- Aug 1, 2004
- 70,048
- 24,226
hmmm....this who ya got runnin da fed?
Ron Paul VS Ben Bernanke VOL. da HEAD of da fed doesnt think gold is "money" RIP USA
- Apr 3, 2010
- 1,417
- 10
"If gold isn't money, then why do you hold it?"
........"Long time tradition"
........"Long time tradition"
- May 18, 2009
- 5,215
- 118
Not an economist by any stretch but... the US dollar is not based on the gold standard anymore. So I don't think Bernanke was inaccurate in saying gold isn't money. Gold has a worth quantified by currency but you can't walk into your local Best Buy and plop down a bullion piece and walk out with a new flatscreen.
- Nov 26, 2004
- 3,240
- 83
- Mar 4, 2011
- 10,459
- 8,940
dude said treasury bills aren't money either but they're assets.
truth is, we haven't dealt with money at all in our lifetimes.
all of it is government sponsored credit.
quicker people realize this, quicker people will stop ignorantly loving what they think is money.
truth is, we haven't dealt with money at all in our lifetimes.
all of it is government sponsored credit.
quicker people realize this, quicker people will stop ignorantly loving what they think is money.
launchpadmcquack
Banned
- Aug 5, 2010
- 317
- 24
I just don't know sometimes.......I like the way that republican dude was putting him on the spot though It shows that there are def people in the political world who SEEM to care about the average person.
launchpadmcquack
Banned
- Aug 5, 2010
- 317
- 24
So r u saying I basically work my %!% off at two jobs for free.....serious by the way it just irks me that I work hard to provide for me and my fam when in reality it's to make the owner of the company I work for stay rich
- Oct 23, 2005
- 135
- 10
Gold is not money. You cannot walk into walmart and pull out some gold coins. I don't understand why Bernake is vilified. The guy is a hero. Bailing out the banks saved Main Street. If the banks were not bailed out the unemployment rate would be a lot higher than it is now. The fed did all that while making a net profit (according to that video).
- May 10, 2007
- 1,850
- 25
gold isn't money
- Aug 1, 2004
- 70,048
- 24,226
so ya called da manipulation of paper currency that can be printed outta thin air....money?
- Apr 26, 2008
- 1,988
- 10
It sucks that the chairman of the Fed is never elected, but chosen and retained by the president each term..Anyways, why was the gold standard abandoned in the 70s (?) ?I know Ron Paul wants to return to the standard, quoting Reagan that getting rid of the gold standard would led to irresponsible, runaway borrowing of money and credit
Sir San Diego
formerly brolic scholar
- Feb 20, 2011
- 12,455
- 10,879
What has the public gotten in return for the bailouts though? Serious question isiahil...
The banks saved Main Street? In what way do interpret "save"? People lost homes and jobs while big corporations had parties and got bonuses. Was that a good move for the average 9-5er? I really want to wrap my mind around your logic.
The banks saved Main Street? In what way do interpret "save"? People lost homes and jobs while big corporations had parties and got bonuses. Was that a good move for the average 9-5er? I really want to wrap my mind around your logic.
- Mar 4, 2011
- 10,459
- 8,940
Not necessarily since we all participate in this economy and that participation is what gives value to what we deem as currency. Our currency used to be backed by gold until Nixon presidency when the Bretton Woods was basically done away with.
http://en.wikipedia.org/wiki/Bretton_Woods_system
Meaning member states (countries) of the IMF International Monetary Fund
This is the only reason the us dollar has as much media coverage and power as it does. Because the real true value was taken out of the market, so that the artificial system of credit can run rampant. I still don't think most people realize that all that money on the stock market, speculation in other free markets, all the money we print doesn't exist. We've basically been operating in a pseudo-bankrupt state for years and every president since then has basically just been managing the crisis.
- Apr 26, 2008
- 1,988
- 10
The Fed bailed them out with taxpayer money and the rich got richer.
- May 29, 2008
- 826
- 10
I'm pretty sure it's safe to say that Ben Benanke is more intelligent and better versed in economics then you, OP.
You're hardly in da position to criticize him. Any fault that you see in his statement is due to your ignorance, not his.
You're hardly in da position to criticize him. Any fault that you see in his statement is due to your ignorance, not his.
Sir San Diego
formerly brolic scholar
- Feb 20, 2011
- 12,455
- 10,879
Really now? What makes Bernanke beyond reproach? Do you feel that way about all politicians and "officials"? Are we commoners too dumb to participate in these discussions about our decision makers? What sense does our political system make if that is the case then?
- Apr 26, 2008
- 1,988
- 10
We have Ivy League economists having shows on Fox News...
Fox news.
And they are the same people shunning Ron Paul as a fringe presidential candidate when he has the courage to expose the Fed.
Is the Fed even an institution of our own government?
Fox news.
And they are the same people shunning Ron Paul as a fringe presidential candidate when he has the courage to expose the Fed.
Is the Fed even an institution of our own government?
- May 29, 2008
- 826
- 10
Posting a couple of emoticons is hardly "participating in the discussion".
If you're going to rebuke something, it's generally more effective if you post statements that support your argument instead of "
nestasprotege
Banned
- May 1, 2011
- 424
- 10
Ben Bernanke is an extremely intelligent man. This doesn't change the fact that he has made some horrible decisions that have hamstrung America. The idea of injecting money into the economy at will and printing dollars out of thin air is a TRAGEDY.
- Mar 8, 2009
- 2,834
- 15
Who doesn't know the answer to that question?
Sir San Diego
formerly brolic scholar
- Feb 20, 2011
- 12,455
- 10,879
I'm not here to defend Ninjahood or anyone but it's silly to question whether someone is in "da position" to criticize. Is his voice worth less than anyone else's? And after rereading what he wrote, he hardly went out on a limb. He just posted a video and asked two questions. It's not like he pontificated on economics. He just posted a video. Sheesh.
- Mar 4, 2011
- 10,459
- 8,940
If bernake is a hero, then he is definitely not a hero for the u.s. people. He is a hero to corporate interest allowing them to continue to play the game they re all so heavily invested in. They don't care about profits. They create the money. It's about controlling the economy. You can't control an economy if you have gold valued as currency and everyday people have the potential to find more. With fiat currency, the only place you will find it is at the printer it came out of. it's totally artificial and that's why the world is dealing with such rampant corruption, inflation, and political leverage over monopoly money. You're acting like the fed profiting is a good situation for the people when the fed was set up as a non party entity. It's not supposed to you at all as a citizen if they are profitable. They make profit by selling debt to entities buying it for more than it's worth and hoping that debt appreciates. If they are making profit off of debt, that means someone on the other end of the stick is losing lots of money too interest payments on debt so that "financial stability" can be attained.
Don't eat everything they feed you on tv my man.
- Aug 1, 2004
- 70,048
- 24,226
this.
if ya do ya research, da reason we were taken off da gold standard was because people hoarded gold and da minute someone was gonna exchange some for money
you HAD to pay him what its worth...this made da dollar ridged and a spend crazy country like da US doesn't wanna be shackled to a fixed value in its economy
by having da dollar pegged to gold...but now since they basically print money like copy machines you see whats going on, constant raising of prices and loss of purchasing
power because da money is weak.
are VERY EAGER of relieving you of your real wealth in precious metal and paying you back in fiat currency.
- Mar 4, 2011
- 10,459
- 8,940
you sure you in the right thread?Originally Posted by whiterails
Posting a couple of emoticons is hardly "participating in the discussion".
If you're going to rebuke something, it's generally more effective if you post statements that support your argument instead of "" and "".
- Oct 23, 2005
- 135
- 10
The public is much better off than we would have been if banks would have collapsed. I fully understand everyone being mad at the unemployment rate, but if big banks collapsed the unemployment rate would be much higher. So yes of course people lost their jobs, that was the worst recession since the great depression. But due to Bernake's actions alot less people lost their jobs than what would have happened if he didnt bailout the banks. The CEOs of most of the big banks they got bailed out were fired. Also no big banks issued bonuses when they received their bailout money. They started back giving bonus AFTER they paid back the bailout money and business picked back up. But that is irrelevant, we (the American economy) need banks to function or it is curtains for everyone. So while I understand the it is frustrating being unemployed these days and watching bankers make millions, we would be worst off if we let banks collapse.
