so how long you think the dollar with last?' since he can back it up by saying no fiat survives forever so it is a fair question. But another one to avoid like the plague for the Bernak
You think he would give the same answer....Tradition?
55 men,
No, he would say "It's the RESERVE currency of the World".
Why not seashells?
Because there is no tradition linking seashells to wealth.
There are rarer things than Gold which have less value.
An asset is only worth what someone else will pay for it. If everyone thinks gold is great than it is worth money. The same way paintings sell for millions. I personally wouldn't pay 10 bucks for paintings that sell for millions, except for the fact that I know I can probably sell it on to someone who would pay the earth to show how wealthy they are to others.
I like seashells, they're pretty! I WANT CBs TO HOLD SEASHELLS!
Well if you can convince enough people that seashells are the thing to have then you'll make millions.
Millions still believe in God. Gold having value is relatively rational by comparison.
They're not shiny enuf.
Here's a checklist for you:
Beat me to it!
You must admit, though, it's hard to print seashells.
so those japanese school girl used panties vending machines are really ATMs?
He gave 10 characterists for sound money and your example has one of them: rare. This is just for the record. May God have mercy on your soul.
Rocky just to add to Fungible: It is globally substituted and exchanged for like amounts.
Yeah!
Like used Japanese school girl panties.
The panties I mean.
And people think the Japs have a problem because of Fuckushittinme.
Humanity is doomed.
There is no veneer of civilization remaining.
Bitcoins???
Hmmm silver rusts and decays, maybe that's why it won't be held by CBs?
Bitcoins? Have you ever had a hard drive crash? Ever had a memory stick die on you? Bitcoins are just bits, not quite as durable as metal, or diamonds...
How about "easy to get through a metal detector" ?
As we head into Armageddon, diamonds will rise in value too.
Umm, not so true. Go to Papau, New Guinea and see their shell money. They still use it as a means for exchange. Even the IMF could not convince them to reduce the use of shell money. I have some, but you could google for more info.
But if they don't use shells at Wall Street, why do they keep playing the shell game with us?
They don't have much indoor plumbing though. Or live past 55 years old. Not that either is a necessity, but both nice to have.
Do these rarer things have similar characterists to gold (elemental, metal, non-toxic, non-reactive, et al)?
Crowded Beaches as people search for seashells would cause land shifts. Problems such as Guam tipping over would happen all over the world.
http://www.youtube.com/watch?v=zNZczIgVXjg
Good call, bringing that back to light. But you know that these are the annoited and illustrious leaders you're villifying, didn't you hear yesterday from King Putt himself that these matters are best left to professional politicians. Tiny filthy peons like us need not understand.
"King Putt" LOL!
can't take credit for it, read it on another blog yesterday. But I'm sure as hell going to spread it around!
That's funny, when Ron Paul asked GREENSPAN the same question in 2005 he got a COMPLETELY different answer:
http://www.lewrockwell.com/paul/paul267.html
That might be the dumbest and most ridiculous thing Bernanke has ever said.
Here is where it all went wrong then. Alan Greenspan on gold and gold standard: "So I think central banking, I believe, has learned the dangers of fiat money, and I think, as a consequence of that, we've behaved as though there are, indeed, real reserves underneath the system."
I wonder where Alan Greenspan learned how to speak English.
I'm always amazed how quickly Greenspan changed from speaking with a mouth full of marbles to being quite coherent. It began two minutes after his term with the Fed ended.
Strange coincidence, don't you think?
Not really. If he really is, in his heart of hearts, a Randian then his job is done. He has done more than any other to bring the system down.
http://www.caseyresearch.com/gsd/sites/default/files/Purchasing%20Power.png
Since the bottom in gold in the first quarter of 2001...the U.S. dollar has lost almost 85% of its purchasing power vs. the yellow metal since then. I would think that the chart for every other currency on Planet Earth would bear a striking resemblance to this chart.
http://www.caseyresearch.com/gsd/home
Nice Rocky, may have to add that one to my blog list. I had not visited that link before.
+ $1570
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