Ben Bernanke: Gold Is Not Money


In a July 13, 2011 exchange between Rep. Ron Paul and Fed Chairman Ben Bernake, Dr. Paul asks whether or not Bernanke believes gold is money. After a short pause, Bernanke answers "no," claiming that central banks only hold gold because of tradition.

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losingfeeling's picture
Created by losingfeeling 3 years 32 weeks ago – Made popular 3 years 32 weeks ago
Category: Commodities / Metals   Tags:

Bernanke is right and Paul is wrong

phonon 3 years 31 weeks 3 days 17 sec ago

I'm a Ron Paul fan. Supported him in 07-08, made signs etc. donated money and voted for him in the primary.

There are a few things he's dead wrong about, though. Immigration is one. Constitution worship is another. And the obsession with gold is another.

These days gold is not money. It's not used as such by 99.99% of people on the planet. It may have been used for "6000 years" as money, but that changed within the last hundred years or so.

Bernanke is right. Gold is just another commodity these days. It still doesn't explain why governments and banks hoard it.

Buying gold is a poor way to prepare for the trouble at best

maulotaur 3 years 31 weeks 3 days 15 hours ago

If you think gold equals money, try to go buy something with it and see how far you get. Sure you can trade it out for money later, more or less, but that can be a long and involved process. Now I realize that all these radio shows have jumped on the "buy gold" train so they can get their hands into your fear of the world collapsing. They get your money and you get a piece of metal that you have to protect but serves no function - you cannot eat gold. Putting your hard-earned money into their gold promotions now for some sort of protection later is pointless as gold will not save you from the world as you can see. It would be far better to devise plans toward the real needs and necessities of life than the delusion of a metal brick.

Gold is not money but our paper "money" is ?!

Claire Haus 3 years 32 weeks 13 hours 35 min ago

Can it get any more delusional??? So is tradition more valuable then real money? LOL!

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