[Video] Ron Paul Questioning Bernanke 7/18/12

Ron had such a beautiful opportunity every time he was questioning The Bernank to point out how silly the whole system is by simply asking some tough pointed questions such as:

Mr. chairman, please tell us what guides your decisions when it comes to monetary policy?

He predictably answers "our models blabla"

Mr. chairman do those model currently show any problems as a consequence of your actions or any possibility that your actions are a mistake?

He predictably answers "No"

Mr. chariman, how can you be sure you aren't wrong about that?

He predictably answers "because we're using sound models supported by good economic theory blablabla"

Mr. chairman, are these the same models you always used through your career?

He predictably answers "yes"

Mr. chairman have these models ever been shown to be at fault or to not allow you to predict a certain kind of an outcome?

He predictably answers "no"

Mr. chairman is it not true that in August 2007 you said and I quote "the subprime is contained and will not spread" and before tat in 06 you said numerous times that there is no housing bubble at all?

He answers "yes"

Mr. chairman I'm confused, you said you always used these models and that these models always showed you all possible outcomes never to have been shown wrong, how come did it turn out that you were DEAD WRONG in these statements and further more, if you were using the same models back then as you are now, how can we have ANY trust that you know what you're talking about?



BOOM HEADSHOT slam dunk game over. But noooo he goes and wastes 5min on the definition of the word deflation and inflation.
 
The definition of these words is of utmost importance (1984?). The definition of the words in the political and monetary realm is what has allowed much of what Amercians are confused on to happen. They use the words as people know or understand them, but manipulate it's implementation under the cover of secrecy or policy. How many times has the word "inflation" been modified in it's implementation of calculation for exposure to the average American? What's the "unemployment rate"?

edit: Bernanke knew exactly what Ron was talking about, with the definitions.
 
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hazek said:
Ron had such a beautiful opportunity every time he was questioning The Bernank to point out how silly the whole system is by simply asking some tough pointed questions such as:

Mr. chairman, please tell us what guides your decisions when it comes to monetary policy?

He predictably answers "our models blabla"

Mr. chairman do those model currently show any problems as a consequence of your actions or any possibility that your actions are a mistake?

He predictably answers "No"

Mr. chariman, how can you be sure you aren't wrong about that?

He predictably answers "because we're using sound models supported by good economic theory blablabla"

Mr. chairman, are these the same models you always used through your career?

He predictably answers "yes"

Mr. chairman have these models ever been shown to be at fault or to not allow you to predict a certain kind of an outcome?

He predictably answers "no"

Mr. chairman is it not true that in August 2007 you said and I quote "the subprime is contained and will not spread" and before tat in 06 you said numerous times that there is no housing bubble at all?

He answers "yes"

Mr. chairman I'm confused, you said you always used these models and that these models always showed you all possible outcomes never to have been shown wrong, how come did it turn out that you were DEAD WRONG in these statements and further more, if you were using the same models back then as you are now, how can we have ANY trust that you know what you're talking about?



BOOM HEADSHOT slam dunk game over. But noooo he goes and wastes 5min on the definition of the word deflation and inflation.
Click to expand...

Except instead of the answers you give for Bernanke, he takes the very first one and talks through the rest of Ron's time.
 
Oh please, it's not like he can't interrupt him, besides, didn't you see how he asked him if he would ever reconsider any of his notions, and Bernanke answered in short "yes, given good evidence" - this btw was a really good question, Ron just didn't have any good followups so he missed a good opportunity.
 
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hazek said:
Oh please, it's not like he can't interrupt him, besides, didn't you see how he asked him if he would ever reconsider any of his notions, and Bernanke answered in short "yes, given good evidence"
Click to expand...
I'm not saying he couldn't have said something different, only that he usually CAN'T interrupt too much, all though he has started to, without looking bad, and Bernanke usually drones on on purpose, imho. Mostly I was saying that it is easy to decide things would go perfectly if an alternate line of questioning occurred when you aren't the one on the spot...

I haven't been able to watch it yet, I will later.
 
ClydeCoulter said:
The definition of these words is of utmost importance (1984?). The definition of the words in the political and monetary realm is what has allowed much of what Amercians are confused on to happen. They use the words as people know or understand them, but manipulate it's implementation under the cover of secrecy or policy. How many times has the word "inflation" been modified in it's implementation of calculation for exposure to the average American? What's the "unemployment rate"?

edit: Bernanke knew exactly what Ron was talking about, with the definitions.
Click to expand...

That's one of the biggest things that has always irked me. After all, it's how the average citizen, whatever that is supposed to mean in itself, is fooled into using and passing around the term "croney capitalism"...among others. Why not just call it what it is and move on? After all, where exactly does spinning get you except right back where you started?

Language is very important in all of this. It really is. The difference between a straight line forward to some place else and a direct line back to the beginning of the circle where we started. I guess both could be considered "movement" in some manner but who is to dictate traffic? Does one choose to hop on the bus...that's already there waiting for them...enroute right back to the beginning of the circle to nowhere ( am reminded of the Mass. delegate vid for some reason) or do they pack a lunch and carpool in a different direction toward change? Paul is correct in that the transit should begin in congress.

Oh well. Hopefully some will at least take that logic from the statesmans last words on it. They must if they are to carry on.
 
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Can I do a - Ron Paul needs to get to the point, he let Bernanke off the hook again - rant, just fer old times sake?


One of the questions I really want to see posed is to follow up on Bernanke's statement that having a Central bank to manage the economy gives better outcomes than having the Congress do it.
This echoes what Krugman said in his debate with RP - ie that you simply can't run an economy without the state.

I want them both to answer specifically why this is the case - why is the market information derived from the zillions of transactions in a free market less good than the so-called wisdom of a small secret group?

Other simple questions I'd like to hear Bernanke answer:
- Why is it right for the Fed to set interest rates?
- Why aren't fuel and food in the inflation calculation?
 
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I watched the full video on Rep. Paul's webpage. I was wondering why so few seats were taken. Where were the Democrats? Where were some of the Republicans? Why did I only see Reps. Paul, Luetkemeyer, Jones, and Schweikert. Unless I am mistaken, according to Wikipedia: there are 8 Republicans and 6 Democrats. That means 10 representatives didn't even attend the meeting.

http://en.wikipedia.org/wiki/United...ee_on_Domestic_Monetary_Policy_and_Technology

Were they busy or did they just not want to attend since Rep. Paul was leading the meeting?
 
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