Ron Paul Accused Bernanke: "People Lose Trust in the Government Because You Lie To Them about Inflation"
This morning Fed Chairman Ben Bernanke was testifying before the Committee on Financial Services, where he announced that the economy is still recovering, but was unpleasantly surprised by one of four remaining GOP candidates seeking the nomination for president, Ron Paul who pulled out a silver eagle and accused him of degrading the US dollar and destroying America’s wealth.
As a passionate critic of the Fed, Ron Paul asked Bernanke if he did his own grocery shopping, if he is aware of what true inflation is, and if he knows that Americans don't trust the government because they are being lied to about inflation to which the Fed Chairman responded with a “yes.”
Paul contradicted Bernanke by saying “no one believes the 2% inflation rate,” claiming it was actually closer to 9%.
“Someone is stealing wealth,” said Ron Paul and did not let his oponent respond.
Ron Paul argued that the Federal Reserve has “a responsibility to protect the value of the dollar” but without a consensus on the “definition of a dollar,” the dollar’s value cannot be sustained.
He continued by saying that “People keep arguing from the other side of this argument that [the Fed] is working, it’s doing well, and yet from my viewpoint and the viewpoint of the free market economists, all it is doing is building a bigger and bigger bubble.”
