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News in Short - Business 0212

Written By: ECJ Staff  |  Posted: Friday, July 22nd, 2011

Bernanke Struggles to Answer

            Congressman Ron Paul cornered Fed Chairman Ben Bernanke  in regards to the economy.  It became plain that Bernanke was a little uncomfortable with some of the statements.  When Congressman Paul pointed out that the over $5 trillion injected by the Feds could have been used to give each citizen in the USA $17,000, Bernanke gave no answer   What was quite unsettling for the chairman was his answer to Paul's question concerning gold.  "Is gold money?" Paul asked.  It took a while for Bernanke to answer that it was not money, but rather an asset.  This was said in the face of gold being recognized as money historically for approximately 6,000 years plus the fact that the central banks hold it in reserve as money.

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