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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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Well he is correct in that he KNOWS they are all useless wind bags with not a sack between the whole bunch.
They would run screaming into the same backwoods slums most of them came out of if faced with the pressures the Bernank has to face.
YOU DO know they could shut him down......???
ha ha ha , gutless two faced clowns that they are.
i wouldn't hire one of them for latrine duty.
+1 kind of obvious who holds real power in that show.
Nice of Bernanke to give Paul the finger as he waits for him to finish the question. We know what your doing bernank.... I use that same position when i have utter disdain for someone! Damn though, I sure would have liked to see Paul really stick it too him.
Damn though, I sure would have liked to see Paul really stick it too him.
He did actually. The Bernanke said that the definition of a dollar is whatever amount of consumer goods you can get for it. This is an admission that the dollar is not a unit of account and thereby lacks at least one of the characteristics of sound money.
For love the love of God can the clueless wonders Water, Clay & Frank just surrender their 5 minutes to Ron Paul so he could corner this guy with questions for 20 consecutive minutes.
Dr. Strangebernank, or, How I Learned to Quit Worrying and Love the Crony Crapitalism
Moved comment.
they cut off Ron Paul for Maxine Waters......there is nothing more to say !
At least Maxine has some moxie some star power as it were,
ron would make a corpse rise and run away to escape his whinning pedanticism.
Maxine Waters - moxie?, star power? - she should be sent
away for using up good oxygen
granted her net worth as a human is open to debate, but she IS a bull-shitter's bullshitter, ya gotta admit. makes for good teevee
That 30 second clip was a ROBBRY in it self!
MORE "The Ber-Nake and InfiniTimmy" v. Paul, PLEASE!??
I am afraid to say that Paul is a poor speaker and lacks gravitas - when making a point he should speak slowly and ask direct questions rather then make rambling points however accurate or inaccurate.
He seems to be playing to a constituency rather then engaging in any substantive dogfights.
I think it's more of him being a poor public speaker, rather than playing to his base.
+1 He's had a lot of practice yet hasn't improved one iota.
I understand your point. But stop being pessimistic, shallow assphuks. Doesn't Dubya prove that America isn't so shallow? Doesn't Obumba suggest that great orators should be looked upon with suspiscion???
Maybe it's Dr. Paul's uranian demeanor that has kept him from getting whacked all this time.
Good comment, razorthin. Let's all try to remember our priorities when criticizing RP's style.
the voice of Jesus tells us that the meek will inherit the earth (Matt. 5:5).
The problem is, he only has 5 minutes. Paul can ask a quick, straight to the point question that hits Bernanke right between the eyes, and Bernanke can give a rambling, completely vague non-answer. Paul threw in a retort to a possible objection by Bernanke before he ever let him speak. They've played this game before and he's obviously anticipating getting nothing out of Bernanke.
That is heresy in this here omni-bull environment.
If someone doesn't publicly junk The Bernank and shit all over him in formal public proceedings then that someone must be controlled opposition.
But, seriously, I say the masses should back Paul for the beneficial effect it would produce of cleaning the Republican stables.
But watch for Uncle Paul to turn Uncle Tom and give him no quarter if or when he does.
I wish they would ask question rather than thank bernanke and themselves for all the great work they are doing...I heard some idiot statements and many just read the notes the staff gave them...some of them were talking points....and if you looked at the chairs...most were empty..they just come in and get on TV..then leave....they don´t need to learn anything....LOL...
I am afraid to say that these "hearings" have all the substance of hot air that is blown out the ass of The Bernank.
None of this matters and NO LEADER that you (s)elect is going to stop anything either.
This whole rotten scam is going to run until it can't run anymore and then some will die and some won't.
Don't obsess over it so or the mannerisms of the puppets.
They are not leading they are holding on for dear life.
No election fixes this thing.
paul was very weak. no big deal at all
They can't stop printing now and they know it. This will have to play out until the end.
Two quick things:
1.) Annual inflation of only 2% in the past 5 years? Obviously Benny doesn't live in the real world.
2.) Unfortunately Ron Paul doesn't have the verbal & physical presentation to become a leader (President?) in this country. Maybe his son Rand has a better shot at this somewhere down the road....
Just throw the punch Mr. Paul. Confront Bernanke and throw every major accusation at him. Why be polite when all he does is evade questions and give the traditional fedspeak bull sh**.
What The Bernank doesn't say is that that "basket" of consumer goods has been reduced to Spam from Steak, fresh veggies to canned and OJ to pee water etc...! That's how you justify and maintain 2% inflation rate, by reducing the "quality" of affordable goods???
He is playing a game of inches. His fight is for ideas. He could call ChairSatan a terrorist (that's what I'd like to call him) and where would that get him? Where is Jim Traficant? I'm sure if he had a one liner that could end the Fed he would have thought of it by now.
So Bernanke, first says that what is important to people is the stable prices of food,clothing, gas.. etc.. and just about 2 sec later... he says the inflation has been stable 2% (i.e. CPI-hedonics not including the things he just mentioned are important : gas and food).... and how is nobody pointing this simple lie back to him !!!
What a hypocrite ....
Notice how Bernancompoop says food and gas; while putting it into stable inflation of 2%
Who in here doesn't realize food and gas are excluded from the governments data released to the sheep? The largest two items that should be included to show how high inflation really is, are completely excluded, and yet this dumb ass Bernanke has the gumption to talk about them in relation to inflation as a whole. Anyone else catch this? I bet that was what Ron Paul was about to say before they nixed his time.
+1
These hearings have been bullshit for years and other than giving the appearance that someone is minding the store it's more theater of the absurd. Save a handful of members that have ever picked up a book on economics, the majority of these idiots haven't a clue and neither do the people that voted them into office. Until and unless the fat finger of God actually cleaned up the cesspool known as Washington, I hold out little hope that our economy is not going to go over the proverbial cliff sooner rather than later.
How long did Ron Paul have to prepare those 5 minutes?
He talked like he just opened his mouth and heard the words for the first time.
There were surely enough people telling him to tighten up and keep it simple.
Didn't he get the message?
Sadly, Ron Paul is not the answer. He should be, but he ain't.
Objectively, he didn't lay a glove on the Skanke.
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Good Doctor, you are letting us down.
(double strike)
Notice how they cut him off quickly!! Bawney Frank and his cronies could talk all day and spew their lies again and again without time constraints, yet Dr. Paul gets nixed when the real questions begin. There is going to be a revolution in this country against these crooks. Time is growing ever so short.....
Got to love Ron Paul. Guy does a great job of making the thunb suckers in CON-gress look like fools. Bernakenstein looked like he was going to doze off there for a second, then that upper lip started to quiver....
Tell that man never to play poker...
Boy, I sure am glad Ron Paul got cut off so that Maxine "gone full retard" Waters could attempt to piece together some sort of logical verbal communication.
At least she knows how to ask a question.
OF course when Ben said, "there is not enough gold." He may have referring to the Legendary US Reserves which no one is allowed to audit.
i think bernanke is trying to point out that gold is also a fiat for the items that we want/need such as food etc
i think maybe the point about there not being enough gold is that because supply is limited it would become "more costly" simply because we should decide to use it for whatever - its intrinsic value is uncertain
changing to a different fiat does not solve anything
we need to go to electronic currency - then bamm! we wake-up bijillionaires!!!
The discussion of gold was a bone for the goldbugs\tin hats\bury-it-in-back crowd. Easy for Bernank to appear to refute.
There is no relevant question of the U.S. ever going onto the gold standard; any more than we are going back to horse-drawn carts. What a farce.
Ron Paul is a complete blowhard. He should get to the point and shut up. And what a stupid aquestion, defining the dollar. My god, can't he think of anything better to ask the Bernank tthan something Ayn Rand would have asked?
No.
Cynthia McKinney in 2012
'consumers don't want to buy gold'
ahhh the sly bernank reveals economicscience...
...his models only work if he tells you what you 'want' to buy.
those damn variable constraints reall screw up good modeling, don't they...
Blythe took delivery of one million tons of sugar!! WHAT THE FUCK!!!
They're making a lot more Kool-aid...
One other thing - the Bernank sitting there leaning on his arm expressed the body english of a man who is decidedly not appearing before his superiors. Hubris.
why not? ain't nothin' they can do to him.........
berwankyhispoop
Watch the video STIMULUS + BAILOUTS + FRAUD = FINANCIAL TERRORISM at (http://www.youtube.com/watch?v=oRhqfPqZBpY).
Anonymous-
If you are not already, you will be awake to the PONZI Scheme by the end of this lecture.
You have lost it! 20k an ounce? Gold standard? Barter will take ove long before than and pound for pound I take bullets and guns. Then crack :) at 20k an ounce how small is $100? A sliver? And it has no intrinsic value. Brown is the new black an gold is the new fiat!!!
That was sad, Bersnakey made Paul look bad. Can't we get someone in Congress who will stand up to these crooks?
That's the scam. Can't buy your way in without the crooks.
That's what it means to have a government of, by, and for White Capital.
I just want to point out that the sentiment expressed by quite a few people here, that Ron Paul is practically worthless because he didn't, perhaps, use his time most effectively, and isn't a good speaker, shows me that the mental degeneration of this country has proceeded very far indeed. Politicians should not be viewed as a 'higher type,' exalted beings who exceed the ordinary mortal in charisma, wisdom, intelligence, etc. They should be viewed as ordinary people, preferably above the average, but not ideals that you worship, or, when they fail to meet your expectations (concerning their personal abilities) cause you to fall to pieces. We talk about Obama as the celebrity president, it's not just the presidency, its every governmental office, expert, and any other facet of the establishment. Authority has been deified. In short, you think like a bunch of fuckin' slaves, and thus, slaves you shall remain.
+1... Maybe some of you would give RP more credit if he wore a meat dress to the hearings. I thought RP did fine.
+1 true. We have the ass clown in the white house spitting out BS by the minute, but HE looks good doing it, so thats all that counts, Where's that damn remote, I'm missing DWTS.......
But the key point is....who cares about a monetary arch-nemisis...when MONETARISM is any AMERICAN patriot's arch-nemesis?
Both Bernanke and Ron Paul have some 'splaining to do. LUUUUUUCCCYYYY!!!!
Oh yes, he wants to destroy Bernanke's crappy way of running the monetary system, and put into place??????? His own ALSO crappy version.
No more monetarism. (it's forbidden in the constitution...Ron must have skipped that part)
Glass-Steagall and a RETURN to the American (Hamiltonian) Credit System.
We can end the fed with Glass-Steagall, since it would immediately implode once the jig is up. We don't need Ron nor his version of monetarism. If he wants to suck the banksters cock by paying down fraudulent debt, he's also going to have to suck some for mine, cause I'm not paying.
But I guess I love a good dog and pony show from time to time. If they're going to make life hell for billions, at least the chairman can do is sweat a little.
That said, Glass-Steagall and this whole thing is moot.
Hamilton advocated central banking...so what do you think you're talking about exactly?
Also, monetarism and the gold standard are mutually exclusive. One cannot be a monetarist and believe in the gold standard. Ron Paul is not a monetarist, he's an advocate for the gold standard. Monetarism suggests that the government (or central bank) should manipulate the supply of money to affect economic trends - that is impossible under a gold standard, where no one can create money.
Well said. And how would a return to Glass-Steagall fix the situation? Please explain.
I can not see any link to this video???? Anybody?
Maybe this is a stupid question but... maybe someone can help me here...
Regardless of what the actual price of gold is set at for setting USD on the gold standard...
How does one reconcile a fixed money supply (today's money supply in Brazil) with a growing population and growing productivity) against a fixed money supply but ever falling population and production (Japan's population is set to halve in the next 6-8 decades)?
If three countries with different growth rates set themselves to a gold standard at the same time, how do they reset themselves later?
If the three countries (e.g. US, China, Japan) have different production growth (US flat, China up, Japan down) and different population growth (short-term flat, up, down; long-term flat, down, down), and different current account balances (negative, mixed-to-positive, quite positive), this would effectively mean cross-border flows of gold and therefore a country's 'creditworthiness' would solely be dependent on its current account situation. Does this ring true?
didn't see a link. Here it is for those who want to view:
http://www.youtube.com/watch?v=jBeqrypkgTc
Paul seems like he is intentionally spending as much time as possible before arriving at his question in order to generate the longest possible face time for his youtube fanboys.
(Bernanke + Timmah & Hookah filled with PhD Economic Buds soaked in Keynesian hash oil):
Puff, puff, pass...
Bernanke - "We've got a handle on it Timothy."
Puff, puff, pass...
Timmy G.: "Yes sir Dr. Bernank, I believe we do."
Puff, puff, pass...
...smoke and smoke rings drift toward ceiling...
yo where the f is the vid
3 comments above your post is a link
Ron Paul desided that he wants to stay alive.
And you all have to forget the gold standard.
''freegold'' seems to be the only reasonable solution to that problem and is partlly solved.
Why doesn't Paul call him out on 2% inflation? Yeah it's 2 % based on Bernanke's definition of shit you don't need is stable in price. Give me a fucking break you pig fucker Bernanke.
what's with the f'ing 5min thing, we need 5hrs of Ron!
LOW AND STABLE !!!! You TREACHEROUS MOTHER FUCKER!! 6 MOTHER FUCKING DOLLARS FOR A GALLON OF LACTOSE FREE MILK! if I could get my text bigger I would.. SIX M O T H E R F U C K I N G D O L L A R S. I would love to see you swing, you son of a bitch.. god damn, mother fucking, mother fucker.. I hope you fall hopelessly ill.. you bastard.
Hmmm ...
It would have been nice if Rep. Paul could have asked a question rather than ramble ...
For instance, he could have asked the Chairman how of a haircut the Fed would have to take on the (ahem) garbage littering up the Fed's balance sheet in order to return it to private hands?
How much would it cost the taxpayers to recapitalize the Fed?
Howcum the FOMC doesn't refer to rising oil prices as 'inflationary' as the FOMC did from 2004 to 2007?
When is the Fed going to stop penalizing children and seniors with ZIRP?
When is the ... well, you get the idea!
So many more pointed questions could be asked... He had a great point, but he knew in advance in only had limited time. Why not cut to the chase?
Isn't he the head of the most relevant committee? Why the F is he limited to 5 minutes grilling?
For you Americans it is not that what Dr. Paul is saying is a truism but rather what action will be taken in regards to his views which he has expresses now for years or decades. He has not been listened to in the past and in truth I suspect that he will not be listened to now. A faith backed currency is exactly that even if it is the worlds reserve currency. When enough people lose faith (if they do) that is when it unravels. However we are no where near that stage yet.....even though debasing is occuring. I would think that collpase will happen before any significant change is implemented. In this way policiticians are not going to deliberatly hang themsleves when of course a good dose of honesty is exactlly what the country needs.
read
http://www.amazon.com/Revolution-Manifesto-Ron-Paul/dp/0446537527/ref=sr...
True he is not a born orator like Obama, but he gets his point across well-enough for me. Makes a favorable comparison when you go back to Dubya. Besides, it is the content of his message, which is resoundingly true, which takes precedence over the delivery.
Caught the brief shot of Bernanke dozing off, his head in his hand. What slovenly arrogance, that is the posture of power that fears no restraint. Paul may as well be a mosquito buzzing in his ear, Bernanke is dreaming of an end to democracy so he can lord it over the peasants and not suffer such impudent grilling.
Bernanke says consumers don't want to buy gold? What if they start finding out that they want to?
Ron: Explain the "meaning" of a dollar.
Ben: Well, I bought a cheeseburger the other day from the dollar menu.
(Yeah, and the burger and cheese were the size of an Eisenhower dollar coin).
The Bernank's look while RP is asking the questions is one of total fuck you and shut the fuck up. Her better get used to it. The party is coming to an end.
WHY DOESN'T ANYONE GIVE BERNANKE A LINE OF QUESTIONING LIKE THIS?:
Now, Chairman, let me get this straight. OK, we were all looking down the abyss in October 2008 and it could have been the end of the World and we could NEVER have just let the markets seek their own levels and crush the the powers that be and let Free Markets punish the mal-investors and then let the Fundamentally Sound players come in and pick up the pieces. Weak hands to strong hands and Creative Destruction concepts were unacceptable. So the Fed comes to the rescue with printing press and rewards the Stockholders, Bondholders, Bankers and Wall Street... all those who should have been punished. The Fed drives stock prices and commodities with the average Americans tax dollars and the benefactors again are the rich while the average American gets squeezed with resulting oil, gas & food inflation. Doesn't the Fed see anything morally wrong here with this picture?
BERNANKE: "No. Of course not. Next stu ... next learned question."
The answers B. S. Bernanke provides are true to his roots of being completely clueless about every turning point in the economy. How this man can boast about the purchasing power of a unit of currency when it has been utterly destroyed is a disgrace. May we hope that the Federal Reserve celebrates its centennial birthday in 2013 by shutting its doors permanently.
I have to chuckle every time I hear Zimbabwe Ben talk about "price stability." I don't know how Ron Paul keeps from verbally assaulting the guy when he claims the Fed has kept inflation at bay.
Here's real life footage of Genocide Ben prior to his gig on the Fed. Once you see how he's cleaned up you'll cut the dude some slack.
http://www.youtube.com/watch?v=ldoT2mHubGE&feature=related
Here's Ben practicing his speech prior to today's testimony:
http://www.youtube.com/watch?v=fwiXG0p3N6g&feature=related
+++
belly laughs for both vids
Bernanke was absolutely right in stating that we could not go back on the gold standard because there wasn't enough gold. Fort Knox is empty you blockheads!
How the dollar rolls...
Ron Paul - how much gold will it buy?
Ben Bernanke - how much gas and snacks will it buy?
Dave - how many renminbi, yen & euros DID it buy when it was melted up into the SDR basket at midnight on reset day?
... by the way, when is reset day?
www.TradeWithDave.com
Bernanke defines a dollar as its buying power in terms of goods and services. He said the consumers basket contains food, gasoline and clothes. He said we have price stability because inflation has been 2% for the last 5 years. What he failed to say was that the inflation calculation does not include food, gasoline and clothes. These items are inflating at a much higher rate than 2%. The consumers basket does not have price stability!
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I love Mr Paul, but he has to be more concise.