(CNN) – Federal Reserve Chairman Ben Bernanke headed back to the classroom Tuesday, and defended the Fed against its most outspoken critic, Ron Paul.
In a lecture otherwise about Fed history and the Great Depression, Bernanke devoted four slides to discussing "problems of the gold standard."
RP is pushing for parallel currencies not a gold standard.
Bernanke is full of it, this is one of the major reasons why our country is failing.. Hurry up people we dont have much time left..
Ron Paul wants us all live like "The Waltons" with a barter economy. Recall his response to Wolf Blitzer about someone without health insurance. Paul suggested that they could go to their church and raise money. Is he serious? A church bake sale?
Apparently the way the Fed has been keeping interest rates at zero to try unsuccessfully to recover the housing market ( on the backs of seniors as it turns out ), a more appropriate system would be a Dirt Standard.
What does Bernanke know? C'mon! He's just some guy who was head professor of economics at Princeton, and is now head professor of economics at GWU... And ok, maybe he had a stint as Federal Reserve chairman, and has spent his entire life looking at the 'big picture' of American monetary policy...
But Please – how could his opinions POSSIBLY be more informed or carry more weight than an MD who has spent the last 30 years pandering to the 'Joe-the-Plumbers' of the world to get re-elected?
(hope you caught the sarcasm – I'm laying it on pretty thick)
Bernanke is saying that, because he may be out of a Job, if that happens.
Usually, if I have a leak in the basement, I call the plumber, not the painter. Likewise, I tend to trust the informed opinions of a professional (and academic) economist over those of a MD when it comes to issues related to macroeconomics and monetary policy. I must be wrong .....
please shut up if you do not have the same level of education as Bernanke on this topic. most comments here are ridiculous
Why gold? You can't eat it. There is nothing magic about gold. Its just a rock. You can make jewelry out of it I suppose but it has no inherent value. Like everything else, its only worth what someone is willing to pay for it. Why not have an currency based on wine or Joe DiMaggio rookie baseball cards or unblemished goats? They all make as much sense as gold.
2607 - please shut up if you do not have the same level of education as Bernanke on this topic. most comments here are ridiculous
What a perfect little sheep you must be!!! Dinner bell rings, hurry along now little sheep.
Voice of Reason
What does Bernanke know? C'mon! He's just some guy who was head professor of economics at Princeton, and is now head professor of economics at GWU...
As with the Chief Law professor, academic credentials are well, academic. Making something work in the real world is a different set of challenges. In the federal government, results are more impressive.
I don't pretend to have Bernake's knowledge of economics. Pretending a crazed OBGYN has that kind of knowledge is plain ridiculous.
@Four and Truth, spot on as usual. As far as Bernanke's credentials, well, there is a saying, "those who can, do. Those who can't, teach." What was it Bernanke did at Princeton? Oh yeah, he was a teacher. 'nuff said.