Ron Paul Assaults Ben Bernanke On Parallel Currencies
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[Ron Paul Assaults Ben Bernanke On Parallel Currencies]
– agency ( ) helping to get Europe to avoid greater troubles as been very helpful and I think it’s striking that you are getting criticism particularly on the Republican side but some from people on the left for a series of very constructive action so I just wanna express my support what you have been doing with the swap agreement and in other ways because the greatest threat to the American economy at this point is in Europe, I should note by the way, thanks in part to what we’ve been doing here, while there were problems, the American economy, I think is the best performing economy in the developing world right now of any size and you’ve been helping that and the attacks on what the Fed’s have been doing to try to keep you from continuing to encourage the right kinds of things in Europe are about as disastrous as prescription for American policy, and I – I hope that you will continue to ignore them.
[Ronald Ernest “Ron” Paul (August 20, 1935)]
Thank you Mr. Chairman. Mr. Bernanke, if you don’t mind, would you tell me whether not you do your own shopping at a grocery store?
[Ben Shalom Bernanke (December 13, 1953)] Source: LYBIO.net
Yes I do.
[Ron Paul] Source: LYBIO.net
Ok, so you’re aware of the prices..buy you know – This argument that the prices are going up 2%, no one believes it. You know – the old CPI says that the prices are going up 9%. They believe this. People on fixed incomes are really hurting. The middle class are really hurting. Because their inflation rate is very much higher than the government tries to tell them. And that why they loose trust in government. But you know this whole idea about prices and De-basement of currency, if you loan me 100$ and in 2 years from now, I gave you 90 back, you’d be pretty upset. But we hand back that money back – its’ worth 10 or 15, 20 % less and nobody seems to be able to do anything about it. But it’s very upsetting. But it’s theft if I don’t give you your full 100$ dollars back, if you loaned me 100$ – somebody – I’m stealing 10$ from you – so somebody is stealing wealth and this is very upsetting – But you know, last Jan – in January at one of your press conferences you said that – you sort of poked a little bit of fun at people to downplay the 2% inflation rate. But if you said it’s 2 and I say it’s 9, let’s compromise for the sake of the argument its 5%. You said it doesn’t hurt you unless you are one of those people who stuff their money in the mattress. But where are you going to put it? Are you going to put it in a CD and not make any money at all? So this doesn’t – this doesn’t make any sense. It does not encourage savings and it just discourages people.
But I do want to make a point about prices because prices go up – that to me is not the inflation – it’s one of the bad consequences of the inflation which comes from the increase of the money supply and is one of the bad effects. Source: LYBIO.net
But you know – you took over the Fed in – in 2006. I have a silver ounce here. And this ounce of silver; back in 2006 would buy over 4 gallons of gasoline. But today – today it will buy almost 11 gallons of gasoline. That’s preservation of value. And that’s what the market has always said should be money. Money comes into effect in a natural way not by edict, not by fiat (by governments declaring it is – it is money).
But ah – why – why is it we can’t consider, the two of us an option. You love paper money, I think money should be honest, constitutional -still on the books, Gold an Silver legal tender. Why don’t we use it?
Why don’t we allow currencies to run parallel? They do around the world. One of my options, as much as I like to do something with the Fed, I say; the fed’s going to self destruct eventually anyway when the money – when the money’s gone. Why wouldn’t we legalize competing currencies. Why can’t could people put this [holds up silver] in a mattress and save 4, 5 times – much the value in a few years? So the record of what you have done in the last six years is destroy the value of real money – ah well, of paper money. At the same time real money is preserved. But a competing currency we already have Silver Eagle. It’s legal tender for a $1 – well some people say it’s legal tender, it’s a dollar, it’s on the books, they use it and they get into big trouble. The government comes and closes them down and you can get arrested for that. But what would be wrong with talking about parallel currency and competing currencies – this is something ( ) talked about. Something I think would be a compromise we could work along those views.
Ah – first of all – good to see you again. Congressman Paul.
Ah – just one word on the inflation ah of course those numbers are constructed by the Bureau of Labor for statistics and not by the Fed, they are independently constructed and I think they are done in a very serious and thoughtful way. Ah on alternative currencies no one prevents you from holding Silver or Gold, if you want to, it’s perfectly legal to do that and you are also happy – and it’s also perfectly fine to hold other currencies the Euros’s the Yen whatever else so in that respect you can do that and and I’d be happy to talk to you about
[Ron Paul] Source: LYBIO.net
Mr. Chairman, that’s not money. I mean, when you pay taxes to buy a coin, or you have capital gains tax. When it’s not – if you have to settle a lawsuit its always settled in depreciating federal reserve notes. It’s never settled in the real contract. So that’s nothing near money when it’s illegal to use it. But to do it, you’d have to repeal the legal tender laws, you would have to legalize this – you would have to get rid of the sales taxes, you would have to get rid of the capital gains taxes – people – even in Mexico they are talking about this trying out competing currencies – they’ve been wiped out too many times with inflation that wipe out the middle class – they are allowing people to start to save in a Silver currency so I hope we move along in that direction because there shouldn’t be any overwhelming changes all of a sudden that there could be a transition – people could vote on it. Maybe they’ll give —–
Ron Paul Assaults Ben Bernanke On Parallel Currencies. But it’s theft if I don’t give you your full 100$ dollars back, if you loaned me 100$ – somebody – I’m stealing 10$ from you – so somebody is stealing wealth and this is very upsetting. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.