$GOLD Ron Paul: Is Gold Money?
This stemmed from when Ron Paul faced off against Ben Bernanke in Congress.
Paul badgered Bernanke into answering the question of whether gold is money, to which Benjamin flatly responded, “No.”
“When you wake up in the morning, do you think about the price of gold,” Rep. Paul asked.
After pausing for a second, Bernanke responded, clearly uncomfortable. that he paid much attention to the price of gold, only to be interrupted once again.
“Gold’s at about $1,580 [an ounce] this morning, what do you think of the price of gold?” asked Rep. Paul. A stern-faced Bernanke responded people bought it for protection and was once again cut-off, with Ron Paul once again on the offensive.
“Is gold money?” he asked. Clearly bothered, Bernanke, told the representative, “No. It’s a precious metal.”
After Paul interrupted him to note the long history of gold being used as money, Bernanke continued, “It’s an asset. Would you say Treasury bills are money? I don’t think they’re money either but they’re a financial asset.”
Paul asked Bernanke why central banks didn’t hold diamonds, clearly hinting at his fiat money criticism of the U.S. monetary system. The Fed Chairman told Rep. Paul it was nothing more than tradition...”
That’s What They Want You to Think
Bureaucrats and politicians don’t want gold to be money because you can’t just print gold. They want to fund their projects without paying for them. Pull one rabbit out of the same hat time and time again.
For the past 25 years, we've lurched from one debt crisis to another. From Greenspan to Bernanke; from Yellen to Powell –– Clinton, Bush, Obama, Trump –– its money printing all the way down.
Since 1995, when Chairman Greenspan put a turbo on the printing press, M2 has gone from $3.5 trillion to $18 trillion. That’s a 414% increase in a little more than a generation.
And this number is conservative as the printing press never stops.
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