Nov 19, 2008

Ron Paul questions Bernanke on gold

Bernanke's only discussions about gold involve selling it.

Fiat Dollar Reserve System Dead?
New World Reserve Currency?
Does the Subject of Gold Ever Come Up?

At Tuesday's meeting of the House Financial Services Committee, Rep. Ron Paul, R-Texas, got a couple of minutes to ask Federal Reserve Chairman Ben Bernanke about the prospects for a new international reserve currency system and about whether Bernanke has ever discussed with other central bankers a place for gold in such a new system. Bernanke replied that there are no such plans and that the only discussions he has with other central bankers about gold involve central bank gold sales. At least that much was pretty revealing, suggesting that as the international financial system falls apart, central bankers talk about selling gold, as if such selling is a mechanism for holding the system together -- as of course it is, gold being a competitive international currency.

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