Ron Paul asks Bernanke "Is gold money'?

[webairalex]

I don't know anyone else on earth that puts Bernanke on the spot like this, "Is gold money?"
Say what you want about Ron Paul, the man is consistent!.

Paul: "Do you think gold is money"? Bernanke: (long pause and thinks) "No, its a precious metal"

https://youtube.com/watch?v=2NJnL10vZ1Y

[iamtam]

ron paul is an ass. but the tea baggers seem to like him.

[Ethersync]

An ass? That's a first.

Great clip.

[Jman]

He should fire the person plucking his eye brows

[seeandsee]

ron is the man!

[MrMaxwell]

There's nothing better than Ron Paul in the history of the world. I can't believe that people still laugh at him. Has anything he's ever predicted not happened, yet? If so, what?

I know I know .... I'm using logic .. and that's a dirty word

[SallyRand]

Originally Posted by MrMaxwell

There's nothing better than Ron Paul in the history of the world. I can't believe that people still laugh at him. Has anything he's ever predicted not happened, yet? If so, what?

I know I know .... I'm using logic .. and that's a dirty word

For sure!

Around here most of these assholes wouldn't know a good deal if it bit them on the ass AND hit them upside the head!

[Mutt]

Originally Posted by Crak_JMan

He should fire the person plucking his eye brows

send him Juicy's email, i'm sure he'll help him out when he's campaigning in NYC

[MrMaxwell]

Originally Posted by SallyRand

For sure!

Around here most of these assholes wouldn't know a good deal if it bit them on the ass AND hit them upside the head!

I know that is right
I worked for some guy in hutch for about a month. He had this one kind of product FLYING off of the shelves at close to $600. He was paying $300 for them. I found the same thing for $125 each and he wouldn't let me go and buy them...

Another guy was three weeks expired on his car lot license and I managed to light a fire under him and dug out an old item he had, got it sold, kept him alive and then he got mad and threw me away..... It is funny, too, because the ad that sold it was a CL ad in KCMO and he made me take it down an hour after I put it up ( I knew they were popular in KC )

Even though he only let me have it up an hour - it SOLD IT and kept him alive
And he STILL didn't appreciate me

This guy had used SALES TAX money to keep the business going!!!! And hadn't renewed his license!!

No hell no you can't sell people $100 for $50 around here

[dyna mo]

ron paul is proof that a 30+ year career politician yapping his trap about all the injustices around us gets a career politician re-elected time & again.

he has done nothing significant beyond asking questions like "is gold money?".

whoopie, now what? nothing.
same old system that ron paul as been a part of for decades.


ron paul is part of the problem, not a solution.

[iamtam]

Originally Posted by MrMaxwell

There's nothing better than Ron Paul in the history of the world. I can't believe that people still laugh at him. Has anything he's ever predicted not happened, yet? If so, what?

I know I know .... I'm using logic .. and that's a dirty word

what is the logic? ron paul hasnt learned the second most important thing in politics, which is getting people to work with you instead of against you. he annoys people, gets in their way, and asks questions with no point. he is an obstructionist. that might make him popular with the people, but it makes him an absolutely liablity when it comes to getting things done. elect him president, and obama will look like a genius.

[amateurbfs]

Can you guys even name any countries not using a fiat currency? The US Dollar will NEVER be backed by gold again as it SHOULD NOT BE.

Queuing retards..

[Agent 488]

and the ron paul groupies clap their flippers and bark.

what did that prove or change? nothing.

[dyna mo]

ron paul's missed voting record for the last 5 years:



His absentee rate is in red. The two thin black lines provide a context for understanding the significance of the absentee rate. The lower dotted line shows the median value for all Members of Congress in that time period. The upper dotted line shows the 90th percentile. A Member who approaches the upper dotted line is in the worst 10 percent of Congress.

he is on track to break his own shitty record as a career politician for 2011
missed votes 2011:
q1 missed 24% of votes
q2 missed 13% of congressional voting.

[woj]

he is a clown, wasted 5 mins of everyone's time with bullshit questions...

[MrMaxwell]

Originally Posted by iamtam

what is the logic? ron paul hasnt learned the second most important thing in politics, which is getting people to work with you instead of against you. he annoys people, gets in their way, and asks questions with no point. he is an obstructionist. that might make him popular with the people, but it makes him an absolutely liablity when it comes to getting things done. elect him president, and obama will look like a genius.

Agreed, he can't really get anyone to work with him, he wants to make government smaller and close the money hole. Truth always annoys people. He doesn't get in the way or ask pointless questions. He tries to get people thinking. I think him running repub was a great example of trying to get people to work with him. As he says, the repub party is nothing it was supposed to stand for and he was closer than anyone has been in many years.

I never have seen him get in the way of anything but more spending..

[MrMaxwell]

Originally Posted by dyna mo

ron paul's missed voting record for the last 5 years:



His absentee rate is in red. The two thin black lines provide a context for understanding the significance of the absentee rate. The lower dotted line shows the median value for all Members of Congress in that time period. The upper dotted line shows the 90th percentile. A Member who approaches the upper dotted line is in the worst 10 percent of Congress.

he is on track to break his own shitty record as a career politician for 2011
missed votes 2011:
q1 missed 24% of votes
q2 missed 13% of congressional voting.

I wasn't aware of that.. I wonder why he's missing votes? He should not do that. That's stupid

[MrMaxwell]

Originally Posted by amateurbfs

Can you guys even name any countries not using a fiat currency? The US Dollar will NEVER be backed by gold again as it SHOULD NOT BE.

Queuing retards..

I don't think that it should be backed by gold, either. I think it's too easy to manipulate the supply/price of gold. I think that our money should be backed with silver.

[MrMaxwell]

It is all a bunch of moot points, anyway. The three presidents who tried to stop the central banks were a$$assinated... one lived through the attempt. The banks have the control - NOT our government - paul simply wants to exercise the little power we DO have left... That is to spend within our means and STOP BORROWING MONEY on the behalf of AMERICANS and then stealing it all

And we all know that paul or anyone else like him will never have a chance, anyway.

The whole thing is over. Everyone is watching football and playing video games while being sold down the river. Those who do care are blinded by loyalty to one party or the other without realizing that it's the system in place that is important and NOT the "party". Fuck repubs Fuck dems fuck you all

This is/was a constitutional Republic and no that does not mean that I an a republican

[iamtam]

Originally Posted by MrMaxwell

Agreed, he can't really get anyone to work with him, he wants to make government smaller and close the money hole. Truth always annoys people. He doesn't get in the way or ask pointless questions. He tries to get people thinking. I think him running repub was a great example of trying to get people to work with him. As he says, the repub party is nothing it was supposed to stand for and he was closer than anyone has been in many years.

I never have seen him get in the way of anything but more spending..

the truth doesnt annoy people. what annoys people is a guy who thinks he has all the answers and is no longer listening to anyone else. he talks down to everyone and that never works when you want to get things done with a group.

he could be the smartest man on the planet but without social skills he is doomed to be a tea bagger fave and nothing more.

[dyna mo]

Originally Posted by MrMaxwell

As he says, the repub party is nothing it was supposed to stand for and he was closer than anyone has been in many years.

on the issues he deems are worthy of his vote, he has voted along repub line 75% of the time.

[Emil]

Ron Paul is great, I hope he will be the next president.

[DaddyHalbucks]

That was fun to watch Ron Paul grill Bernanke.

There is one Ron Paul. It makes him look like the village idiot sometimes, but actually, he is ahead of everyone else, he is the guy telling the naked King to put on his clothes. We need to clone Ron Paul.

The problem is that there are hundreds of Obamas in Congress and in other high government positions. There are huge numbers of progressives in our country who believe in big government, taxing, entitlements, social engineering, government spending, and redistribution. All of these Obamas are killing our country.

[dyna mo]

while ron paul has shown a proclivity to yap his trap about the sytem (big government) that he is a part of, can anyone point to one single actionable thing he has done (in the 24 years he has been a politician) to change the system he whines on about?

[MrMaxwell]

Originally Posted by dyna mo

while ron paul has shown a proclivity to yap his trap about the sytem (big government) that he is a part of, can anyone point to one single actionable thing he has done (in the 24 years he has been a politician) to change the system he whines on about?

He voted against his own raise..

[Houdini]

What's funny is Bernanke is right. Gold, at least in the U.S. and most places around the world, is NOT money, it's an asset. Of course it has been used as money in the past, but it's not right now. If you don't believe me, go to the grocery store and pay with gold coins and see what happens.

Bernanke paused because the question was loaded. If he had said "yes," then Paul would have grilled him on why it's not backed, yada, yada, yada.

[MrMaxwell]

Originally Posted by Houdini

What's funny is Bernanke is right. Gold, at least in the U.S. and most places around the world, is NOT money, it's an asset. Of course it has been used as money in the past, but it's not right now. If you don't believe me, go to the grocery store and pay with gold coins and see what happens.

Bernanke paused because the question was loaded. If he had said "yes," then Paul would have grilled him on why it's not backed, yada, yada, yada.

The government here in the states made it illegal to own gold, stole it all, and then it had huge huge gains against the dollar. They're looking at possibly doing it again, I think.

Don't they also want to make it illegal to use gold as currency in the states? Has that happened? I can't remember

Gold is money I don't care what our past 100 years may or may not say. Istorically, gold, it is money because it's universally accepted as valuable. Period.

[Houdini]

Originally Posted by MrMaxwell

The government here in the states made it illegal to own gold, stole it all, and then it had huge huge gains against the dollar. They're looking at possibly doing it again, I think.

Don't they also want to make it illegal to use gold as currency in the states? Has that happened? I can't remember

Gold is money I don't care what our past 100 years may or may not say. Istorically, gold, it is money because it's universally accepted as valuable. Period.

I'm well aware of the history of Gold, and they're not going to make it illegal for a number of reasons, but more importantly because not a soul in this country would comply with it. It's unmarked, unregistered and only a fool would turn it in. But it's not money, it's an asset that has a monetary value. Just because something is universally accepted as valuable, doesn't make it money. Oil is universally accepted as valuable, think you can buy anything with a barrel of it? I own physical gold, I own physical silver, but I understand at the present time, they are both not money.

[dyna mo]

Originally Posted by MrMaxwell

He voted against his own raise..

so what, he's worth 5-10 million$

either way, you are free to back whichever politicians you choose.

summary: reality is that he is a career politician who rakes in millions (including campaign contributions) all while whining and complaining about the system he has done nothing to change yet profits from.

[bushwacker]

Originally Posted by dyna mo

so what, he's worth 5-10 million$

either way, you are free to back whichever politicians you choose.

summary: reality is that he is a career politician who rakes in millions (including campaign contributions) all while whining and complaining about the system he has done nothing to change yet profits from.

Shhhhhh don't burst anyones bubble. Ron Paul will change the world!

[CurrentlySober]

[The Demon]

Originally Posted by amateurbfs

Can you guys even name any countries not using a fiat currency? The US Dollar will NEVER be backed by gold again as it SHOULD NOT BE.

Queuing retards..

Remind me why it should not be? Remind me why having a sound monetary policy based on a fractional reserve commodity/precious metal system should not be implemented?

[JFK]

Originally Posted by bushwacker

Shhhhhh don't burst anyones bubble. Ron Paul will change the world!

Right ON

[TheSquealer]

Just proves further how idiotic Ron Paul is. "Is gold money" ? Not by any definition of the word "money". Can you buy a car with gold? A plane ticket? Your groceries? Clothes? Nope.

[MetaMan]

Originally Posted by TheSquealer

Just proves further how idiotic Ron Paul is. "Is gold money" ? Not by any definition of the word "money". Can you buy a car with gold? A plane ticket? Your groceries? Clothes? Nope.

o god shut up. painful.

[wehateporn]

Originally Posted by TheSquealer

Just proves further how idiotic Ron Paul is. "Is gold money" ? Not by any definition of the word "money". Can you buy a car with gold? A plane ticket? Your groceries? Clothes? Nope.

Ron Paul is certainly not idiotic; he's one of the most intelligent out there and knows the system very well

[wehateporn]

Ron Paul asked "Do you think gold is money?"

[Sly]

Originally Posted by MrMaxwell

Gold is money I don't care what our past 100 years may or may not say. Istorically, gold, it is money because it's universally accepted as valuable. Period.

Universal value does not make something money. Money is a common medium that people can use to pay for and sell services/products.

Corn has universal value, wheat has universal value, rice, oil, and the list goes on and on.

Walk into a car dealership with a corn contract and see what they say. Walk in with a couple bars of gold and see what they say. They'll be stumped.

[TheSquealer]

Originally Posted by wehateporn

Ron Paul is certainly not idiotic; he's one of the most intelligent out there and knows the system very well

Of course, thats why the only support he has is a bunch of fringe lunatics that support impossible and retarded political agendas that can never happen anymore than they can form the platform of a successful run for Presidency.

... and why no other politician has adopted any of his ideas in their platforms

He's clearly a genius.

[u-Bob]

Originally Posted by Houdini

What's funny is Bernanke is right. Gold, at least in the U.S. and most places around the world, is NOT money, it's an asset. Of course it has been used as money in the past, but it's not right now. If you don't believe me, go to the grocery store and pay with gold coins and see what happens.

I understand what you are trying to say, but I think you're mixing money, currency and legal tender all together.

Gold is a form of money. The USD is a currency. The USD is a form of money. The USD is legal tender.

Meaning: while gold is still a form of money, its use is being restricted not because it would somehow no longer be a form of money but because the government restricts the use of gold and forces people to use the USD through legal tender laws.

[u-Bob]

Originally Posted by Houdini

Just because something is universally accepted as valuable, doesn't make it money.

Actually that is the definition of money.

Money = a commonly accepted medium of exchange (intermediary).

[woj]

Originally Posted by u-Bob

Actually that is the definition of money.

Money = a commonly accepted medium of exchange (intermediary).

"Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money."
http://en.wikipedia.org/wiki/Money




It clearly is NOT "a medium of exchange", at least not in the US, maybe in some other country you can exchange a gold coin for a loaf of bread, but I doubt it...

[u-Bob]

Originally Posted by woj

"Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money."
http://en.wikipedia.org/wiki/Money




It clearly is NOT "a medium of exchange", at least not in the US, maybe in some other country you can exchange a gold coin for a loaf of bread, but I doubt it...

see my comment about money/currency/legal tender.

If the government makes a law prohibiting you from using a shovel to dig holes in the ground, that does not mean your shovel will no longer be a shovel.

[Sly]

Originally Posted by u-Bob

Actually that is the definition of money.

Money = a commonly accepted medium of exchange (intermediary).

Where is gold commonly accepted for exchange?

[GatorB]

Is gold money? If by money you mean legal tender no gold isn't money. Go to wal-mart with $1000 worth of gold and try to buy a $1000 TV. You can't.

[woj]

Originally Posted by u-Bob

see my comment about money/currency/legal tender.

If the government makes a law prohibiting you from using a shovel to dig holes in the ground, that does not mean your shovel will no longer be a shovel.

I'm not sure what you mean, one of the requirements for something to be "money" is that it is "a medium of exchange." Gold clearly does not satisfy that requirement, hence it's not "money."

It was considered "money" in the past, could possibly be considered "money" in the future, but today it's just a precious metal like Bernanke pointed out.

[MrMaxwell]

Originally Posted by Sly

Universal value does not make something money. Money is a common medium that people can use to pay for and sell services/products.

Corn has universal value, wheat has universal value, rice, oil, and the list goes on and on.

Walk into a car dealership with a corn contract and see what they say. Walk in with a couple bars of gold and see what they say. They'll be stumped.

That's right, but, not so very long ago that's exactly what you did. Walked up to someone or into a business with gold in your hand.

[GatorB]

Originally Posted by MrMaxwell

That's right, but, not so very long ago that's exactly what you did. Walked up to someone or into a business with gold in your hand.

If by not long ago you mean 130 years ago them you're right. But that gold was minted into coinage which was legal tender. Do you know how bad inflation would be if we still used gold coins? A $1 gold coin would have several hundreds $ worth of gold in it. People would horde $1 coins then melt them down. How would that be good?

[NaughtyVisions]

Originally Posted by u-Bob

If the government makes a law prohibiting you from using a shovel to dig holes in the ground, that does not mean your shovel will no longer be a shovel.

That's a flawed comparison. A shovel is still a shovel, even in that instance. It's just no longer a tool for digging, or, if you prefer, an accepted digging aparatus.

Gold is gold. Period. Just like a shovel is shovel. Just in this instance, gold is no longer an accepted monetary unit.

[u-Bob]

Originally Posted by woj

I'm not sure what you mean, one of the requirements for something to be "money" is that it is "a medium of exchange." Gold clearly does not satisfy that requirement, hence it's not "money."

It was considered "money" in the past, could possibly be considered "money" in the future, but today it's just a precious metal like Bernanke pointed out.

The majority of the world's central banks still keep gold as part of their reserves. Would they do this if gold were simply something precious? If that were the case they could also use diamonds, paintings, rare baseball cards, antique chairs, expensive cars, domain names, designer purses, old postal stamps,.... in reserve.

Gold is still a form of money. The fact that gold is not being used in day-to-day transactions in stores, at the bakery etc is simply because the government prohibits people from doing so. (legal tender laws)

A shovel can be used for digging holes in the ground. If one day the government makes a new law prohibiting people from using shovels to dig holes in the ground and from that day on only government officials will be allowed to use shovels to dig holes in the ground, then that doesn't mean that your shovel suddenly ceases to be a shovel just because you are no longer allowed to use your shovel to do what you would normally (be free) do with a shovel.

The fact that the government prevents ordinary people from using gold as a medium of exchange does not change the fact that
- it is still being used by the government (and central banks) as money.
- it would again be used as a medium of exchange if the government restrictions were to be lifted. (either in physical form or a kind of promissory note or its digital equivalent)
- it is still being used as a store of value (even in countries that have legal tender laws).
- it is still being used as money in other parts of the world.