Breaking News: Gold is Not Money

Hey Bernanke!
Check out the Counting Ring via Yanko Design,
it's right up your alley

h/t LOLFed

Ron Paul wants the definition of money from Ben Bernanke, watch ZB squirm as he attempts to define it. After watching him practically snoring as Dr Paul launches into the gold rant (poor Bernanke, it must have boiled his blood to have to sit through a whole minute of that), of course.

Bernanke actually said "consumers don't want to buy gold, they want to buy food and gasoline and clothes and all the other things that are not in the consumer basket." Too bad when the Fed comes up with a magical number for inflation they somehow cross out food and gasoline because, well, maybe the consumer doesn't want those or maybe they are just too volatile to end up making their math make sense.


Now listen, we know gold isn't technically money. But try telling that to the assholes who keep stuffing my mailbox with their cash for gold flyers.

Who says consumers don't want to buy gold? Gold does, for one.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

3 comments:

Anonymous said...

Too bad the Chinese don't really care what anyone over here thinks...unless we have a population surge...you might want to pay attention to what THEY THINK!

"We are seeing explosive demand for gold. As Chinese get wealthy, they
look to diversify their investments and gold stands out as a good
hedge against inflation," Zhou told Reuters.

"There is also frantic demand for non-physical gold investments. We
issued 1 billion yuan worth of gold-price-linked term deposits in
2010, but we managed to sell the same amount over just a few days in
January this year," Zhou said, adding that such deposits would easily
exceed 5 billion yuan ($759 million) this year.

http://www.reuters.com/article/2011/02/16/us-icbc-gold-idUSTRE71F1MO20110216

wcv said...

But silver is!

chairmanben said...

The Paul / Bernanke show is predictably like watching a game of chess played in the park.

You know someone is going to end up in checkmate, but it may take all afternoon.