14 juli 2011

Ron Paul: is goud geld? (1)

Ron Paul is een republikein die de FED wil afschaffen in ruil voor een terugkeer van de gouden standaard. Op 75-jarige leeftijd wil hij weer een gooi doen naar het presidentsschap.
Ook deze keer weer wist hij het Bernanke knap lastig te maken door vragen naar aanleiding van Bernankes Humphrey Hawkins testimony, die uiteindelijk door Ron Paul uitdraaide op verheerlijking van goud.
Hieronder de woordenwisseling tussen Paul en Bernanke:

MR. PAUL: But very quickly, if you could answer another question, because I'm curious about this – you know, the price of gold today is $1,580 [U.S.]. The dollar during these last three years was devalued almost 50 per cent. When you wake up in the morning, do you care about the price of gold?

MR. BERNANKE: Well, I pay attention to the price of gold, but I think it reflects a lot of things. It reflects global uncertainties. I think people are – the reason people hold gold is as a protection against what we call tail risk, really, really bad outcomes. And to the extent that the last few years have made people more worried about potential of a major crisis, then they have gold as a protection.

MR. PAUL: Do you think gold is money?

MR. BERNANKE: No. It's not money, it's a precious metal…

MR. PAUL: Even if it has been money for 6,000 years, somebody reversed that and eliminated that economic law?

MR. BERNANKE: Well, it's – you know, it's an asset. I mean, it's the same – would you say Treasury bills are money? I don't think they're money either, but they're a financial asset.

MR. PAUL: Well, why do – why do – why do central banks hold it if it's not –

MR. BERNANKE: Well, it's a form of reserves. It's a form –

MR. PAUL: Why don't they hold diamonds?

MR. BERNANKE: Well, it's tradition, long-term tradition.

MR. PAUL: (Chuckles.) Well, some people still think it's money. I yield back. My time is up

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