Fed News Friday – Ron Paul Has Breakfast With Ben Bernanke at The Federal ReserveMay 18th, 2012
No seriously. I missed this item last week, but this totally happened:
Republican presidential hopeful Rep. Ron Paul certainly wants to end the Federal Reserve. But he also has to eat breakfast.
One day after chairing a hearing on proposals to abolish or overhaul the central bank, the Texan congressman sat down for the first meal of the day Wednesday with Federal Reserve Chairman Ben Bernanke, the lawmaker confirmed in a brief interview at the Capitol. The decision to meet for breakfast at the Fed was “mutual,” said Mr. Paul, who last year introduced a bill to eliminate the central bank.
That’s DR. Paul to you! Jerk.
The Fed chief and lawmaker had “sort of an open discussion,” Mr. Paul said, while declining to provide any details of the conversation. “It was off the record,” he said. The Fed declined to comment on the meeting.
Wednesday’s visit to the Fed’s Washington headquarters was not the first for Mr. Paul, who has said previously he dined at the central bank with former Fed Chairman Paul Volcker.
Nor is it unusual for Mr. Bernanke to play host to lawmakers, including those proposing to refashion the Fed. The Fed chief had breakfast in February with Rep. Kevin Brady (R., Texas) who earlier this year introduced a bill that would narrow the Fed’s mandate to focus solely on price stability. Currently, the central bank has a dual mandate that also requires it to strive for maximum employment.
Still, Wednesday’s breakfast brought together two figures who publicly agree on very little. A longtime critic of paper currency and fan of the gold standard, Mr. Paul’s fiery Fed-bashing has enthused his campaign trail supporters, who often start rallies with loud chants of “end the Fed!”
Mr. Bernanke, meanwhile, dedicated a significant chunk of his first lecture at George Washington University in March to enumerating the flaws associated with a system in which the dollar is valued at a fixed price per unit of gold.
So did Wednesday’s meeting overturn any deep-set beliefs?
“He’s for the gold standard now,” joked Mr. Paul.
Dear lord, what would you give to have been a fly on the wall for that breakfast?? Just what do these two say to each other in private off the record?
*Chuckle* “Oh Ronnie, you never do give up do you?”
“Well the message is catching on fast, Ben– you’ve got to admit that.”
“Young people are always trying to change the world. Then they grow up, become jaded, get jobs, and scrape hard for Federal Reserve Notes, scrape hard to make men like me rich. I’m not worried.”
“Your overconfidence is your weakness.”
“Your faith in your friends is yours! I’ve got an entire legion of spin doctors in the media and an army of lawyers ready for your little rebellion in Tampa. A deflector shield of propaganda and litigation awaits them. Oh, I’m afraid, the deflector shield will be quite operational when your friends arrive…”
“Here, could you pass the salt.”
“Sure. These eggs are really bland, huh?”
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