• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Ben Believes Gold Only Has Value Due To Tradition

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 07/13/2011 - 11:23 | 1451912 tmosley
tmosley's picture

Let's tell him that all the other central bankers jumped off a of a bridge.

Wed, 07/13/2011 - 11:26 | 1451929 Scottj88
Scottj88's picture

The Ron Paul Revolution --


Gold is Money....

Gold just made new highs in the euro/pound/canadian dollar/and now US Dollar....

Wed, 07/13/2011 - 11:43 | 1452061 Troublehoff
Troublehoff's picture

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.

Wed, 07/13/2011 - 11:48 | 1452068 hedgeless_horseman
hedgeless_horseman's picture

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!

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!

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!

Wed, 07/13/2011 - 11:50 | 1452103 Manthong
Manthong's picture

He who dies with the most barbarous relics wins.

Wed, 07/13/2011 - 12:02 | 1452205 idea_hamster
idea_hamster's picture

Actually, I suspect it's the heirs of the person who dies with the most barbarous relics who are the real winners....

Wed, 07/13/2011 - 13:22 | 1452628 MachoMan
MachoMan's picture

Don't forget the taxman.

Wed, 07/13/2011 - 13:45 | 1452727 chumbawamba
chumbawamba's picture

Certainly not, I have several boxes of 12GA slugs at the ready.

I am Chumbawamba.

Wed, 07/13/2011 - 14:11 | 1452823 MsCreant
MsCreant's picture

To bring this conversation full circle, make sure your kids know how to use them!

Wed, 07/13/2011 - 15:54 | 1453280 jerry_theking_lawler
jerry_theking_lawler's picture

come on CW, you should divest your slugs and get OObuck....easier to hit your targets with the same devastating force.....

Wed, 07/13/2011 - 18:31 | 1453937 chumbawamba
chumbawamba's picture

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.

Wed, 07/13/2011 - 12:06 | 1452238 nope-1004
nope-1004's picture

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.


Wed, 07/13/2011 - 12:11 | 1452276 Atomizer
Atomizer's picture

When Paul asked "Do you think Gold is money", I could feel a world-wide gasp, as time stood still for a moment.

Berank had a chirping cricket moment!

Wed, 07/13/2011 - 12:20 | 1452330 Pladizow
Pladizow's picture

The silent sound of anal leakage!

Wed, 07/13/2011 - 13:22 | 1452629 eureka
eureka's picture

On behalf of US Empire & its proud hegemon-nationalist citizens, some of who post here.

Wed, 07/13/2011 - 13:23 | 1452639 zenith191
zenith191's picture

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*


Wed, 07/13/2011 - 19:19 | 1454082 smore
smore's picture

I think the technical term is "puffies".  That might help your search for a higher res sample.

Wed, 07/13/2011 - 13:41 | 1452716 Smiddywesson
Smiddywesson's picture

Hmmmm?  Oh, I'm sorry, did you say something?  I was mezmerized by your avitar.

Wed, 07/13/2011 - 13:42 | 1452718 Smiddywesson
Smiddywesson's picture


Wed, 07/13/2011 - 12:17 | 1452313 Thomas
Thomas's picture

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.

Wed, 07/13/2011 - 12:26 | 1452377 goldfish1
goldfish1's picture

Excellent distinction between "printing money" and "creating reserves".

Wed, 07/13/2011 - 12:46 | 1452475 TheTmfreak
TheTmfreak's picture

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....

Thu, 07/14/2011 - 01:27 | 1455112 old naughty
old naughty's picture

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

Wed, 07/13/2011 - 12:30 | 1452394 SeverinSlade
SeverinSlade's picture


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. 

Wed, 07/13/2011 - 11:50 | 1452105 camaro68ss
camaro68ss's picture

A Transitory Tradition Bitchez! 

Wed, 07/13/2011 - 12:10 | 1452273 Hard1
Hard1's picture

The transitory tradition is the USD!

Wed, 07/13/2011 - 11:56 | 1452152 I Am The Unknow...
I Am The Unknown Comic's picture

WOW!!!  Fanfreakingtastic!!!  Please put that up on youtube somehow!

Wed, 07/13/2011 - 12:20 | 1452333 AgShaman
AgShaman's picture


Yeah....cause then it will get 25 or 30 views.

A nice little one minute break for Bieber fans to catch their wind

Wed, 07/13/2011 - 12:01 | 1452191 fiddler_on_the_roof
fiddler_on_the_roof's picture

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.....

Wed, 07/13/2011 - 12:07 | 1452240 Upswaller
Upswaller's picture

+1587 Fiddles!!!!!

Wed, 07/13/2011 - 12:50 | 1452497 bread n circuses
bread n circuses's picture

Well done, Tevye!

Wed, 07/13/2011 - 15:28 | 1453172 Michael
Michael's picture

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 )


Wed, 07/13/2011 - 11:44 | 1452075 voshnishki
voshnishki's picture

LOL should have thought about that before committing perjury.

Wed, 07/13/2011 - 11:46 | 1452079 TheTmfreak
TheTmfreak's picture

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.

Wed, 07/13/2011 - 11:53 | 1452137 RockyRacoon
RockyRacoon's picture

One cannot shame nor embarrass a psychopath.

Wed, 07/13/2011 - 19:23 | 1454097 smore
smore's picture

Come on, he is obviously ashamed and embarrassed, and that makes it clear that he is NOT a psychopath.

Wed, 07/13/2011 - 11:46 | 1452083 NotApplicable
NotApplicable's picture

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.

Wed, 07/13/2011 - 12:40 | 1452442 Raymond Reason
Raymond Reason's picture

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.  


Wed, 07/13/2011 - 12:53 | 1452522 NotApplicable
NotApplicable's picture

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.

Wed, 07/13/2011 - 12:55 | 1452529 DosZap
DosZap's picture

Ahhh, Greenspin................

Here's his latest most IGNORANT statement made in my lifetime.


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.

Wed, 07/13/2011 - 11:48 | 1452092 AnAnonymous
AnAnonymous's picture

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.


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.

Wed, 07/13/2011 - 12:57 | 1452539 DosZap
DosZap's picture

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.

Wed, 07/13/2011 - 11:51 | 1452111 Shameful
Shameful's picture

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.

Wed, 07/13/2011 - 11:52 | 1452120 THE DORK OF CORK
THE DORK OF CORK's picture

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.


Wed, 07/13/2011 - 12:00 | 1452184 dracos_ghost
dracos_ghost's picture

Am I the only person on ZH who sometimes feels a little sorry for the Bernank?


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?

Wed, 07/13/2011 - 14:52 | 1453004 Herd Redirectio...
Herd Redirection Committee's picture

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).

Wed, 07/13/2011 - 12:01 | 1452193 Scarlo
Scarlo's picture

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).

Wed, 07/13/2011 - 15:16 | 1453108 akak
akak's picture

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?

Sun, 07/17/2011 - 02:22 | 1463266 Libertarian777
Libertarian777's picture

China's cultural revolution taught us u can kill millions of peasants and still be revered as a great leader 60 years later.

Wed, 07/13/2011 - 18:38 | 1453958 Troublehoff
Troublehoff's picture

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

Do NOT follow this link or you will be banned from the site!