Tuesday, March 23, 2010

Paul vs Bernake

Ron Paul is the man and here he is facing off against Ben Bernake, chairman of the Federal Reserve. This took place on March 17th at the Financial Services Hearing. It's a good video to watch. Here are some of my favorite quotes:
Paul says "Free Market people see that the dependency on regulation is just imaginary, because the fault is, all these mistakes are being made, because they have false information... price fixing, nobody is advocating wage and price control because of all the false information, you can't run an economy with price fixing, that's why Socialism false... if you fix the price of the interest rates, one half of the economy goes 'your messing with the Monetary system' and all of a sudden instead of dealing with that, we say 'we just need more and smarter regulation." He asks Bernake, "doesn't this bother you?"
Bernake responds, "We need some system to set the money supply. I guess you are a Gold Standard suppoter?"
Paul simply responds back, "I am for the constitution."
Bernake stutters and ignores this and only goes on to state how every major country in the world is run by a central bank and "never the less, this (the actions of a Central Bank and it being the controller of a countries money supply) is a choice that's made.
Paul replies "But then there is no good information left for the Investor unfortunately."
Here is the link:

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