Ron Paul Asks Bernanke: "When You Wake Up In The Morning Do You Care About The Price Of Gold? -- Why Doesn't The Fed Just Hold Diamonds Instead?"
Do you care about the price of gold?
Flashback - Ron Paul Vs. Bernanke - July 13, 2011
This clip is the introduction to the hearing and Dr. Paul's complete exchange with Bernanke. It is notable for the the jovial nature of the first 2 minutes as Barney Frank thanks Dr. Paul for his three decades of service in the House. Also, Dr. Paul cracks a joke about the smile on Bernanke's face (and that of his staff) at the mention of Paul's retirement. Funny stuff and then the action begins.
Paul discusses the how the CPI has changed, that the current real rate of inflation is slightly above 10% when it's calculated in the same manner as was done in the 80s under Volcker, then switches gears to discuss the wars, money-printing, the national debt, the Wall Street bailout at the expense of main street, and finally asks Bernanke whether gold is money in the eyes of the Fed.