Ron Paul Abuses Ben Bernanke, Again Part 3

Pilfered from Liberty Maven:




In case you are wondering what that school of political thought is that Dr. Paul is referencing, i'll give you a hint: the first letter is "f" and it rhymes with mascism

The path our country is moving down is more along the lines of the Jonah Goldberg historical definition of fascism than the pejorative that the left usually hurls at people who they disagree with.

Ron Paul Schools Some Douchebag about the Gold Standard

Yeah, I'm pretty sure that the guy who they brought on to counter Doctor Paul was talking out of his ass especially when he started talking about the Great Depression. But don't take my word for it. This is what Milton Friedman had to say about what caused it. From a recent article in Worldnetdaily:

Friedman: Well, we have to distinguish between the recession of 1929, the early stages, and the conversion of that recession into a major catastrophe.

The recession was an ordinary business cycle. We had repeated recessions over hundreds of years, but what converted [this one] into a major depression was bad monetary policy.

The Federal Reserve System had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve System, you had the worst banking crisis in the history of the United States. There's no other example I can think of, of a government measure which produced so clearly the opposite of the results that were intended.

And what happened is that [the Federal Reserve] followed policies which led to a decline in the quantity of money by a third. For every $100 in paper money, in deposits, in cash, in currency, in existence in 1929, by the time you got to 1933 there was only about $65, $66 left. And that extraordinary collapse in the banking system, with about a third of the banks failing from beginning to end, with millions of people having their savings essentially washed out, that decline was utterly unnecessary.

At all times, the Federal Reserve had the power and the knowledge to have stopped that. And there were people at the time who were all the time urging them to do that. So it was, in my opinion, clearly a mistake of policy that led to the Great Depression.

Click here to see what current Fed Chair Ben Bernanke has to say about Friedman's assessment. I'm sure you'll find it enlightening.

Ron Paul Abuses Ben Bernanke, Again

Update: Cavuto follows up with Dr. Paul and his hearing with Bernanke on Fox Business. Pilfered from Liberty Maven:



Dr. Paul is one of the only politicians out there who really understands the way the economy works. Can't say that about any of the other douchebags running for President.

Ron Paul Linkorama part II

It's been a good week for Dr. Paul and his campaign. The record setting $4.2 million dollars that his supporters raised on November 5th generated tens of millions of dollars in free publicity. With the economy and the value of the dollar both heading south, Ron Paul gave Fed Chairman Ben Bernanke a very public dressing down that was broadcast on CNBC (and had traders cheering his name while the market was in session). He spoke yesterday at a rally that was attended, by some estimates, as many as 4000 supporters. This past week could very well be the week that Dr. Paul's campaign officially moved into the "top tier".

Building on that momentum, December 16th will be the date for Ron Paul's next "moneybomb". Why that day? Because that's the day of the Boston Tea Party silly! http://www.teaparty07.com/




Links to some of the interesting vids and stories and interviews of Dr. Paul's record breaking week:

New York Times via Cnet.com fairest and best overview of his campaign so far

Dr. Paul on Meet the Press: Part I and Part II

Lew Rockwell with the top 100 political websites

Paul and Bernanke and the report of the traders cheering Dr. Paul's name

A local PA paper gives does an article on Paul

Ben Bernanke testifying this week

This week, Fed Chairman Ben Bernanke testified in front of Congress. It wasn't pretty:



Bernanke's response "If somebody has their wealth in dollars, and they are going to buy consumer goods in dollars...then [with] the decline of the dollar, the only effect it has on their buying power is it makes imported goods expensive."

Greenspan was so much better at the the Fedspeak than Bernanke is.

Yes, thanks Ben, so the senior citizens who are on fixed incomes lose 10% of their buying power. Well, maybe the old people can go back and work at McDonald's. Old people die anyway if they don't keep active, right?

As a side note, when Alan Greenspan (a noted gold bug before he was appointed Fed Chairman) was on the Daily Show, Jon Stewart asked him if the Fed was even necessary. With the dollar in freefall, this could be an issue that may loom large come the 08 elections.

BONUS: Reaction to Bernanke's testimony from the trading floor