Ben Bernanke


[via Twitter]

Earlier today, Ben Bernanke had the pleasure of sitting down for a little Q&A with Congress about the economy. Former Real World cast member Sean Duffy inquired as to whether or not raising taxes would hurt job growth. Ron Paul asked if gold is money and had his mind blown when he was told it was not. And Maxine Waters wanted to know why two white bitches got money from TALF when minority-owned banks didn’t see a dime. Read more »

Let’s pause for a minute and talk about how Ben Bernanke has now confessed that he’s nothing but a tool of the fractional reserve conspiracy that has inflated the global ponzi scheme and destroyed American prosperity and power with its worthless fiat money. Thank hero Ron Paul for finally getting him to admit the truth:

Ron Paul: Do you think gold is money?
Bernanke: [long pause, stares into space, ponders how pretty the flowers must be in Princeton this time of year] No. It’s a precious metal.
Ron Paul: It’s not money? Even if it has been money for 6,000 years*, somebody reversed that, eliminated that economic law?
Bernanke: Well, it’s, y’know, it’s an asset. It’s the same — would you say Treasury bills are money? I don’t think they’re money either but they’re a financial asset.
Ron Paul: Why do central banks hold it if it’s not money?
Bernanke: Well, it’s a form of reserves.
Ron Paul: Why don’t they hold diamonds?
Bernanke: Well it’s tradition, long-term tradition.
Ron Paul: [laughs derisively] Some people still think it’s money.

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As you may know, we’re less than 20 minutes away from Ben Bernanke’s historic (!!!!!) press conference and it’s all people can do not to give themselves strokes over the whole deal. CNBC has rebranded itself the Bernanke Channel and spent the last 6 hours analyzing the event from every angle imaginable. Such as the Fed Chairman sitting versus standing, which Erin Burnett and Melissa Lee speculate is pretty significant. Read more »

And a current and former Fed chair discuss legacies over IM.

GaldalFed: oof
GaldalFed: brutal
Maestro69: what?
GaldalFed: re: Krugman…
Maestro69: hold
GaldalFed: the post…about your FT thing
GaldalFed: k
Maestro69: no idea what you’re talking about
Maestro69: was the guttersnipe trying to blame me for that contracted period of economic dislocation? he needs new material
GaldalFed: it was in response to your FT op-ed saying we should repeal Dodd-Frank
GaldalFed: http://krugman.blogs.nytimes.com/2011/03/30/the-exceptional-mr-greenspan/?smid=tw-NytimesKrugman&seid=auto
GaldalFed: “Alan Greenspan continues his efforts to cement his reputation as the worst ex-Fed chairman in history” Read more »

The Fed is wide open, okay? Now, if you wanna talk about these “audits” of monetary policy some people in Congress are calling for? That would have “a very bad outcome.” [Bernanke At The National Press Club;WSJ]