Source: in part, Steve Watson
Texas Congressman and Presidential Candidate Ron Paul questioned Ben Bernanke, the Chairman of the Federal Reserve, on Capitol Hill yesterday.
Dr. Paul pulled out a silver eagle, explaining that it has retained its real worth and that hard assets should be used as currency as outlined in the Constitution.
Telling Bernanke that in 2006, when he took over at the Fed, an ounce of silver bought about 4 gallons of gas, where as today it will buy 11 gallons. “That’s preservation of value,” said Paul.
Begin watching at the 0:58 mark for the action.
Paul called for a competing currency to the dollar, stating that the laws should be changed to allow precious metals to settle contract disputes and other legal obligations.
Bernanke addressed Paul by jokingly saying “good to see you again, Congressman”, before somewhat derisively saying he would be happy to consider the Congressman’s ideas and help him work out what currencies to hold.
Paul hit back by saying the government goes after those who attempt to use gold and silver as alternatives to depreciating Federal Reserve notes as if they are criminals, telling Bernanke “the record of what you’ve done is destroy the currency,”
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