Events

2011 Ron Paul Fed Monetary Report Grilling
2011

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

More About 2011 Ron Paul Fed Monetary Report Grilling

  • 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.