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Ben Believes Gold Only Has Value Due To Tradition

Tyler Durden's picture





 

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?


This material was not prepared by Fator Securities LLC.. U.S. Persons seeking further information must contact Fator Securities LLC in New York at (646) 205-1160. This material shall not constitute an offer to sell or the solicitation of any offer to buy (may only be made at the time qualified participants are in receipt of the requisite documentation, e.g., confidential private offering memorandum describing the offering, related subscription agreement, etc.). Securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful or until all applicable regulatory or legal requirements of such jurisdictions have been satisfied. This material is not intended for general public use or distribution and is intended for distribution only to appropriate investors. The opinions contained herein are based on personal judgments and estimates and are, therefore, subject to revision. Past performances are not indicative of future results.

 

 


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Wed, 07/13/2011 - 12:28 | Link to Comment RockyRacoon
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Nobody's eating your peas.

Wed, 07/13/2011 - 12:10 | Link to Comment Dick Darlington
Wed, 07/13/2011 - 12:29 | Link to Comment RockyRacoon
RockyRacoon's picture

Did you pea them?

Wed, 07/13/2011 - 12:11 | Link to Comment Franken_Stein
Franken_Stein's picture

 

And ruby is aluminium oxide Al2O3, also called corundium with some chromium Cr and iron Fe with proper ratio to one another in it for the red color.

All corundium that is not red is called Sapphire.

 

Wed, 07/13/2011 - 21:09 | Link to Comment WoodMizer
WoodMizer's picture

Diamond was but coal

Between Bernak's cheeks

Wed, 07/13/2011 - 12:13 | Link to Comment mt paul
mt paul's picture

gold 

is not money...

 

to the man who has none...

Wed, 07/13/2011 - 12:13 | Link to Comment StychoKiller
StychoKiller's picture

Gold may not be the current medium of exchange, but it IS A STORE OF VALUE...$1585.5/Toz right now!

Wed, 07/13/2011 - 12:14 | Link to Comment ThirdCoastSurfer
ThirdCoastSurfer's picture

Probably the greatest reason to live in America is (was?) that the possibility of upward mobility exists for all. Ben is a classic example. From humble beginnings he rose to become the defacto leader of the world. 

He is now also classic example of abandoning his roots. Charged with the mandate of employment, three years has only primarily benefited those with an equity sake in banks or the markets.  This is analogous to the creation of a caste system where creative destruction is abolished and influence becomes the primary arbitrar of mobility.  

He is the leader, he is the one who should be in control. He should be holding the whip and offering the carrot but instead he seems to be the one who demures to all threats and who places himself in a subservient position to all comers. 

Corporations are flush with record earnings/profits/cash,  but does he threaten that QE3 will only be implemented if he sees that demonstrable attempts by these corporations to hire have failed (or some other such offensive rather than defensive action)? No.  

If you don't want to pay taxes and you don't want the economy to fail then I suggest that you use the profits of a single or several quarters to hire someone to do something or QE3 will not arrive until the S&P returns to 666.  

 

 

Wed, 07/13/2011 - 13:08 | Link to Comment magis00
magis00's picture

traditiooooooon!!!  tradition!

Wed, 07/13/2011 - 12:16 | Link to Comment Crispy
Crispy's picture

Dont know about you chaps, but I felt a ripple in the force when he said that...

Wed, 07/13/2011 - 12:40 | Link to Comment equity_momo
equity_momo's picture

Yes, it was as if a million souls cried out in unison "WTF?!" ....and then proceeded to laugh their asses off whilst checking out what was available for immediate delivery at Ampex.

Wed, 07/13/2011 - 12:18 | Link to Comment Silverhog
Silverhog's picture

Maybe he should have asked if a Tree is money.

Wed, 07/13/2011 - 12:19 | Link to Comment Atomizer
Atomizer's picture

I'll going over to Market Ticker and read Karl Dingleberries response to Gold statement. 

Wed, 07/13/2011 - 12:23 | Link to Comment sasebo
sasebo's picture

I'm headed to Naked Capitalism.

Wed, 07/13/2011 - 12:22 | Link to Comment sasebo
sasebo's picture

The Bernank is just another two bit pseudo-intellectual. What else is new?

Wed, 07/13/2011 - 12:23 | Link to Comment ZeroPoint
ZeroPoint's picture

If that's true Ben, the IRS should stop taxing gold profits at 28%.

Fuck the Fed and fuck the IRS.

 

Wed, 07/13/2011 - 12:23 | Link to Comment FreeNewEnergy
FreeNewEnergy's picture

Now, now, let's not be so hard on the Chairsatan. After all he's right, and there's precedence.

Gold is not money.

Does are not deer.

Water is not fluid.

Geese are not birds.

Lizards are not reptiles.

Humans are not mammals. (Kudos to Herbert Spencer)

Rubies are not gemstones.

The Yankees are not a baseball team.

Meat is not food.

The sun is not a star.

Uranus is not a planet.

The Bernank is not a bankster.

See, it all makes perfect sense.

Wed, 07/13/2011 - 12:56 | Link to Comment djcando
djcando's picture

Uranus can be more than just a planet!

Wed, 07/13/2011 - 12:24 | Link to Comment alangreedspank
alangreedspank's picture

 

It's called "the market" asshat.

Wed, 07/13/2011 - 12:25 | Link to Comment Goatboy
Goatboy's picture

Reasonable.

Wed, 07/13/2011 - 12:25 | Link to Comment agNau
agNau's picture

YO Bennie! "Tradition" also perfectly states that FIAT IS TRASH! My GOLD record runs much longer than your fiat record. na,na,nana! Stupid!

Wed, 07/13/2011 - 12:26 | Link to Comment alangreedspank
alangreedspank's picture

 

Even Greenspan was better articulated than this moron. I think even Greenspan would have answered yes.

 

Wed, 07/13/2011 - 19:14 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

Channelling Alan Greenspan:

"Well, in some cases, but not all, and I would have to say moreso prior to the 20th century, gold had a more or less well accepted role as an exchange mechanism, notwithstanding the increasing presence of government-issued currency at the time, so therefore, defining it as money would be correct in a broad sense, although today that definition would have to be approached with an eye to international acceptance of paper money as a more functional medium, I believe, having a utility that gold, in and of itself, does not, even though in many parts of the world it does carry that distinction and can be used transactionally in its elemental form, whereas the predominant mindset, not just here in the West, but in many parts of the Eastern world and developing markets, is that paper money, and in particular the US dollar, is preferable, simply due to its convenience and of course a universal faith in its backing by the full faith and credit of the United States, not to mention the fact that I flooded the entire planet with it."

RP: "Huh?"

Wed, 07/13/2011 - 12:27 | Link to Comment foxman
foxman's picture

 

Wed, 07/13/2011 - 12:29 | Link to Comment wandstrasse
wandstrasse's picture

you are speechless, I understand that, I am speechless, too.

Wed, 07/13/2011 - 12:28 | Link to Comment Smartie37
Smartie37's picture

The muthaf'n jig is muthaf'n UP !!!  Sorry, BEN !!!!

 

Wed, 07/13/2011 - 12:31 | Link to Comment pstpetrov
pstpetrov's picture

Folks,

He can't say Yes to the question "Do you think that gold is money?". He looked up and to the right before answering which means he is accessing the center of imagination in his brain - which means that he lies.

His job is to calm the markets. He can't reply yes. :)

Wed, 07/13/2011 - 12:31 | Link to Comment wandstrasse
wandstrasse's picture

when gold is tradition, what is silver? Nostalgia?

Wed, 07/13/2011 - 12:32 | Link to Comment Hugh_Jorgan
Hugh_Jorgan's picture

Ha HA HAAAAAAAAA!!!! ROFL!!!!!

 

Ron Paul should be made Fed Chairman, I would love to see how he would go about dismantling it given carte blanche.

Wed, 07/13/2011 - 12:33 | Link to Comment dexter_morgan
dexter_morgan's picture

what a fuckwad

Wed, 07/13/2011 - 12:33 | Link to Comment LRC Fan
LRC Fan's picture

Wow some douche just ended his time with "I think Mr Bernanke broke Dr Paul's heart when he said gold isn't money."  Wtf?  If Paul owns gold, which he certainly does, how can his heart be broken?  He's probably made multiple killings on his gold holdings.  Why would he give a fuck what Bernanke says?  He knows he's right and just trying to shed light on it for others to see. 

Wed, 07/13/2011 - 12:47 | Link to Comment Temporalist
Temporalist's picture

Ron Paul has mentioned on CNBC, FOX and such that he's been buying gold since $35/oz.  He had foresight then and he predicted the economic collapse as well.  He's got more gold than Ft. Knox that's why they hate him.

Wed, 07/13/2011 - 14:42 | Link to Comment malalingua
malalingua's picture

this is why we need to get this man into the whitehouse. 

Wed, 07/13/2011 - 12:34 | Link to Comment El Oregonian
El Oregonian's picture

why do Police hold Bullets?

 

I don't know, Tradition?

 

Round up your Precious Metals 'cause they're value just skyrocketed. i like tradition...

Wed, 07/13/2011 - 12:36 | Link to Comment kumquatsunite
kumquatsunite's picture

Gold is a fool's trade. I put a piece of gold in a pan and tried to cook it...didn't work. I put a piece of gold on my tongue and tried to eat it; it didn't work. I put a piece of gold in the refrigerator to see if that would assauge my hunger; it didn't work. I put a piece of gold in the ground to see if it would grow; it didn't work. Folks we be in a new era; gold be worth something but not much. Certainly since there have been thirty years with no interest, "Somebody" has some tucked away "Somewhere". When the price gets high enough they'll cash it out and you'll be stuck like you were with WaMu. Good luck with that gold bugs; as in gold bugs get buggered!

Wed, 07/13/2011 - 12:41 | Link to Comment El Oregonian
El Oregonian's picture

oh i don't know... gold has been providing nice food for thousands of years. nice try though...

Wed, 07/13/2011 - 12:49 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Try using gold (a large jagged nugget preferably) as a suppository and see if that works.

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 07/13/2011 - 12:52 | Link to Comment El Oregonian
El Oregonian's picture

Are you really that much of a dumbass? Must be tradition, I guess...

Wed, 07/13/2011 - 12:50 | Link to Comment bbq on whitehou...
bbq on whitehouse lawn's picture

Have you tried to pound it into a great sheet and use it to protect you from gamma rays, or other dangerous radiation?

It will.

Have you tried to use it to reflect light or other radiation?

It will also do that. It can be used as a shield where no other will do.

It can also be used in environments for wiring where no other will do.

Maybe its you who require the talents of bread or seed rather then metal. Not all things can serve all purposes.

Wed, 07/13/2011 - 12:52 | Link to Comment Goatboy
Goatboy's picture

Exactly. Its nice to see reasonable people still hang around. Buying bean cans can secure us not to be hungry for 2 or 5 years. Buying gold on the other hand, I fail to see how it secures anything knowing that future supply is unknown to us as well as regulation concerning it. In worst case scenario, gold might prove some value but guns and food will dominate.

Wed, 07/13/2011 - 15:11 | Link to Comment ian807
ian807's picture

Paper dollars and fiat money is a fool's game. I put paper dollars in a pan and tried to cook them...didn't work. I put paper dollars on my tongue and tried to eat them; it didn't work. I put a roll of paper dollars in the refrigerator to see if that would assauge my hunger; it didn't work. I put a roll of paper dollars in the ground to see if it would grow; it didn't work. Folks we be in a new era; paper dollars be worth less and less. Certainly so after thirty years with negative interest through inflation. When the paper currency gets dicey enough and the price of gold skyrockets, they'll try and turn paper  into gold and they'll be stuck like we were with WaMu. Good luck with that paper dollar bugs; as in paper dollars bugs get buggered!

Wed, 07/13/2011 - 12:44 | Link to Comment plocequ1
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I missed the testimony. Did he mention anything about NFLX ramping over $300?

Wed, 07/13/2011 - 12:43 | Link to Comment swissinv
swissinv's picture

haha hilarious - "poor" Bernanke looks so stupid but he got no other choice to do so...

Wed, 07/13/2011 - 12:45 | Link to Comment Jesse
Jesse's picture

 

That's not what he said, at all.

What Bernanke was responding to was a question about gold as MONEY.  And he said it is not.  And he is right in his definition of 'money' as 'legal currency.'

He said gold was an 'asset class.'  He did not denigrate it one bit.

As a followup Paul asked him why the central banks hold gold then and not some other asset like diamonds, and he said it was probably tradition.

I mean come on.  He said a lot of wrongheaded things but this was hardly notable and in strict terms not even wrong.

Wed, 07/13/2011 - 17:57 | Link to Comment goldfish1
goldfish1's picture

Money: something generally accepted as a medium of exchange, a measure of value, or a means of payment

Wed, 07/13/2011 - 21:09 | Link to Comment smore
smore's picture

Right.  Unfortunately, for some people, gold is not primarily an asset class, or money, but a religion. 

You can tell those people by the uncouth animal noises they make when you question their central dogma.  They give gold a bad name.

Wed, 07/13/2011 - 12:52 | Link to Comment web bot
web bot's picture

I didn't know the Chairsatan is an epileptic (tongue swallow).

Wed, 07/13/2011 - 12:51 | Link to Comment bbq on whitehou...
bbq on whitehouse lawn's picture

The question was not about currency it was about money.

Wed, 07/13/2011 - 12:52 | Link to Comment djcando
djcando's picture

Given the quagmire of phony data and the revelation of just who the "Wizard of Oz" is that is running things, you have nobody to blame but yourself if you are not prepared for the day of reckoning that will inevitably come.

 

Bitch as much as you want, but if you don't take the necessary actions, you're doomed!

Wed, 07/13/2011 - 13:00 | Link to Comment HungrySeagull
HungrySeagull's picture

So now we moved from tics to quivering lips to long pauses.

What will it take to induce a mental failure to function (Catonic) or a seizure?

Suppose if Ben said Yes Gold is money?

 

Aww fuggit. I am so happy at the way things are finally going in the metals dept. Thank you Bennie "MWAH!"

Wed, 07/13/2011 - 12:59 | Link to Comment medicalstudent
medicalstudent's picture

holy mother of christ.

 

thank you for posting this.

 

finally, he kept his questions short and direct.

 

bernanke actin a fool.

Wed, 07/13/2011 - 13:05 | Link to Comment equity_momo
equity_momo's picture

Bob Pisani trying to deflect the L0LZ aimed at Ben - he never fails to surpise me in just how big a fucking moron he is.  Good job Bob  , you clearly have a handle on what Gold is or isnt. Fuck up.

Wed, 07/13/2011 - 13:06 | Link to Comment Scipionz
Scipionz's picture

This guy live on another planet/reality....

Maby he is an alien... (They Live)

LOL!

Wed, 07/13/2011 - 13:14 | Link to Comment Jeremy Roenick
Jeremy Roenick's picture

After watching that video, and seeing RP wrily smile after his question...

 

I now have an even bigger man-crush on RP!

Wed, 07/13/2011 - 13:15 | Link to Comment plata pura
plata pura's picture

the jekyll isle cartel spokesman made nary a fib concerning gold; however he would have vex'd reason if he said the same of the precious. gold be inferior to the precious in utility, scarcity and forward looking growth; always remembering that growth = energy consumption. in conclusion when thee hear growth, always; immediately equate that to consuming energy..... a gsr of 41 be intolerable.

Wed, 07/13/2011 - 13:24 | Link to Comment Ganja Jane
Ganja Jane's picture

Spoken as a US citizen, natural born: We're living in a den of thieves.

Wed, 07/13/2011 - 13:24 | Link to Comment BayAreaAlan
BayAreaAlan's picture

What is the "India Put?"

Wed, 07/13/2011 - 13:28 | Link to Comment Madcow
Madcow's picture

Increasingly, Fed comments sound like they're being informed by counsel.

After the collapse - and once this is in the courts, it is essential that the bankers must maintain unwavering commitment to their fiat money theory.  if the lawyers can prove that they all knew it was a hoax the whole time, then there will be clear grounds for criminal prosecution - with High Treason right up there at the top of that list. 

They are now in the process of laying down their own individual legal defenses -

Wed, 07/13/2011 - 13:51 | Link to Comment notadouche
notadouche's picture

"After the collapse-and once this is in the courts..." What makes you assume there will be any courts after the aformentioned collapse?

Wed, 07/13/2011 - 14:56 | Link to Comment LFMayor
LFMayor's picture

I'm planning on starting some local chapters after the collapse.  The child sex offenders are first on the list.  Got addresses, pictures and what they were charged with all printed out.

Once we work through that backlog, we'll see what comes next.

Wed, 07/13/2011 - 13:29 | Link to Comment firstdivision
firstdivision's picture

Lolerz at today's 'too the moon' shot on oil.

Wed, 07/13/2011 - 13:36 | Link to Comment Lazane
Lazane's picture

Lets face it, it is far easier to conceal you dastardly immoral monetary activities fumbling around with nothing but stacks of paper than it would be to fumble around with that constant musical jingle jangle ringing of real money. 

Wed, 07/13/2011 - 13:43 | Link to Comment boeing747
boeing747's picture

Gold hits all time high right after Ben said 'Gold is not money'. So paper fiat is money, but how much it worths, 1/10 cent to print? I think gold is ultimate money and safest money that is why every central bank stocks it, otherwise they will stock wheat, corn and bean.

Wed, 07/13/2011 - 13:47 | Link to Comment NOPOMO
NOPOMO's picture

Ben will not be happy until he has destroyed the USD.  Ben....you have to be the biggest moron on the face of this planet.  Even the Russians think you are out of control. 

All countries should avoid USD like the plague.  Ben could not even wait a few months...he is like  a trading junkie on steroids.

Vote all the mtf out of office.

Wed, 07/13/2011 - 13:52 | Link to Comment barkingbill
barkingbill's picture

he's actually right though. tradition has certainly something to do with it. unless you believe gold was created by god as the perfect money or some kind of thing like that...of course tradition is part of it. at one time the prehistoric people found this shiny stuff and they liked it...give the guy some credit...

Wed, 07/13/2011 - 13:58 | Link to Comment Zero Govt
Zero Govt's picture

Good to see Ron Paul has vastly improved from barrating Bernanke with a hair dryer and getting no answers and moved onto quick-fire pointed questions putting Bernanke on the spot and requiring him to explain himself... much more effective Ronny

Secondly Bernanks answers were dithery and dodgy and laughable in places... central banks hold Gold out of "tradition" ...what planet is this crone from, Uranus??

Finally worth mentioning the hostility in the air between Paul and Bernank... a bit of competition amongst the toady crones of DC at last ...Pauls hostility is very welcome and as time will show, fully justified (Bernanke is going down in the history books as a useless crone who was an idiot and a complete failure.. is there any other in politics)

Wed, 07/13/2011 - 13:56 | Link to Comment Cole Younger
Cole Younger's picture

Tradition? If we are holding on to tradition then money should bee backed by a commodity. That was the tradition wasn't it? 

Wed, 07/13/2011 - 13:57 | Link to Comment Margin Call
Margin Call's picture

If I was a central bank, I'd rather have oil, water and mineral resources on my balance sheet.

Wed, 07/13/2011 - 14:01 | Link to Comment Caveman93
Caveman93's picture

Pathetic and Horribly Delusional....PhD

Wed, 07/13/2011 - 14:05 | Link to Comment FranSix
FranSix's picture

You mean, the gold price largely due to the traditional price fixing in the market which would not be allowed in any commodities market and would otherwise be considered fraud?

Wed, 07/13/2011 - 14:13 | Link to Comment Kyle Reese
Kyle Reese's picture

It makes me sick that Bernank spews the same shit every time they interview him.  Isn't it time to try something new?  Same shit over and over again... let make it easier to lend.  Umm why would any business take any loans in this fucking mess?  If you cant make money at the rates we have now, your business plan wont survive.  Something is out of whack.  Ron Paul said in that same Bernank skewering that each American could have got 17k for the cost of the bailouts.  SO if we are a roughly 70% consumer economy why give the money to bailout failed business and banks?  Some people might think Bernanke is intelligent but I think he has text book thick blinders on his head.  He doesn't know enough about anything else to offer any options...

Wed, 07/13/2011 - 14:22 | Link to Comment Stuck on Zero
Stuck on Zero's picture

Ben is right.  Why do we trust gold?  Tradition.  Why do we trust in the dollar?  Because we'll be arrested and imprisoned if we don't.  Is that better than tradition?

Wed, 07/13/2011 - 14:37 | Link to Comment arkel
arkel's picture

One of the greatest vidoes I've seen. Instant classic. Will be used in documentaries after everything collapses.

Wed, 07/13/2011 - 14:39 | Link to Comment Platinum_Investor
Platinum_Investor's picture

Just buy Gold and Silver.  Protect yourself and also make a return as

Gold hits $2000 and Silver hits $80

Wed, 07/13/2011 - 14:40 | Link to Comment Chuck Walla
Chuck Walla's picture

If gold is money, the Bernank knows the jig is up. Ergo, Cover eyes and chant whoa, whoa, whoa, I can't hear you!, Whoa, whoa,,, you get the idea.  Now, everyone, on Benny's cue, "Whoa, Whoa,...

Wed, 07/13/2011 - 14:45 | Link to Comment Mortimer
Mortimer's picture

CNBC "if you think gold is money, text 1 for yes and 2 for no" haha

Wed, 07/13/2011 - 15:01 | Link to Comment WilliamShatner
WilliamShatner's picture

Is gold money?

 

In his brain: Yes, but you'll say "no" if know what's good for you.

Wed, 07/13/2011 - 15:04 | Link to Comment WilliamShatner
WilliamShatner's picture

Is gold money?

 

In his brain: Yes, but you'll say "no" if know what's good for you.

Wed, 07/13/2011 - 15:04 | Link to Comment Zero Govt
Zero Govt's picture

the lines are drawn.. Benny thinks Gold is not money, despite a few thousand years of history it is, so we must assume his historical reference doesn't go deeper than 1939 ... presumably too he hasn't heard US States and the Swiss Right Party are looking into Gold backed currency (bad at history and current affairs, Jeez!)... so when his Benny Bucks implode and Gold is money again Benny is pretty much all out of ammo' and painted into a corner... ready for the pointy 'D' hat Mr Bernank?

Wed, 07/13/2011 - 15:12 | Link to Comment XRAYD
XRAYD's picture

The Fiddler at the FED:

 

Tradition, tradition! Tradition!

Tradition, tradition! Tradition!

Who, day and night, must scramble for a living,

Feed a wife and children, say his daily prayers?

And who has the right, as master of the house,

To have the final word at home?

 

Who must know the way to make a proper home,

A quiet home, a kosher home?

Who must raise the family and run the home,

So Papa's free to read the holy books?

Wed, 07/13/2011 - 15:15 | Link to Comment Papasmurf
Papasmurf's picture

"do you think gold is money"  pregnant silence for nearly ten seconds.

Wed, 07/13/2011 - 15:21 | Link to Comment Lazane
Lazane's picture

gold and silver is the money of the ancients, the important fact about the wise old ancients that most ignore is they already knew what fiat money was long before the modern day schlub on the street today. if you don't know the history of the ancients and their money you are doomed to repeat the same mistakes, and the only one that I can think of that may have created gold and silver is the creator, I guess then gold and silver really belongs to the creator.

Wed, 07/13/2011 - 21:15 | Link to Comment smore
smore's picture

I guess it really comes down to what the word "is" is.

Wed, 07/13/2011 - 15:28 | Link to Comment Fukushima Sam
Fukushima Sam's picture

By "tradition" he meant "history", as in something he is doomed to repeat because he did not learn lessons from it.

Wed, 07/13/2011 - 15:45 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

I was watching it live in the depths of the New Zealand night...hilarious. But also worrying. There was frighteningly little intellectual horsepower on display in that dog and pony show. US politicians are WAY dumber than ours...unbelievable

Wed, 07/13/2011 - 16:05 | Link to Comment Fiat2Zero
Fiat2Zero's picture

Ben is clearly lying.  He knows that Gold is Money.  Remember his statement from the previous congressional hearing "I don't think people want to own Gold."

 

He knows it's money.  He does not want you to know it's money (for as long as possible).

 

The jig is up.  We're to the next stage of the crisis.  The gloves are off for round 2 of the "race to the bottom."  The panic buying will commence in 5...4...3...2...1

Wed, 07/13/2011 - 16:25 | Link to Comment AldousHuxley
AldousHuxley's picture

Tradition that has lasted entire civilized human history must have done so because there is a reason...reason being throughout history banksters and money changers eventually get too greedy and violate the trust of monetary fiat.

 

Why is your wedding ring made of gold? store of value

Why do billions of Indians wear gold jewelry? store of value

Why are bhuddas, churches, torahs all made in gold? store of value

 

Why is gold a good store of value? you can't just print it

 

Gold is highly inefficient monetary exchange, but compared to what central banksters are doing, people are choosing gold over fiat.

 

Wed, 07/13/2011 - 16:41 | Link to Comment icm63
icm63's picture

Gold must be traded inline with its cycle..

http://www.readtheticker.com/Pages/Blog1.aspx?65tf=282_gold-cycle-update-2011-07

 

 

 

Wed, 07/13/2011 - 17:06 | Link to Comment vixen
vixen's picture

http://en.wikipedia.org/wiki/Coinage_Act_of_1792 I guess Ben never read the law of the land. Pretty pitiful when you think about it!

Wed, 07/13/2011 - 17:51 | Link to Comment UP4Liberty
UP4Liberty's picture

Ben Bernanke is going to find out very soon that indeed, "GOLD IS MONEY".

Go Ron Paul!

Wed, 07/13/2011 - 17:54 | Link to Comment NidStyles
NidStyles's picture

he say's that because he can 't print gold. He also has an obligation due to his position to keep up the front.

Wed, 07/13/2011 - 18:57 | Link to Comment Fiat2Zero
Fiat2Zero's picture

Gold was the 9th highest Yahoo! search term today (just above Rodney King). Older people (boomers?) tend to use Yahoo! search.

Just another clue that Gold is starting to enter the mainstream consciousness.

Thu, 07/14/2011 - 05:31 | Link to Comment suckerfishzilla
suckerfishzilla's picture

Bernanke is lying to the idiots.  You can't babysit other people's money.

Thu, 07/14/2011 - 07:50 | Link to Comment tradewithdave
tradewithdave's picture

Fiddler On The Hoof

http://tradewithdave.com/?p=7173

Dave Harrison

www.tradewithdave.com

Thu, 07/14/2011 - 07:56 | Link to Comment tradewithdave
tradewithdave's picture

Will Warren Buffet really consider a remix of "Tradition" and "If I were a Rich man" to be performed by Jay Z. 

http://tradewithdave.com/?p=7306

 

Dave Harrison

www.tradewithdave.com

Thu, 07/14/2011 - 12:24 | Link to Comment Canuckistan Al
Canuckistan Al's picture

I think the classic "Peter Principle" applies to the Bernank:

The Peter Principle states that "in a hierarchy, members are promoted so long as they work competently. Eventually they are promoted to a position at which they are no longer competent (their "level of incompetence").........

"in time, every post tends to be occupied by an employee who is incompetent to carry out their duties" and adds that "work is accomplished by those employees who have not yet reached their level of incompetence".

Explains a few things clearly: 1) why nothing gets done in Washington (they have all graduated to full incompetence. 2) How the "Teleprompter" made it to the Oval Office. 3) Why the Big O, can't get anything meaningful done in there also.

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