Bernanke Stumped by Representative Ron Paul

Minyanville ^ | 9/20/2007 | Scott Reamer

[r9etb]

Ron Paul is in favor of abolishing the Fed and letting interest rates react to the market. Whether he can actually do this is another matter. Maybe someone could comment.

Yeah, but the guy I respnded to said that, as president, Mr. Paul would do the moral thing and raise rates. Pretty ridiculous argument, if what you say is true.

[traviskicks]

well said

[Petronski]

Remarkable for how straightforward, lucid, and anti-statist the question was.

Well, nil out of three is . . . uh . . . not a good score.

Good grief, the man is a blabbering idiot.

[Petronski]

[Petronski]

If Ron Paul were in charge his first act would be to stabilize the currency by raising interest rates.

Only if he were King. He's not running for King, and we have no office called King.

How praytell does a president raise interest rates?

[Petronski]

If Walter Williams were my God, I would be swayed.

But, alas, he is not.

[WWTD]

Wow - a love letter from the biggest Ron Paul hater of them all. I’m honored. Time for me to sip some Wyler’s while you go back under your bridge to harass billy goats.

[Petronski]

You are incoherent as usual.

[WWTD]

Well, I had no idea my post was so difficult for you to follow. Allow me to explain. 1) You regularly insult Ron Paul supporters with a Wyler's photoshop. Thus my reference to drinking some Wyler's. 2) There is a children's tale about a troll who harasses billy goats from under his bridge. And you are a troll on every Ron Paul thread. Thus the comparison. Is that better? Understand me now? I had no idea you were so dense. I'll try to dumb it down next time I post to you, which will never happen unless you start something with me first. Unlike you, I'm not a troll.

[Petronski]

You could not have been referring to me. I do not hate L.Ron Paul.

Likewise, the rest of your blather refers to someone else, not me (unless you are lying).

[US at Risk]

Yeah, but the guy I respnded to said that, as president, Mr. Paul would do the moral thing and raise rates. Pretty ridiculous argument, if what you say is true.

Are you speaking of post #70?

I agree with him that our leaders have a moral responsibility to be good stewards of our finances, which would include a stable dollar.

The Federal Reserve has been covering governmental overspending by creating more money, which makes more money available to at low rates. This makes borrowers happy, but it also discourages saving, causes inflation, and lowers confidence in the dollar. There are so many dollars in the hands of foreigners (about $5 trillion) that, if they lost confidence, the dollar would be worth squat.

RP could not actually raise interest rates, but with more conservative management of the dollar (not increasing the money supply by double digits every year), rates would no doubt increase. This is preferable to an actual crash of the dollar, IMO.

[Old 300]

Here is video of that awesome exchange. Enemies of the Federal Reserve have been dealt an ideal set of cards this year. One thing I notice on this thread is talk of EOs possibly being used capriciously. I would ask those who wonder about that: where is the Federal Reserve in the Constitution? I can't find it.

[traviskicks]

thanks for that video

[capitalist229]

The President appoints the chairman of the Fed so indirectly the President sets the policy.

Also the Fed has become increasingly politicized to the point that a Bernanky will drop rates when the heat is on.

A Volcker would not bow to politics.

BUMP

[NascentDocent]

Also, he really ought to be on alert for any lone gunman, who may or may not have been photographed at the Soviet Embassy in Mexico City.

The thing that most confuses and perplexes me, besides Petro’s sublimely clever thorazine spamming, is the patently false allegation by the AntiPaul’s that his foreign policy doesn’t pass ‘true conservative’ muster.

Ron Paul, per the Constitution, would make war where the congress declares it, and refrain where the congress does not, even if the war is against an adjectival noun and not a uniformed enemy army.

Maybe once the good Doctor is elected, congress could declare a ‘War on Badness’, thereby eliminating the needless pleonasms of the war on terror, drugs, poverty, etc, the open border Republicrats so glibly spawn to more facilely herd the sheeple.

[Petronski]

The President appoints the chairman of the Fed so indirectly the President sets the policy.

Be realistic.