Saturday, November 10, 2007

Bernanke Starting to Look Dumb

by Michael Nystrom | November 9, 2007

Bull! Not bull

Part I

It was a bit nostalgic for me to see footage of Ron Paul addressing Ben Bernanke on live TV yesterday, as it was almost five years ago that I was first introduced to Ron Paul in the same way. Back then (February 27, 2002), I saw Dr. Paul for the very first time, live on CNBC as I was getting ready for work. At the time I didn't know who he was, but I was astounded by what I heard. He was addressing then Fed Chairman Greenspan on the Federal Reserve, and speaking plain and honest truths: "In many ways I feel that the system you have been asked to manage is similar to an Enron system..."

Enron had just recently gone bankrupt, so I couldn't believe my ears. He continued on, stating truths about the fraudulent Federal Reserve System that nearly everyone else in Washington actively seeks to avoid.

I was hooked, and five years later Dr. Paul is still at it. Yesterday he was addressing Ben Bernanke, hauling the Fed's polite euphemisms out into the sunshine, naming them for what they are: "...they don't say inflate the currency, they don't say debase the currency, they don't say devalue the currency, they don't say cheat the people who save...They say, 'lower interest rates.' But ... I don't hear you say too often, 'The only way I can lower interest rates is to create more money.' ...So my question boils down to this: 'How can we expect to solve the problems of inflation...with more inflation?"

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