Ron Paul vs Bernanke: Is Gold Money? - July 13, 2011
The vast majority ...
The vast majority of dollars are held by Americans, not oil producing countries, China or Japan. By destroying its value, it is the wealth of Americans that gets destroyed. The beneficiaries of this are a few elite at the top. Every argument I've ever seen from egghead economists has been twisted in favor of them handing out worthless paper. Where do the TRILLIONS in bank gambling losses offloaded onto taxpayers, savers & wage earners through bailouts get factored into the equation?
the biggest asset ...
the biggest asset the US has is its control over the global oil trade which is entirely denominated in USD. This is done by keeping despot dictators in power in oil producing countries and outright invading & seizing their resources as with Iraq & Libya. If that were ever to end, there would be a collapse of the dollar. But I don't see that happening anytime in the future unless there are violent revolutions in oil producing states for democracy.
the US had a good ...
the US had a good run but its over
@bondurango .... ...
@bondurango ....their US treasuries on the secondary market and if that happens, OPEC must let another currency rise to replace the dollar. It is the arrogance of the American public to think that since we are the largest consumer of foreign products, that we get a free ride and these countries will indefinitely continue to support our bad habits of over consumption and zero savings. "Black Gold"? Maybe not for as long as you think. Certainly in our lifetime, in the next 10 yrs even, Dollar wil
@bondurando That is ...
@bondurando That is why in the sentence you quoted, I said the "reserve currency". That is what makes it a reserve currency because currently OPEC sells oil in USD. However, China has already made a deal away from the USD with Russia for 25% of its oil needs and steadily climbing. As the dollar continues its decline (down by 54% since 2002), China (USD$1trillion), Japan (USD$900Billion) might attempt to dump....
When it comes to ...
When it comes to understanding the dollar's defacto commodification by oil, RP is dumber than Forrest Gump & as blind as Mr. Magoo. RP treats currency like a box of chocolates. Only he's blind to the "chocolate", i.e. the oil, who's denomination by the dollar gives the dollar an exclusive purchasing power & real value. Consequently, he thinks the dollar is just a bunch of empty paper wrappers. So, to give value to his chocolate box, Gump Magoo wants to replace the paper with gold wrappers.
"When nations that ...
"When nations that export to the US stop stockpiling our "dollars" and insist on trading with either a different reserve currency..." No country stops trading with the U.S. until another currency replaces the dollar as the denominating currency for oil. Oil gives the dollar it's value thru an exclusive purchasing power (other countries must hold dollars to buy oil). So while the dollar is no longer as good as gold, it's defacto commodification by oil makes it as good as "black" gold.
@aerojamoo Finite ...
@aerojamoo Finite resource. Once those exported US dollars come back to our shores, inflation will sky rocket. Printing money and giving it value doesn't actually give it any value. It's just an I.o.u. Once trading nations realize we aren't going to make good on our debt, they will want to move out of our convenient dollars and we are going to face serious shortages in inventory(Walmart shelves will be empty), simultaneously followed by a deep recession, extremely high interest rates....
@aerojamoo "wealth ...
@aerojamoo "wealth stays the same"???? When nations that export to the US stop stockpiling our "dollars" and insist on trading with either a different reserve currency (not US dollars)or GOLD, will you have Gold to purchase their goods? The government will have the Gold and it will keep imports alive a little while longer but once those reserves are depleted, why would Japan or China or India export to US? This is why nations don't trade with currency, they trade with goods. Because Gold is a f
Mr. Bernanke must ...
Mr. Bernanke must be replaced. He messed up a lot of times .
5:10 Ron paul smile ...
5:10 Ron paul smile just Finished him off lol
"By your wisdom and ...
"By your wisdom and your understanding you have made wealth for yourself, and have gathered gold and silver into your treasuries" -Ezekiel 28: 4
Gold is an element ...
Gold is an element create in the dying throes of a supernova, not money. But that won't stop the price from going through the roof. Just 'cause gold isn't money doesn't mean I won't be owning any...
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OBAMNEY 2012 ! ...
OBAMNEY 2012 ! ROFLMAO! SHEEPLE SAY BAAAAHHH !
"gold is money" ...
"gold is money" But is money gold? Money comes from the Greek word "nomisma", i.e. nomos (LAW), which is anything assigned, a usage, custom, law or ordinance. According to Aristotle, money (nomisma), unlike gold, exists NOT BY NATURE but by law & therefore "within the power to change it & make it useless", i.e. of no intrinsic value. For 300 yrs, Sparta used "brittle" iron. Rome used copper. Both were valued above their commodity content. So, why should paper be any different?
RON PAUL new music ...
RON PAUL new music video!! Search "FESHAMON"
Praise from Ceasar ...
Praise from Ceasar. After all, who knows more about failure than a GOPher for RP?
I'd be curious to ...
I'd be curious to hear RP's definition of money. Is it just any commodity?
Gold will float ...
Gold will float above currency...(missed that bit out) ! :)
Listen you dumb ...
Listen you dumb piece of shit. We are not going to a gold backed currency. We will keep currency in paper and digital form for transactions to make the economy work. Gold will above the currency as a store of wealth so that the more a country prints, the less their currency is worth, but their overall wealth stays the same. Get it? Now tell your mom I said hi.
No wonder why the ...
No wonder why the rest of the world doesn't respect the intelligence of the american public. It's because people like Bernanke could convince you of anything as long as he says it confidently.
Wow fail.
Wow fail.
You do know going ...
You do know going back to a gold base currency does not mean you will walk around with gold right? fail.