http://www.theatlanticwire.com/business/2012/03/bernanke-schools-ron-pauls-potential-fans-gold-standard/50120/
Was this really a schooling?
Who are you peter schiff? (get it? :P) Also, what did you expect, that they were gonna let the children off the hook? I loved his points too.
"the gold standard requires us to waste resources by mining gold in Africa and shipping it here"
Who's to say this is a waste?
"it connects nations' currencies which exposes us to monetary policy in other countries"
By facilitating trade between countries and putting a stopper in the currency swap game?
"it leads to deflation"
Which kind?
"it worked particularly poorly after World War I"
Oh no it doesn't allow for massive state expenditure :(
The Anarch is to the Anarchist what the Monarch is to the Monarchist. -Ernst Jünger
Ben Bernanke is being totally inconsistent by saying it exposes us to monetary policy of other countries. A central bank centralizes and the desire for the U.S. to have one was originally so this country would be more like Britain. In other words, Hamilton wouldn't have even advocated a central bank if Britain hasn't exposed us to their monetary policy.
I don't even think he gets that we were on a very phony gold standard after WWI.
"Schools Ron Paul fans" my ass.
I'm glad the Fed has at least opened up to some sort of dialogue. Now it's time for the Professors at the Mises Institute to present their lecture to Ben Bernanke and the rest of the board of Governors.
I hope this get debunked.
http://www.federalreserve.gov/newsevents/lectures/origins-and-mission.htm
http://www.federalreserve.gov/newsevents/files/bernanke-lecture-one-20120320.pdf
thanks for the replies. good points.
From Wenzel over at EPJ:
Fed Chairman Ben Bernanke is conducting a series of lectures at George Washington University. The first lecture was today. Here's the response via twitter of WSJ economics reporter Sudeep Reddy:
Now that Bernanke has thoroughly attacked the gold standard, this class should invite Ron Paul as its next guest lecturer.
Yeah!!!