Ron Paul and Ben Bernanke on Gold Standard and Fiat Currency

Hello, you either have JavaScript turned off or an old version of Macromedia's Flash Player. Get the latest Flash player.

Video details

Analysis:

Rep. Ron Paul grills Treasury Secretary, Ben Bernanke, on the possibility of a new reserve ... (read more)

Post a Comment    Share: Share

Link to: Digg del.icio.us Facebook StumbleUpon Reddit

Rate: 0    Views: 1252

Embed:

Submitted By:

Realscoop2

Date and Time:

Thursday January 08th 2009 04:51 PM

Tags:

Ben Bernanke Paul Ron

Categories:

Finance: Wall Street



Analysis

Rep. Ron Paul grills Treasury Secretary, Ben Bernanke, on the possibility of a new reserve currency replacing the dollar in global markets. Ron Paul has long called for a return to the gold-backed dollar system abandoned by Nixon in 1971, but Bernanke offers little hope of a return to such stability.

Watch when Bernanke says he doesn't think the "dollar system is dead." The Believability Meter goes red right away. Bernanke likely knows that the current dollar system, secured solely on the word of the U.S. Government, is not exactly thriving, but, as he goes on to point out, it remains the "premiere international currency."

So, even after Fannie Mae, Freddie Mac and TARP, our federal government's word is internationally as good as gold. What does that say about the rest of the world? 

This Scoop was submitted by RealScoop member bankster. 
Got a Scoop you want us to analyze? Submit it here.

 

Post a comment

Comments

Posted by MCShalom Rating: +0 January 10, 2009, 02:15 PM

<b>The Right Monetary and Fiscal Policy Can not Get Us Out of the Depression</b> DIE ZEIT: Can the right monetary and fiscal policy keep the US out of a recession? Alan Greenspan: <i>"Probably not. Global forces can now override most anything that monetary and fiscal policy can do. Long-term real interest rates have significantly more impact on the core of economic activity than the individual actions of nations. Central banks have increasingly lost their capacity to influence the longer end of the market. Two to three decades, ago central banks were dominant throughout the maturity schedule. Thus, the more important question is the direction of long-term real interest rates."</i> Alan Greenspan <b>The Great Irony of Success</b> © ZEIT online, 30.1.2008 <b>A Credit Free, Free Market Economy will correct all of those dysfunctions.</b> The only other option is, on the long run, to wait for the physical destruction (through war or rust) of most of our productive assets. It will be at a cost none of us can afford to pay. <b>This Age of Turbulence People Want an Exit Strategy Out of Credit,<br> An Adventure in a New World Economic Order.</b> <b><a href="http://edsk.org/interest.html">A Specific Application of Employment, Interest and Money</a></b> http://edsk.org/interest.html <b>We Shall Cancel All Interest Bearing Debt.</b> Press release of my open letter to Chairman Ben S. Bernanke: <b><a href="http://www.prlog.org/10162465-sorry-chairman-ben-bernanke-but-quantitative-easing-wont-work.html">Sorry, Chairman Ben S. Bernanke, But Quantitative Easing Won't Work.</a></b> http://www.prlog.org/10162465.html Yours Sincerely, Shalom P. Hamou AKA 'MC Shalom' Chief Economist - Master Conductor <a href="http://edsk.org/">1776 - <i>Annuit Cœptis.</i></a>

Log in or register to add a comment.