Ron Paul & Ben Bernanke Face-off
March 3rd, 2011Bernanke hasn’t had the pleasure of sitting down with the likes of Dr. Ron Paul since the new shift in Congress or since Paul took his new seat as sub-committee chair of monetary policy. We all knew this would be a diabolical moment, and as predicted Dr. Paul came out of the gate charging while Bernanke arrogantly discredited points and danced around the fact that the institution he drives is causing the dollar and economic crisis we face today.
Mr. Paul had one question for Mr. Bernanke: “What is your definition of the dollar?”
Looks like Bernanke is more than familiar with Dr. Paul’s support for the Gold Standard. The funny thing I find about his answer, although easy to understand for the general public, also discredits the general public. Bernanke assumes that the people don’t care about their savings, insinuating that the majority of people live in the here and now. Although true for the most part, perhaps this attitude towards consumption justifies the horrific monetary policy in his mind. We like stuff now and don’t care about tomorrow…so why worry about savings? What you need is to buy that new car and house that you can’t afford, must like the US finances debt that it can not afford. What’s the big deal? It seems to be working for now…
Boy are they in for a reality check.