Professor Bernanke rails against gold standard

[randomname]

The mere fact that Bernanke has to go on a propaganda tour with college students just to bash the gold standard means we're winning.

Also of note, he did talk a whole lot about gold:

 

[shocker315]

Iran says "gold is money".

http://www.theburningplatform.com/?p=31832

 

[smithtg]

Iran says "gold is money".

http://www.theburningplatform.com/?p=31832

but IRAN is evil dont you know?

I think India will open up more of the argument "gold is money" in due time. Many smart people there

 

[hazek]

Who would every give this guy any credibility:

 

[Travlyr]

Stop screwing around with our money Ben.

 

[FauxCapitalist]

Ron Paul does not advocate a government mandated gold standard but rather a free-market gold standard.

What free-market gold standard? Gary North's that is also a fool's gold standard, in advocating the enforcement of contracts by the same government he says lies, cheats and steals?

 

[WilliamC]

What free-market gold standard? Gary North's that is also a fool's gold standard, in advocating the enforcement of contracts by the same government he says lies, cheats and steals?

Ah, there's the rub. So long as any level of government exists it will tend to grow into something like we have today, more powerful and totalitarian all the time.

But in the complete absence of government I don't know that a peaceful anarchy could be maintained, most people want to have some sort of order and law and will band together to create it when it is not there.

So how to maintain a level of government strong enough to enforce property and contract rights, as needed for a free-market, without allowing it to grow and become corrupt?

I don't know exactly, but it seems that the least we can do is work towards that end, as does Ron Paul.

 

[Travlyr]

What free-market gold standard? Gary North's that is also a fool's gold standard, in advocating the enforcement of contracts by the same government he says lies, cheats and steals?

It is not the same government. One is legitimate government the other is illegitimate.

 

[smithtg]

Stop screwing around with our money Ben.

He loves the power !!

 

[Hitman83]

Here is a good FAQ: http://mises.org/Community/wikis/economics/gold-as-money-faq.aspx

Although I'm sick of the media saying Ron wants to return to the gold standard. He doesn't. He wants competing (market) currencies.

Thank you for the link, bluesc. I'm reading it now.

 

[Sola_Fide]

 

[SilentBull]

Wait...he really used the "there's not enough gold to go back to the gold standard" argument?

This world is so messed up. It's like a curse to be awake. This is like the moron at work that keeps getting promoted. Look at this guy. He's running the Fed making arguments like this. Look at Obama, who belongs maybe at a carwash, washing my MDX. He's president. WTF is going on??

 

[Crotale]

Under gold standard, a central bank has no flexibility to lower rates in recession and raise them during periods of inflation, Fed chief says

And that's meant to be a bad thing?

 

[WilliamC]

Good quote, sounds like something Robert E. Lee would have said.

+ rep.

 

[Sola_Fide]

And that's meant to be a bad thing?

Of course! We can't let the market correct itself! We must continue this charade of liquidity and spending!

 

[seraphson]

As usual, the 'gold standard' that Bernake is describing isn't a free-market gold standard as would result from repeal of legal tender laws and allowance of competing currencies without any imposed exchange tax, but rather a government mandated gold standard in which the government still sets the rate of exchange of gold with whatever currency it uses and taxes the use of other commodities as money.

Ron Paul does not advocate a government mandated gold standard but rather a free-market gold standard.

Bernake knows this but he's willing to bet that most of his audience isn't sophisticated to distinguish between the two.

So basically the Federal Reserve Chairman of the United States of America and ruler of the world reserve currency sinks to straw man arguments?
I am shocked.

 

[Sola_Fide]

Good quote, sounds like something Robert E. Lee would have said.

+ rep.

Yeah, it was a motto of the preachers in the Black Regiment.

 

[WilliamC]

Yeah, it was a motto of the preachers in the Black Regiment.

Ah, a bit before his time but I'm sure General Lee was well familiar with them.

When was it that the non-profit status of churches was legislated? The Johnson administration?

This really was a sell out on the part of a few religious leaders who knew what they were doing and a tremendous deception upon the others who seemed to have placed their faith in Government ahead of their faith in God.

I've known a few lay preachers of Churches that do not participate in the government non-profit scheme and they were some very knowledgeable and right-thinking men if I may say so myself, I have great respect for them and their ministry.

 

[Black Flag]

but is gold money?

No, it is not.

 

[Black Flag]

I'm not very good with monetary and economics and all that but wouldn't a simple solution to the "not enough gold for a gold standard" problem be to change the amount of dollars tied to an ounce of gold? Say instead of a $20 gold coin like back in the day, they made the same size coin but worth $1000 face value or more for example?

But why even do such a facade?

The moment a government chooses "what will be money" always ends in catastrophic failure, and the people suffer.

It does not matter if it is gold or paper or salt or really big rocks - what matters is who makes the choice - by force or by acceptance?