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Watch The Highlight Of Today's Congressional Hearing: Ron Paul vs The Bernank
The must watch 5 minutes from today's second day of Bernanke hearings before congress is the following interaction between the Chairman and his archnemesis: Ron Paul. The first brilliant rebuttal by Ron Paul has to do with the ongoing "Federal Reserve lecturing" on why Congress should not allow out of control deficits to escalate. As Paul so correctly put its, "the Congress and the Fed are symbiotic because the Congress spends and they know there is a moral hazard involved because they know that if interest rates go up, the Fed accommodates them. So the Fed really facilitates this spending, and until we realize this I think the Fed is involved with our deficit and encourages it as well as the Congress." This is an absolutely smack on point which goes to the whole heart of the real premise behind QE2: keeping rates low so there is no prohibitive lever against runaway deficits. That, and of course, ending up the primary holder of US debt so that the Treasury can convert "interest expense" into "revenue." And if the 10% of the public that benefits from a Dow 36,000 believes the false "wealth effect" myth in the process (nominal, not real) so much the better. It did, after all, work for a while in Weimar Germany. And while Paul touches on other key topics such as purported price stability (there recently was a scientific paper proving there has been no real change in price stability before and after 1913, which we will track down shortly), real plunging employment and the definition of the dollar (to which Bernanke's repartee that "Consumer don't want to buy gold" should probably be reevaluated in light of today's all time record high price). Yet one exchange that was missing, which was not between Paul and Bernanke had to do with Bernanke's reasoning why in his view it was not possible to get back to the gold standard: "there is not enough gold." That, unfortunately, is the most patently absurd claim ever and coming from a Fed Chairman we are pretty confused by its implications. Surely Ben realizes that all that matters is the price equivalent ratio of conversion. There will be more than enough gold if gold is converted instead at $2,000/oz at $20,000, or failing that, $200,000 and so forth. There will be more than enough gold if one ounce is equivalent to a million piece of linen or more, or more realistically, at $6,300 as Dylan Grice quantified previously. We guarantee it. And after all, that is the whole point of a gold standard: not to dilute the currency infinitely.
h/t @m33t3r
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Ron Paul needs to be given his own 1 hour grilling session! He makes those other congress-fuckers look like tools in the propaganda trade.
The Bearing was watching the Hearing on CNBS right before they called on Ron Paul to question Bernanke.
Before the Chairman even got the name of the next questioner out of his mouth, Haynes cuts in and goes to a commercial. The Bearing was curious to see who CNBS was omitting and changed over to Bloomberg.
Yes.
Ron Paul.
DIRTY ROTTEN SCUM AT CNBS!
yep, i noticed the same, it was obvious
"The Bearing was curious to see who CNBS was omitting and changed over to Bloomberg."
You have got to be kidding me! I know you aren't. "It's" just all out in the open now, isn't it. No pretence and no Vaseline. Amazing.
It's even worse than that.. The people are actually begging for it..
Why the frickin' hell can't we have more than a FIVE MINUTE - ONE QUESTION session. We need a three hour long GRILLING during prime time with ALL the networks covering this. Cancel the Simpsons, American Idol etc. THIS IS SO IMPORTANT and all we are fed is a frickin' FIVE STINKIN' MINUTE sound-bite!
All that to say: I hate the way these sessions are run!
Yeah! Even Sprott gets 5 mins!
http://watch.bnn.ca/the-street/march-2011/the-street-march-1-2011/#clip4...
Eric Sprott
BNN talks to one of the world's leading investor's and investment strategists Eric Sprott, CEO of Sprott Asset Management and finds out just how precious the metals are.
They do it almost every time, and now that Paul’s the chairman it’s even more censored speech by the controlled media to thwart representative government. I think CNBS should register as a banker lobbyist along with Barney Frank. (I hear Dodd has become a Hollywood lobbyist for the Motion Picture Association of America.)
The Producer in that time slot has no balls.
Larry Kudlow gave Ron Paul a good five minutes at ~ 7:35 P.M. Eastern - good stuff - Paul mentioned Shadowstats, 10% real inflation, intentional devaluation of the non-PM backed currency, etc.
and has never once gotten any legislation passed actually limiting the size or influence of the federal government. Hard to tell who is more irrelevant him or Ralph Nader.
And?
So where are these mythical creatures who actually do pass that type of legislation? Anyone? Bueller?
<crickets>
Your comment is absurdly pointless.
Absurdly pointless is actually posting just that.
Called scoreboard watching, tough to be in congress for 30years or whatever propose 1000's of bills and pass none.
But it sure sells a shitload of books. The latest should be how to be in congress one's entire life and pass nothing.
idolatry for a token. all hat no cattle.
I am responding my reply above with the below announcement that I just cross-posted at the newer China thread this evening:
Press Release
==========
DoChenRollingBearing announces that he is likely to re-enter the physical gold market as a buyer very soon.
The Bearing wanted to allow some opportunity for alert and quick acting ZH-ers to front-run him.
This will also allow the Bearing to fight with more gusto against trolls and allow him to write things like:
Gold, bitchez!
I think he needs the 1 hour to explain his question. He asked a very profound question, but it took me a while to figure it out. He asked Bernank what was his definition of a dollar? Why is a "federal reserve note" considered a "dollar"? The question goes to the heart of the whole central banking system. Implying why can't we have a "dollar" that is backed by silver, gold, or whatever, and Bernank gave a totally rediculous answer that makes no sense. Unfortunately Ron Paul didn't have any time left to follow up because the answer was just insulting.
Dr. Paul spent most of his time pointing out to Bernanke the total failure of the Fed's "program" under Bernanke's and Greenspan's tenure. The expression on Bernanke's face as he listened to this was priceless, at least in terms of FRNs.
+FRN
Yes, but I wish he'd spent less time describing what ZH readers already know, and more time grilling the Bernank into saying things that will damage his credibility, at least to those who ignorantly accept his credibility now. In time, perhaps. His position is logically inconsistent, and it's only a matter of time before people who own pitchforks realize it.
Or those who realize they can exchange their debased FRNs for pitchforks. Don't forget the new pitchfork customers. I understand the potential market is HUGE.
Man, when I hear CNBC raving about GDP increasing due to pitchfork sales, I'll lead the march to Princeton.
I know you're jesting, but this comment underpins a central problem (and danger) prevalent in the blogosphere and this site in particular. That people seem to be 'rooting' for the truth about our monetary/financial system without understanding the consequences of broad awareness of that truth. The world is completely interconnected via just in time supply chains. To wit: the average farm in the US and Europe has about 60 off-the-farm inputs needed in its operation - over 50% of these come from overseas. Any 'truth' while the market still is bigger than governments runs risk of overnight currency reset, which stops trade and stops supply chains within days. Think about it. And be careful what you wish for - beans, guns and silver coins arent going to help in a trade depleted (unprepared) world.
We need more time to prepare. Regionally connected supply chains. Import sub.models etc.
Ie. we should be very worried that few if any pitchforks are made in the USA anymore.
Well if there's any doubt that Americans want to destroy themselves, consider the first durable good that comes up with a google search of pitchfork and "made in usa"
http://www.5050bmx.com/s-m-pitchfork.html
We need not destroy everything, especially the truth, and THE TRUTH MUST COME OUT!!!
I used to think so, but have concluded that our claims (people expectations of what they own or will own in the future) are 400-500% of what we can afford to pay back let alone service. I.e. 80%+ of digital wealth is phantom and is going away, either via govt nationalization or currency reform. Few are considering the consequences of that to supply chains was my only point. I.e. what the FED is doing is self-survival and 'wrong' at end of a paradigm -but it also keeping things afloat for a while. I know of some institutions and governments looking into this (but way too slowly). The public, in this particular situation, can't handle the truth.
It's a common theme on ZH that Americans consume more than their worldly share, and that the global supply chain will reflect that reality in the future. When Americans are confronted with that truth, most will prepare accordingly and reduce their consumption. I hope we evolve toward true wealth, in the form of efficient farming, clean air, electronic defense against alien meteors, and social justice. My hope is that my kids won't be killed by stray bullets in the process. I hope technology will propel the world's standard of living rather than armed conflict destroying it. We'll handle the truth now while we're ahead in the quality-of-life race, or regret our denial later.
technology is in a battle with depletion, and is losing. Energy underpins every economic transaction in our society and although we have plenty of energy we do not have plenty of cheap energy, in the 3-5cKwH range - on which industrialization depends. Efficiency gains and new technology may subtract 20-30% of a process cost - which pales in comparison to a doubling or trebling of energy prices - which will happen going forward each time economy recovers (even from 20% deficit spending from govt over 2 years)
And I wish for the same things that you do..
Just drill enough deep in Yellowstone Park, and you find a lot of energy.
An hurry up, before this energy finds you on its own! Then it will be to late.
Obviously to drill harness and deliver that geothermal energy (not to mention shale oil and other overhyped answers) takes more energy than the source throws off (or doesnt give the energy return that this society/infrastructure requires)
Funny you put that out there. I remember Matt Hoffman started building bikes and he quickly found out that manufacturing them overseas meant his ass. Those kids put their lives on the line when they ride those bikes and they don't use cheap pig iron crap soldered with chopstick jigs.
See vid:
http://www.youtube.com/watch?v=HSORjIheenY
It's not very pointed, is it? And the handle's MUCH too short - not enough leverage! 8=))
Nate H,
Nice thought but too late.
Only collapse and a lot of death will connect regional supply chains.
The house of cards has been built, and can only blow down - it cannnot be "dis-assembled".
FRN's (or falsely referred to as Dollars) are convertable to gold, current ratio one oz of gold = 1430 FRNs. As the Bernank said they can be converted into any commodity or service at most any time. The conversion ratio changes every second of every day. The big question is will FRNs buy more or less in the future? History shows that FRNs have devalued by about 97% over the past 98 years, while gold has maintained (or even grown) in it's purchasing power over the same period.
The "reserve" status of the FRN has enabled us to rip off the goods and commodities from the rest of the world for the time being. When the FRN loses it's reserve status, we will see the true value of our current currency. As Marc Faber said, "It took roughly a 100 years for the "dollar" to lose 97% of it's value under the FED, the next 97% loss of value won't take as long."
When Congressman Brad Sherman spoke, he countered Ron Paul 's statements with the posted BLS CPI numbers are HIGHER than in reality. Bernake confirmed Sherman's statement , that actual cost index is .1-.2% less than the propaganda numbers of the BLS.gov Who are these propagandists fooling?
So rep. Brad Sherman (D-CA) is nominated as THE FED 'TOOL' of the Day.
right on. except, there doesn't seem to be any connection between congress and the fed. strange cause congress started it. who owns the fed anyway? are the conspiracy theroies, or hypothesis right?
http://covert2.wordpress.com
Ron Paul needs to be given his own 1 hour grilling session!
True dat. That should give him enough time to get to his question. Bumbling performance. Fuck, how long has he been waiting to get at this asshole and he come unprepared? Like taking a sponge to a knife fight. Congressman, drop the intellectual philosophy that pads your approach (Keyenesian, fiat, symbiotic) and get to the meat of the matter.
For the odd JSP who might watch this by mistaking it for an American Idol judging panel, ask questions that they can understand and symathize with. Such as: If the Fed is a private bank, where did it get it's dollars for international and private corporation bailouts?; What is a dollar and What gives it value? Does a Fed dollar hold its value over time? If not, can it be money one can rely on for savings? ; Why doesn't the Fed want to bail out Main Street?; Why are you always failing at your mandates? Your history of price stability over time is woeful, can you explain why you have failed to maintain the purchasing power of your dollar and full employment?; Because your Fed dollar has lost between 96 to 98 cents in purchasing power, it now requires savers of dollars to withdraw more of them to purchase the same goods than yesteryear, these are facts so how can you claim success in the area of price stability and how can a depreciating asset be called money? Isn't the purpose of excess to requirement savings supposed to hold value?; If your injections of countless trillions of dollars had no effect on the employment rate, then of what good are they. As they're your dollar, under your control, please justify your position and try to validate the worth of your organization to the benefit of our country.
You have 5 minutes. Bombard him with questions that he has to answer in his time. Use another platform to deliver your philosophical leanings to the public. Enter yourself in American Idol, now there's a captive audience!
Continuing...
"President Madoff"? The Professor looked quizical for a second.
"Yes, the Chinese have released him and set him up as top dog in the new colony, New Xian, they are calling it."
I clicked the safety on my MAC-10 to ON and pointed it down towards the ground. I wasn't really prepared to use it on the Professor - he was way too valuable a commodity. There were other dangers down here I was more concerned about - albino alligators and rats, rats of the human kind. The MAC-10 could put out a nice volume of lead if neccessary, but the close quarters and the hard walls made that dangerous for me as well. My eTAZER
could handle the Professor if neccessary, but I did not think it would be a problem once he heard about his new deal.
"He sent you this". I passed a small pouch to the filthy ex FED Chairman. He pulled a flask out, opened it and sniffed.
"Talisker, 10 year old. The only single malt from the Isle of Sky in Scotland. I can't believe Bernie remembered". He took a slug. Looking back in the pouch he took out a cigar and a book of matches. "Cohiba, no doubt. If that rat bastard thinks this makes up for the 500 large he stole from me..." He lit up.
I don't know much about Scotch or smoke, but apparently the Professor still did, even after a year of living like an animal in the sewers of the City.
I handed him a q-tip and said "Swab the inside of your mouth". He did and handed it back. "Just a precaution, Professor". I slipped the sample into the portable DNAnalyzer on my hip and waited for the confirmation to come through. It would take about a minute.
Just then I heard a sound from my right, and a poor disheveled and filthy creature, a man I supposed, appeared in the tunnel.
"Everything OK, Jimmy?" he said.
"Yea, Fred, no problem. Just an old friend come to visit" the Professor replied. A strange look came over Fred as he noticed the Cuban and the flask, not to mention a man in a LEVEL 2 bio-hazard suit, and he disappeared back into the shadows.
"Time to roll, Professor. I don't like what I saw in that man's eyes, like a light bulb going off. And there WAS a million dollar bounty on your head, even if a million barely bought a few crusts of bread at the end."
I clicked the safety on the MAC-10 to OFF.
To be continued...
+100K :)))))
Thanks, Joe!
He did NOTHING!! no monkey hammer, no exposing all the fraud, NOTHING!!
Controlled Opposition.
What can someone do in the span of 3 minutes. Thats all the time they get to ask a question then the other whores get their minute in the spotlight. I dont know why they hold these hearings.
Bingo. Plus, Barny Fwank likes to skim time off of Mr. Paul's time. Barny is great at sneaking off a bit here and a bit there.
After only 4 years of helping in this battle I have grown weary. How Mr. Paul continues on is beyond me.
He did NOTHING!! no monkey hammer, no exposing all the fraud, NOTHING!! Controlled Opposition.
Your post has had no effect on the Fed. None whatsoever. Therefore you are a fraud and an example of "controlled opposition" when measured by your own criteria.
Your post is pure ignorant drivel, how exactly can I be a fraud for stating the truth about Mr. Paul? Furthermore my post wasn't directed at the Fed, so go back to smelling your upper lip atleast you know what that is.
Give me 3 minutes with the bearded wonder and I will show you direct questioning.
Give me 3 minutes with the bearded wonder and I will show you direct questioning.
I'm sure you're quite the legend in your own mind.
I agree; he set up the straw man 'What is a Dollar?" Econ 101 question for Bernank to ramble about. I continue to feel Sen. Paul is being used as a relief valve; and that there is no hope of change or even improvement within the current crony system.
You're right Saxon. Not within the current system. So it has to fail and reset.
I kind of wondered myself... It seems that Ron Paul is one of the 'hopes' for 'change' with regards to all the bullshit going on, but what did I just see? I thought he rambled some in his question, got a pro forma reply from the bernank, then it was on to the next questioner.
Nothing changes.
I agree. I could not even watch the whole thing. Not worth my time. I like RPs ideas, but at a congressional hearing you do not get into a lecture about fractional reserve banking.
Simple questions:
"Where in the FEDs bylaws does it allow the outright purchase of any security that does not have the full faith and credit of the USA?"
"They why did the FED purchase F&F securities when the GSEs bylaws explicity state that their securities are not backed by the full faith and credit of the USA?"
"So the rules the US CONgress set up for you to function under do not carry the force of law, or are you operating outside of the rule of law in the USA?"
"Then why are we even here?"
Done. Revolution the next damn day. Could have been done in '08.
pods
Well then we will see the anti-semites out en masse on this post I suppose.
Israel leeches off the US. My vote goes to whoever will DUMP ISRAEL! even though I like a few jews that I know. Most are Israel-first rats that think this country is just a step in their conquest of the planet.
But the Arabs don't getting $2.40 a gallon for something that costs a buck to take out of the ground.
a southern redneck.
Ron Paul was raised in Western Pennsylvania, just like me.
He's from Texas...not some deep-wood backwater. Get a clue.
As a deep-wood backwater, I resent that.
You are fine, very good on this issue - the Fed. Otherwise, you are borderline/probable bigot for judging people for what region they are from.
Now we have Ron Paul trolls to deal with? Fuck me...
And you are probably a noodle spined leftist urbanite.
fuck you kato you are a stupid fuck
Ron Paul a racist...How's that? Care to support your dubious claim?
Ron Birch? A racist?
NO WAY!
He's also a 9-11 Truther, but only brings that out when he senses it is to his advantage. I despise Truthers, but at least most of them are up-front and honest with their BS opinions on the matter. Dr. Paul tries to straddle the fence.
Kudos for one of the highest junk counts I've seen on ZH! Wear it as a badge of honor, kato.
Untrue. Ron 'Birch' Paul has explicitly DENIED that he harbors any questions about Uncle Sam's alCIAda fairy tale.
He's four-square behind John Ashcroft and the 911 Commission, on the front lines defending the cover-up.
Unlike Cynthia McKinney.
I despise Truthers
Well I despise traitors to this once great nation, like you - ^TeamAmerica. So put that in your pipe and smoke it.
http://www.youtube.com/watch?v=9ZiwSd1FpLs
I'm not really sure how to describe this video.
But GFY and watch it.
Why didn't RP ask harder questions? POMO, QE, etc. should have been attacked.
Also, nice huff+puff from Benocide. 2% LOL
Paul knew he had 5 minutes. You have to be short and to the point. Then cut off Ben when he uses fedspeak to dodge answering. Ask another quick question, rinse and repeat. Paul wasted his time.
Four minutes of Ron Paul getting good points on the record, four minutes of The Bernank daydreaming of fucking Maria B., a couple seconds of an answer, and one minute of dial tone.
Paul shoulda got right into grill with sharp one line questions. Fuck getting on the record and trying to explain the gold standard. Disappointing.
Maybe TPTB have an assassin ready for RP available on 24-hour call, and RP said as much as he could. Maybe it's for the people to listen to him this time.
No one can deny what the U.S. Federal Corporation is doing to people everywhere. Hundredth monkey incoming.
</speculate>
"Fuck getting on the record and trying to explain the gold standard. Disappointing."
agree. No smackdown, this. Paul seemed rambling and inchoate (& i LIKE him!) I imagined SNL taking him apart.
Dude needs a speech coach.
Absolutely right 10k. That is my biggest gripe with Paul. His questions are so convoluted and all inclusive that Bernanke has any number of ways to wriggle out. Paul never seems to learn that if all his time is used in asking there is no time left for answers. Ask the question and STFU, then he could rebut. As it is he looks scatterbrained and inefective.
Got to agree, unfortunately ... Ron needs to be succinct; ask a question, get an answer, then possibly follow that up or ask another Q ...
His questions are rambling, convoluted and designed to leave wriggle room because he and the Bernank and everyone else in the room understands this is a dog & pony show.
Circle your wagons, nothing is going to happen.
No, sir. Peter Schiff once asked Ron Paul why he spent too much time asking the question and Paul said that he used to ask shorter questions but the Chairmen would use up all his time giving convoluted answers. So he started asking lengthier questions to get it on the record.
Anyway, Bernanke was shaking and gave a crappola answer: "consumers don't want to buy gold...they want to buy a basket of goods." That's not what gold is saying and if Bachus didn't cut him off, maybe he could've followed up w/ agri prices.
He should watch Cynthia McKinney undress Donald Rumsfeld for a lesson in how to ask closed-ended questions while still "getting on the record".
The racist old coot is washed up. Time to put the joker out to pasture.
McKinney has not been as successful in growing a base for her causes as Ron Paul has been with the Fed. More than half the fucking country wants the Fed to be audited and that's due to Ron Paul's relentlessness. They didn't even know what the Fed was when he ran in 2007-08.
Your calling him a racist can only mean you're a paid troll posing as anti-establishment. (Jeez, when will they stop wasting tax payer money on psy-ops.)
I agree about Paul's speaking style. He's not got the hang of speaking to shills so that his short speech can be shortened further into a 10 second soundbite on the idiot box. He's also quite an old man you'll recall. Speeches of his from the past have been more charismatic...Anyway, I'll take one Ron Paul over an infinite number of silver-tongued charlatan-shills any day. Remember we have another Paul around, who can speak better than his father and, if he's inherited 1/4 of his father's intellect and ideals, could do wonders for us.
I've seen Rand Paul speak (over the box, that is) quite a few times, and it does appear he has inherited 1/4 of his father's intellect & ideals.
Disagree.
He's not there to give Bernanke a spanking, he's trying to change the minds of people who a) watch cspan and b) tacitly support our current monetary system. As such, asking Bernanke to define the dollar was the perfect question to ask. You will notice that there was no answer..
He changed my mind. I'm no longer supporting him. If he's not smart enough to ask that question in 30 seconds, to allow it to get a response....he is not getting my vote.
That is just as ridiculous as voting for someone because they have the best hair.
Enjoy the coming austerity. Should be a blast.
A fair point. Is there an alternative to RP?
Tyler Durden and William Bonzai in 2012
He changed my mind. I'm no longer supporting him. If he's not smart enough to ask that question in 30 seconds, to allow it to get a response....he is not getting my vote.
Yeah, you were a big Ron Paul supporter until 16:47 today. And that was the last straw.
Endeavor to persevere.
RP might have the message.....but he just can't get it out. I cannot visualize a scenario where he would be a good leader. Part of being a leader is effective communication to facilitate the policy. He doesn't cut it. This 5 minute clip was a disaster and I need to find someone I can get fully behind.
What was so special about this clip in particular that made you -- a long time supporter -- decide that Ron Paul doesn't "cut it?" The clip is classic Paul. He says what he needs to say, he asks a question which cuts to the heart of the matter and Bernanke is revealed to be either a liar or a fool to anyone intelligent enough to know what's going on.
But let's get to the really interesting part. Why are you pretending to be a Ron Paul supporter who has decided that Ron Paul just isn't good enough anymore?
So what, you're going to vote for Palin?
*LOL*
It will probably be a full-on Corporation that wins the Presidency in 2012.
Vote your conscience.
Vote ZH.
Seriously, the Republicans have put in $60 billion budget cut against Obama's $1.654 trillion budget. That doesn't even cut 1/4 of the interest on the debt, which will be like $450 billion of interest @ 2.996%. (On $15.855 trillion) These guys are clowns. RP frustrates me but he has brass balls and wisdom and cuts when he says he's going to cut. Marco Rubio doesn't even have the guts to put in a budget cut and Herman Cain thinks $100 billion is too much. Who does that leave.....Romneycare? Good grief.
Good point.
However, he needs to be more cognizant of the Benocide's PR answer dodging system. Each question should be 30 secs max. Short and sweet, with a killer close, each one. There is no need to talk of the gold standard. Instead he should be leading people to conclude in their own minds the idea through innuendo. The good doctor needs to use Benocide's slimyness against him and draw him into an obvious lie to awaken the unconvinced to the faults in kleptokeynsianism.
Watch how the GOP maligned and diselected Alan Grayson exposes Bernake in less than 2 minutes of questioning.
http://www.youtube.com/watch?v=JK1BjMBbJdQ
Good questions are better than smart answers:
Have you stopped beating your wife?
Has your theft been uncovered by authorities?
Is debasing the US dollar your highest calling?
He needs to quit making the verbose intros. Benny Boy knows its a good time to sleep. Its aggravating when Paul knows its stacked against him; and he plows through 'when I was your age ....' he should have short answer questions that can be used against the fed later; his long windup needs to leads some good old fast balls. Strike 1, 2, 3 ...
Bernanke (like Greenspan) is the cure for insomnia.
he has the opposite effect on me. I can't watch him without being overwhelmed by homicidal fantasies.
Wouldn't we like him to visit fight club.
Any time you see Bernanke with his head on his hand you know he's thinking these Congress Critters are nothing but assclowns. He has little respect for Congress, and maybe that opinion is well deserved too.
Yep. He got Paul to play his game. I fear that the only way we can change is to get violent.
My fear is that we never change.
pods
Don't worry it's coming. Don't worry it's coming.
http://www.youtube.com/watch?v=88HJnar9e8w
GO TROLL SOMEWHERE ELSE......... I can't stand the smell of you
Bernanke (like Greenspan) is the cure for insomnia.
He's a laugh riot, I should say. When the camera cutaway from the learned Dr. Paul to the Bernanke sitting at his desk and propping up his head it was almost Pythonesque.
I think I just came.
I love when people say we can't shut down the Fed and all the things that go along with that idea.. Is it really about ending the Fed? or is it really about money of substance? about telling people the truth? about breaking the biggest monopoly every devised? about bringing real government back into place and not some corporate color of law substitute? about private property? Ron Paul asked a question of The Bernank which he avoided of course which was what is a dollar? Excellent question because the answer opens up pandoras box. I read someone said killing the Fed will destroy the country. I say we're already in the final phases of being destroyed incrementally with the Fed at the helm. I say I've never ever been paid for my time or labor in my lifetime. I say I cannot own property and if you think you own your car and your house you're sadly mistaken. I say that irredeemable notes drawn on a private bank (The Fed inc.) are all I've ever been given and that these notes create a lien/mortgage against everything they touch. There's more going on here than slaying a central bank. Much more!
My favorite argument for keeping the Fed was a lender of last resort. Imagine ff banks practiced sound banking and stepped away from the Fraud. Nah, that is an ideologue speaking.
iinthesky: I see you are one of the old-timers here but I have never seen you before. Thank YOU so much for bringing to my attention the fact that I ALSO have never been actually paid for any of my time or talent since for my entire life I have been paid in FRN NOT BACKED by anything. That is a "golden" point, if you will.
About 10 years ago I started on a quest to find property ANYWHERE in the world that a person could truly OWN with ALLODIAL title and still have not been satisfied that it exists in any country on the planet.....another brick in the wall of enslavement.
But in the last 4 years I have been searching for fellows who are willing to stand together and "band together" and live without government ties. The search has been interesting. The closest thing I can come to this is going to New Hampshire with the "free state project". We may not be able to conquer a new country any longer but I keep hope in my heart that we can carve out a small niche for people who want to live without the Federal reserve, without taxation on income and schools, without social security and corporate owned health care.... It is at the same time simple and extraordinarily difficult.
Best of luck to you
Also iinthesky:
OT here., but with each passing day I become more incredulous that the SOCIAL SECURITY ponzi scheme is NOT challenged. I remember in no uncertain terms being taught in the 70's that the social security was a "LOCKED BOX' and that the money there was not able to be touched in any way. I'm a little hazy on the history but at some point soon after that it, of course, was stolen and replaced with an I.O.U. Right around that time I entered the work force in my young, naive, totally mainstream life with parents devoid of an education or knowledge in economics and finance. It was a long time before I became aware of the truth. But now that I have I just cannot believe that more people do not stand up and start a class-action suit. oh yeah........... you can't sue the government.... is that the reason? Is that true?>
Anyone?
People sue the Govt (at all levels!) all the time -- a lawsuit can drag on longer than you can stay solvent, though!
Soon to be made closer to whole by confiscating private IRAS mark it down.
I know at least a few "Consumers" that want to buy gold.
Can you imagine they cut off Ron Paul and let Maxine Waters follow? That had to be done on purpose. As Marc Faber says " We are all doomed".
Yes, and douchebags like kato (above) bash Ron Paul while the poster child for bad gov't Maxine Waters gets a free pass?
I totally agree. Ron Paul had Bernanke on the ropes! And then they pull him for time so that the congresswoman can ask her absolutely useless questions.
why is that a junk?
Congressman Bachus saved Hitler's ass by moving onto the next person with questions and no doubt someone more ignorant than Ron Paul. While I don't agree with many of the things Paul stands for, I will say that I agree with him on the views that the federal reserve and congress are responsible for the outrageous fiscal situation we are in and their only solution to it is to add more debt i.e. enslave the world to more bullshit paper that only has meaning because we put something to it.
Money does not equal debt. It is supposed to represent a moment in time of goods and services I provided for the goods and serivces you provided. What the federal reserve has done to the concept of money is enough to put all past and present members including treauserers in jail for eternity. Add the fact that the fed has now gone into more madening depths of human deplority in the way they have manipulated prices (not price stability by the way) and helped create bigger imbalances which only serve the top 2% while at the same time destroy the democratic process in our country-- well that's treason and you know what happens to those guilty of treason.
If you have 5 minutes you shouldn't use 80% of it to give us a history lesson. Paul could have asked many more tough questions in that time period.
I agree with Chairman Bernanke that we don't have rampant inflation in this country, yet. That's because the liquidity created by the Fed is spreading to the rest of the world courtesy oUSD's reserve currency status. So in the short run it is not a big problem. The world knows that we are diluting our currency and they don't like it, but they have to accept it for macro-economic reasons. Once that reason is gone, ie, the global does not need USD to function, all that USD liquidity will flow back to America and cause a deluge in inflation. That'll be the time of reckoning. That's why we need to accumulate gold now, when it is still cheap in USD terms.
Off-topic kind of...but here is Obama lecturing Governors about the Recovery Act:
http://www.realclearpolitics.com/video/2011/02/28/obama_to_governors_rec...
That's the best he could do with 5 minutes. How about "Why is the Fed buying the most expensive Bonds? What is the value of the mortgage derivatives on the Fed's balance sheet?" I am beginning to have real doubts about RP. Weak attempt.
C'mon...what do you expect. Even if RP comes up with the greatest questions, the greatest evidence that the Fed is destroying Merica...it's all for not. BB won't answer and Merican's don't understand what he's yammering on bout anyway.
Change will not come via our elected officials our from within the system. Change will only come when Merican's realize they are losing it all (by which point they will have nearly lost it all). Then as Celente sez, they will lose it...just unfortunately Merican's are so stupid they'll be directed to go take it out on the unions of Merica and then those towel heads in the middle east (yeah, attack the victims...you fucking stupid sheeple).
Sad but probably true
Well, Ben did make a point that all of his various schemes have been 'very profitable'. He didn't say for who.
And like the poker player he is (with our money) - he will tell you about his wins (TARP), but never talks about his losses (GSE's and derivatives).
The hearing was a farce. I am glad I listened to it because I can save myself the trouble in the future.
Anyone remotely trained in cross-examination knows when someone is pulling punches.
If someone needs a history lesson the can check in at The Hedge Hotel. This is an ominous sign from RP. Fall on your sword and die a hero I guess.
Who ever owns physical will have to wait and see how that "conversion ratio"
looks like! I don't trust the FEDs so GOLD is really more then enough for a Standard
but I doubt they will make us all rich when/if converting!!! I'd cut my stash in half
once I find out they are even thinking of any type of standard!
no more pussy questions ask like you mean it. "WHO DO YOU WORK FOR BERNAKE???"
He should also drive home the point that the Federal Reserve Bank is a private bank and has nothing to do with the US government.
1) Who owns the Federal Reserve Bank?
2) Who do you answer to?
3) Who is your boss?
Most of them know nothing about monetary policy and the dollar. They just want to know enough to get re-elected.
If that was the highlight it's sad. Paul should have worked more on his rhetorical preparation. He must have known that the parliamentary asshat running the hearing would give him no extra time.
While the Bernanke claims he can stop inflation in fifteen minutes flat it seems unrealistic for you to expect Dr. Paul to single-handedly end the Fed in five minutes or less. In any case, it's not Ron Paul who is slow but the 300 million Americans who still don't understand what the man has been saying in clear, simple English.
"There will be more than enough gold if one ounce is equivalent to a million piece of linen or more, or more realistically, at $6,300 as Dylan Grice quantified previously. We guarantee it. And after all, that is the whole point of a gold standard: not to dilute the currency infinitely."
oxymoron, like they couldnt just adjust the price conversion ratio when ever they feel like it?
gold = medium of exchange = money
FRN's held up by magic unicorns is not money.
FRNs are derivatives of money. Actually, the dollar used to be, now what they are is a derivative, backed by more derivatives.
My favorite part is @ 4:18 when Bernanke says "Consumers don't want to buy gold. They want to buy food and gasoline and other things in the consumer basket"....Well, they aren't in the inflation index so this should have zero to do with the value of the dollar according to the Fed.
If consumers don't want to buy gold, then gold isn't in a bubble.
I want to buy gold and I'm a consumer. I bought a maple leaf at the coin shop last weekend and was none too happy about how much I had to pay for it. What he meant to say was: "Consumers are stupid. They spend their money on cheap plastic crap at Wallmart. Not valuable gold."
You are not consuming when you buy Gold , you are saving - The Bernank does not like this as it transfers wealth from his clients to you and in a net energy static or negative world that displeases him very much.
It is one of the only things you can do to remove your money from the system and keep it from being fractionally lent again and again and again and again.....
Yes - but I am not sure it is being fractionally lent out on the scale of past experience - hence the excess reserves in the system.
There is no real capital formation now and hence no wealth creation as the capital creation has been bogus over the past 40 years or so and that waste needs a place to decompose - the dollar is dying as it cannot hope to pay for past malinvestment via future wealth creation.
The mountain ridge just looks impassable from down in this debt hole.
As I'm sure you'll agree, all currencies are dying....not just the dollar.
Yes , maybe the dollar system was a more appropriate use of the term - they will all have to sink together - even the Swiss Frank as they are all bank debt fiat now.
My favorite part is @ 4:18 when Bernanke says "Consumers don't want to buy gold. They want to buy food and gasoline and other things in the consumer basket"....Well, they aren't in the inflation index so this should have zero to do with the value of the dollar according to the Fed.
An excellent point.
C'mon,
so long as that nearly half of CPI is made up by housing, CPI is gonna be very weak for a long time (hard for the little %'s to move the overall %).
CPI Component Weight (U.S.)
Food and Beverages 14.992%
Housing (includes utilities) 42.691%
Apparel 3.7260%
Transportation 17.249%
Medical Care 6.281%
Recreation 5.552%
Education and Communication 6.034%
Other Goods and Services 3.476%
Plus for anything that does go up they just substitute for something cheaper. Rigged, gamed. Forget about it and move on to the pitchforks.
I thought that, ..did RP not just extract a televised, on-the-record accidental admission that their fantasy core inflation figures are pointless?
We are all doomed
-Marc Faber
Price stability ? what is the dollar ?- Lets forget about CPI vs monetory inflation for a moment.
The CBs in general use the false metric of a dollar/sterling / euro note against a basket of goods and services.
The CBs always ,I repeat always want wage deflation and indeed that is a official policey - Why ?
To do otherwise would impact on profit margins for their clients.
Wage deflation is a form of inverse inflation and I really cannot see a difference - inflation as defined by the CBs has only relevance to preserving historical dollar earnings over future potential dollar earnings for wage slaves.
What was the primary reason for equity rises in the 80s and 90s ? - it was the reversal of income from wage earners to capital owners - however there was little or no future capital created as a recapitalisation would further impact on profits.
The entire matrix is very very sick as there is now very little physical capital to run down now - the CBs want to avoid recapitalisation via a revaluation of the gold reserves for the above reasons but may have no choice unless they want to spend a vast amount of capital on other projects such as Savannah scale gated communities.
Thinking Ron Paul is some racist Southern redneck means you drank the KoolAid. Have some more.
$1=1/50 big brown bag groceries....duh...Consumers don't want gold?!?!...I find your questioning really bizarre, Congressman.
Look at Bernanke at 1:49 and 3:52. I think it shows total disdain and indifference. As if he is saying. "shut the fuck up dumb ass.. next question"
It was the definition of arrogance. If you look up arrogance in the dictionary who should see this photo.