Ron Paul vs Bernanke: Is Gold Money? - July 13, 2011

July 13, 2011 - Congressman Ron Paul questions Federal Reserve Chairman Ben Bernanke in a U.S. House Financial Services Committee Meeting shortly after reports surfaced that the Federal Reserve was preparing for a third round of quantitative easing.

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[Mousumi Khatun]

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[moxypirate]

Exactly. Also anyone with half a brain knows that Diamonds are worthless (which was Paul's point as well). What gives gold its value is its rarity and the fact that you can not forge gold or conjure it from nothing. Paul once again throws into Bernanke's face that fiat currencies have absolutely no value and used as a tool for the elite to maintain their wealth and power.

[James Pitts]

Well, I hoped that whacko, nutjob, tin hat Paul was going to say somethiong intelligent. He didn't. Gold is only money when it takes the form of coinage as a tradable and spendable commodity. Money is that which one receives for payment to represent their assetts. Gold, uncirculated or uncirculatable in day-to-day business transactions, is an assett, not money. Were we to circulate gold coins, for example, that would become a from of money.

[endlessmountain]

what so special about fiat debt notes??? It has no practical applications and guarantees mass suffering and harm via simple math.

[fitheachsidhe]

It looks like the sun.... Yes, gold is technically money, not an asset, it just works on a deeper psychological level than paper or digital 1 & 0's. Its harder to create (mine) and has the history; people have loved gold forever. Silver has far more practical uses, yet per quantity of each in the world, gold is 5x more valuable. Why exactly. Why are diamonds valuable. They are rare and pretty!

[rongeotom6]

Yes it is an element but whome ever holds the gold holds the power.

[rongeotom6]

And he saves the best till last. Brilliant

[qqq111444]

IgnatzKolisch, that's a really good question. And I think a lot of people ask the same thing. To understand that, you have to understand the history of banking and finance and you'll get why gold is an important issue in understanding the financial system

[IgnatzKolisch]

What's so special about gold? Okay, it has some practical applications in electronics, and people who use metallic string instrument strings like gold strings for the tiny ones, which is fine. But why the specific element Au to represent what you put into the "world", and which you can exchange for some other service/product that someone else puts in.

I'm not being facetious, I just honestly don't get why gold, of all elements, is supposed to be bound to the value of money. It's just an element

[Sakuya Izayoi]

/watch?v=lM1OwEK1dec

Am I cool yet?