Political Facepalm #1 - Ron Paul vs. Ben Bernanke

[EminemBase]

[BigBoss]

Is that EmBasedGod?

[EminemBase]

Is that EmBasedGod?

[Trimss]

It's funny around 1.10 ahah.

[AbramIsaac]

I'll have to look the video up on YT, as the embedded ones usually don't work on my phone.

I'm sure Ron Paul kicked ass though. That man is like the only honest politician left in Washington. Even if you don't agree with him all the time, you can at least admire the fact that he sticks to his convictions no matter what. That's refreshing in a country that is too stupid to vote based on actual facts, like...ever.

[SliK]

I know about the fed and the fractional banking system so I understand that money can no longer be exchanged for its value in gold or silver but can someone explain to me what was Ron Paul getting at when he asked why the banks hold gold, and "why don't they use diamonds?". Preferably someone who knows what they're talking about please.

[EminemBase]

...but can someone explain to me what was Ron Paul getting at when he asked why the banks hold gold, and "why don't they use diamonds?". Preferably someone who knows what they're talking about please.

Ron was implying... if gold isn't money or a standard to which paper money is adhered to, then why do banks store so much of it.

Ben was saying it's like a reserve, just something of value, which is not money; and Ron was saying well if that's true, why don't they also use diamonds, or why not to that degree since diamonds are that also. He was making a point that, there is a gold standard / or that the implication still exists.

[SliK]

...but can someone explain to me what was Ron Paul getting at when he asked why the banks hold gold, and "why don't they use diamonds?". Preferably someone who knows what they're talking about please.

Ron was implying... if gold isn't money or a standard to which paper money is adhered to, then why do banks store so much of it.

Ben was saying it's like a reserve, just something of value, which is not money; and Ron was saying well if that's true, why don't they also use diamonds, or why not to that degree since diamonds are that also. He was making a point that, there is a gold standard / or that the implication still exists.

Thanks

[psu24]

Yeah too bad he has no shot in hell at getting elected. It's cool to see people in other countries taking notice though. I think they passed a bill for an audit of the fed reserve to see who they're lending to and Paul wants it gone altogether, the last Pres that wanted that was Kennedy and we see how that turned out.