Ron Paul: Bernanke Deliberately Destroying Dollar

Congressman schools Fed chairman again during House Financial Services Committee meeting, warns "history is against you"

www.prisonplanet.com

Congressman Ron Paul slammed Federal Reserve chairman Ben Bernanke during a House Financial Services Committee meeting today for following a policy of deliberately destroying the dollar and wiping out the American middle class.

Paul held Bernanke to task over his refusal to address the decline of the dollar and its clear link to inflation.

"Inflation comes from the unwise increase in the supply of money credit....to argue that we can continue to debase the currency, which is really the policy of that you're following, purposely debasing value of currency - which to me seems so destructive....it just puts more pressure on the federal reserve to create capital out of thin air in order to stimulate the economy and usually that just goes into mal-investment," said Paul.

Paul highlighted the fact that the M3 money supply was rising at a rate of 16 per cent and that this was the real rate of inflation.

"History is against you," Paul told Bernanke, "History is on the side of hard money - if you look at stable prices you have to look at the only historic sound money that's lasted more than a few years - fiat money always ends, gold is the only thing where you get stable prices," he added, pointing out that despite the price of oil's rapid ascent, it had remained flat when compared to the price of gold.

"I cannot see how we can continue to accept the policy of deliberately destroying the value of money as an economic value," said Paul, adding that the policy was "immoral," and would lead to a reduction in American's living standards and "the middle class being wiped out."

Asked how he could defend a policy of deliberately depreciating the dollar, Bernanke stumbled through his response and was basically forced to agree with Paul's point.

Paul's comments come on the day that the dollar hit its all time low against the Euro.

Earlier this week, former Fed chairman Alan Greenspan laid the groundwork for the further collapse of the greenback by encouraging Gulf states to abandon their dollar peg.

Watch Paul's opening statement aswell.

Category:

Education

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• dollar

[sucableadi]

It's not enough to say "Vote Ron Paul"

PEOPLE NEED TO SWITCH PARTIES 12 WEEKS IN ADVANCE OF THE PRIMARIES IN MOST STATES.

IF YOU DO NOT SWITCH IN TIME YOU CANNOT VOTE IN PRIMARY.

IF YOU ARE NOT REGISTERED REPUBLICAN YOU CANNOT VOTE IN PRIMARY.

IF RON PAUL DOES NOT WIN PRIMARY, NO GENERAL ELECTION ! REGISTER AS A REPUBLICAN. FIND OUT WHEN YOUR STATE HAS PRIMARIES. FIND OUT WHERE AND VOTE VOTE VOTE ! PLEASE !

WE NEED EVERY LAST VOTE ! Copy and paste this everywhere, and vote up

[dilan4me]

ron paul will eliminate the fed , bankers, the oil bosses and in the the Rochtschild family its a great challenge for him but for that he needs our help. he must be the bravest man in the country . JFK must be so proud of Ron Paul

[thisismyusernamemr]

I don't understand how anyone can argue with Dr. Paul on this topic. Wake up!!!!!!!!!!!!!!!11

[9992ube]

Hey stormdrain, we are in the USA on planet Earth. We do not have any inflation. We know you guys have been claiming hyperinflation would start any day for the last 10 years, but it isn't happening. Have you considered that you are simply full of _hit?

[stormydrain]

For example, did you know that bloomberg news sued the fed and won to reveal bailout at 7.7 trillion (11 x tarp). They were caught stealing hundreads of billiion off of American middle class and fabricating 15 trillion debt - is that being discussed in the main stream news - NO - only on the interent. Every American should be outraged.

[stormydrain]

Today, most American students don't even understand what a central bank is, much less that the battle over central banks is one of the most important themes in U.S. history.

[stormydrain]

The truth is that our nation was birthed in the midst of a conflict over taxation and the control of our money. Central banking has played a key role in nearly all of the wars that America has fought. Presidents that resisted the central bankers were shot, while others shamefully caved in to their demands.

[stormydrain]

Our current central bank is called the Federal Reserve and it is about as "federal" as Federal Express is. The truth is that it is a privately-owned financial institution that is designed to ensnare the U.S. government in an endlessly expanding spiral of debt from which there is no escape. The Federal Reserve caused the Great Depression and the Federal Reserve is at the core of our current economic crisis. None of these things is taught to students in America's schools today.

[stormydrain]

In 2010, young Americans are taught a sanitized version of American history that doesn't even make any sense. As with so many things, if you want to know what really happened just follow the money.

[stormydrain]

@9992ube Unless congress can look in all the books that 77 billion is meaningless to the trillions missing and the runaway inflation that the fed has caused taxing us since it was started. Fools like you are very easily pacified...

[stormydrain]

@9992ube What part of bernake's statement "INFLATION IS A TAX" do you not understand you gullible little peabrain. The federal reserve is a globalist institution printing american money. The founders of the country never wanted it, it was passed into congress under devious circumstances and even its name is meant to decieve....so fuck off you globalist sheep boy, ...they print the american money and congress can't even audit them? lol somethings very rotten in denmark.