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2011 Ron Paul Fed Monetary Report Grilling

Full Name
2011 Ron Paul Fed Monetary Report Grilling
Event Type
Presentation
Location
Washington DC
Primary Date
2011
Parent Event
Federal Reserve Monetary Policy Report to Congress

During the 2011 Federal Reserve Monetary Report to Congress, Ron Paul grilled Fed chairman Ben Bernanke on the importance of gold as money

  • Paul asked Ben Bernanke "Is Gold Money"
  • Bernanke answered "No"
  • When asked why the Fed still holds it, Bernanke said "Well, it's a form of reserves"
  • When pressed further, Bernanke said that it was held because of "tradition"
  • The exchange highlighted the fact that the Fed does believe that gold is really money, but doesn't want to admit it publically.

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