Ron Paul vs. Ben Bernanke at 3/17/10 Financial Services Hearing
Friday, March 26th, 2010 at
5:56 am
house.gov campaignforliberty.com Congressman Ron Paul’s opening statement and questioning of Federal Reserve chairman Ben Bernanke at the House Financial Services Committee hearing, March 17, 2010. Dr. Paul attempts to instruct Bernanke in the basics of Austrian Economics.
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@imre1000 Yes, the correct definition of inflation is an increase of money supply and/or credit. People think economics are boring but those are the exact same people that are the first to complain about rising prices. Americans ignorance will be their own demise.
Why do we need a central bank? Has anyone ever asked that?
@ 5:45 ‘If interest rates are below their normal level, it’s because the economy is operating at a low level’ WRONG
All he did was dodge the question. So full of crap. Bernanke knows full well that Greenspan had ridiculously low rates while the economy/home equity was booming. Then he tries to bring up some game theory to confuse the average listener and sound like he knows what the hell is going on.
@machaeroguy No he didn’t dodge the question: his entire world view, as he indicates when he states there are only central bank backed fiat currencies left in the world, rests on a central bank. So he answered honestly: low economy means Fed swoops in with cash.
Now, as to the wisdom and morality of his statement, it’s sorely lacking
@timbosforporn then who will set the interest rates??!?!?!? where will money come from?!?!?! them’s terrorist question boy!
Curse those Austrian economist with their insidious logic and reason! Ron Paul always makes a clown out of everyone he debates, he’s the only one with common sense.
Banks. Who else would do those things.
Ben Bernanke (in response to Ron Paul) well……. ummm…… uhhh…… central banking is an art (translation: I am too much of an idiot to come up with a valid [or even intelligent-sounding] counter-argument)
Central banking is not an art, it is a science. More specifically it is a bullshit science (BS). Keynes himself stated that artificially lowering interest rates was done to fool entrepreneurs into thinking that there was greater demand then there really was. He also admitted that this would inevitably lead to a slump. The gig is up fellas, we are onto your scam.
“I’m for the constitution”. That was as close as we got to a real conversation here. Ron Paul was fairly tame here and Bernanke just drivels, lets things roll off him and goes back to business as usual.
My jaw fell agape when Bernanke asked Ron Paul if he supported the gold standard. The fact that he knows so little about Ron Paul’s position reveals that he is absolutely isolated from any thought whatsoever, divergent from mainstream Keynesianism. They are having two utterly different conversations and I gather Bernanke hasn’t a clue as to Ron Paul’s reasoning.
“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States.” –Sen. Barry Goldwater (Rep. AZ)
“OFCOURSE i dont agree with that”
made me laugh
This was actually a very good discussion. Mr Paul and Mr Bernanke were nice to hear in this video.
This question is for Bernanke, which came first the chicken or the egg? 3:57
Ron Paul is such a classy guy. He makes Ben Bernanke sweat every time.
Ron Paul…”I’m for the constitution” What a novel idea!!!
this frustrates me to no end. I have said this for many years-
raising the interest rates 17 times in a row without allowing the market to react is one of the primary factors that started this mess. Alan Greenspan saying he believes in adjustable mortgages and then sucking people into those loans should also be held accountable, but he won’t be.
ben-”Every country around the world has a central bank system” well no shit, thats why every country has been involved with heavy wars and taxes ever since the rise of the rothschilds in the late 1700s
SoYouThinkYouCanInve, amazing comment.
“Central Banking is an ART!!! LMAO!!! Bernie kills me with his words and distorted logic.
I just wish there were libertarian politicians here in Brazil, Ron Paul certainly is trying his best to defend the constitution.
lol the lady behind ron paul has a little smile because she knows paul is gonna own him
ron paul should go take an online macroeconomics class or two
do his supporters realize that he doesn’t really know what he’s talking about?
The funny part here is that they both know Ron knows his stuff. Ben is trying to avoid saying what Ron is trying to pull out of him.
Read a book,
you will understand what Ron Paul is saying.
He is putting this logical and simple for you and Ben.
Btw if you listen, Bernake’s voice is shaky when he is responding to Paul… He’s afraid