So Gold Is Not Money

Bernanke Fights Ron Paul In Congress: ‘Gold Isn’t Money’ -- Forbes

Chairman Ben Bernanke faced-off with Fed-hating Representative Ron Paul during his monetary policy report to Congress on Wednesday. The head of the Fed was forced to respond to accusations of enriching already rich corporations while failing to help Main Street, while he was pushed on his views on gold. “Gold isn’t money,” Bernanke said.

While most of Bernanke’s reports to Congress serve politicians to pursue their own agendas by gearing the Chairman towards their issues, with Republican Rep. Bacchus talking of the unsustainability of Medicaid and Rep. Frank (D, Mass.) asking about the need to raise the debt limit without cutting spending, it was a stand-off between Bernanke and Ron Paul that took all the attention.

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My Comment: Gold is what saved my grandparents during the Russian revolution, so I do have an appreciation on what is the value of gold. So while I know this post has nothing to do with defense related issues, wars or conflicts ..... I do get perturbed that when you an have important U.S. government official such as Bernanke is completely ignorant on the value and importance of gold .... I cannot help but wonder what else he is ignorant about.

And yes .... gold is money.

Update: Look who is calling Bernanke a hooligan and U.S. monetary policy a disaster.