[touched up on 11/12/07 for grammatical errors and clarity]
I love the internet and how readily available information has become. Ron Paul and Ben Bernanke has a discussion the other day, and this clip was posted online within hours. I am not an economist and did not quite understand all the acronyms, but I did followed along enough to see where Ron Paul was going. Ben Bernanke is the Chief of the Federal Reserve. If you don't know what the Federal Reserve is then you should take the time to learn about it and it's history. [wikipedia] To the average American it is just a buzz word used by the news, but in reality it has become a central linchpin (or bottleneck depending on your view) of our economy. The previous Fed Chief was Alan Greenspan which is a name most people recognize, even if they don't understand what his job was. I wrote a bit about the Federal Reserve in an earlier post:
Think Getting Rid of IRS is a joke? Think again...
So watch this clip then keep reading.
So after watching this I had to ask myself,
1) Would George Bush be able to discuss this type issue?
2) Would any other candidate be able to discuss these issues at this level of detail?
And the simple answer is NO! Ron Paul is the only person who understand the financial crisis our country is heading for, and the only one with the will to do something about it!
So if you are skeptic that he was just blowing smoke during that question and answer, then maybe a well respected CNBC Journalist backing up Ron Paul might help you to understand this problem. Kudlow said: "Ron Paul took Fed Chief Ben Bernanke to the woodshed". Enough Said:
Thursday, November 8, 2007
Ron Paul vs Ben Bernanke
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1 comments:
I watched that video with Bernanke and Ron Paul. What most amazed me was the ignorance of Bernanke regarding inflation and how it negatively affects the dollars the People hold. Ron Paul was telling Bernanke something about how the Fed was stealing the Peoples money by using more inflation to treat the inflation we now have, and how this erodes the purchasing power of the dollar for American consumers. Bernanke answered saying something like: "If the American people are spending their US dollars in America buying American goods there is no negative affect by a shrinking dollar". What he fails to see is the obvious fact that the US now imports a majority of its goods from other nations! Manufacturing in US is allbut gone. Something like 95% of clothing comes from abroad, 70% or so of our food and on and on. Bernanke may be a professional academic, but he lacks any common sense, logic or ability to comprehend the bigger picture. Hmmm....and this guy is the chairman of the Federal Reserve? Americans should be preparing themselves. We've got an ignoramus at the helm and some very rough waters ahead...hopefully there aren't any icebergs lurking out there.
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