Congressman Ron Paul (R-TX) tripped up Federal Reserve Chairman Ben Bernanke during a hearing Wednesday when he asked why central banks hold stockades of gold and diamonds.
Bernanke initially tried to explain that many people invest in gold futures because it can help hedge risks in other markets and acts as a more stable store of value than some currencies — but Paul, a longtime critic of the central bank and fiat currency in general, cut him off.
“Do you think gold is money?” the Texas congressman asked.
“No, it’s a precious metal,” Bernanke replied.
“Even if it’s money for over 6,000 years? Somebody reversed that and eliminated that economic law?” Paul pressed.
“Well, it’s an asset,” the Fed chairman answered. “Would you say Treasury bills are money? I don’t think that they’re money either, but they’re financial assets.”
“Why do central banks hold it, if it’s not money?” Paul asked. “Why do they hold diamonds?”
“Well, it’s tradition,” Bernanke answered. “Long term tradition.”
Paul, who is seeking his party’s nomination to the presidency in 2012, said earlier this week that he plans to resign from Congress soon to fully devote himself to his campaign.
This video is from CSPAN 3, snipped by the Ron Paul group Campaign for Liberty, published to YouTube on Wednesday, July 13, 2011.
Stephen Colbert hilariously mocks Oklahoma governor ‘Stitt for brains’ for catching COVID-19 after ignoring masks
Oklahoma Gov. Kevin Stitt (R) revealed Wednesday that he is positive for the coronavirus. It could have been the exposure he incurred at the Trump rally. Or it could have been all of those times he went out without a mask saying he was "social distancing." Either way, it was something "A Late Show" host Stephen Colbert found to be a hilarious example of schadenfreude.
"All the people in charge who told us the pandemic wasn't a big deal are looking big dumb right now like Oklahoma governor and chunky Dracula Kevin Stitt, cuz remember Trump's rally in Tulsa, Oklahoma full of unmasked open mouth screamers," said Colbert. "Lots of people called it a terrible idea, said it should be canceled. Not Governor Stitt."
The problem isn’t the campaign manager — it’s Trump: Republican analyst
Switching up the campaign manager four months before the election when the latest poll shows you 12 points down has nothing to do with the campaign's leadership, Republican analyst Amanda Carpenter explained on CNN Wednesday.
"The problem isn't that Donald Trump has a bad campaigner," said Carpenter in an interview with CNN's Don Lemon. "They're raising tons of money. They have a boatload of surrogates. The problem is that he has a bad presidency. And no one -- no one, no spin master, not Kellyanne Conway, not Brad Parscale can spin the most important number of this election, and that's -- at present, 137,000 dead and rising. And so what we need to see if Donald Trump wants to turn this around is to turn around his white house. And I have four words of advice: More Fauci, less Kayleigh."
Here’s what you need to know about Bill Stepien — the man who just took over Trump’s fledgling campaign
President Donald Trump announced that his campaign manager, Brad Parscale, is being shoved out of his role given the failures the campaign has suffered over the past seven months.
In his place, for now, at least, will be Bill Stepien.
If that name sounds familiar, it may be because Stepien was part of New Jersey Gov. Chris Christie's Bridgegate scandal, where, as punishment to Mayor Mark Sokolich, two of three toll lanes were closed during a Monday morning rush hour and weren't reopened until Friday.
The court case quoted Bill Stepien's name over 700 times, including an email in which he claimed, "It will be a tough November for this little Serbian." The mayor was born in Fort Lee, and his lineage isn't Serbian, it's actually Croatian.