Paul And McCotter Grill Bernanke On Inflation, Which Is Unexpectedly Higher Than Bernanke Will Admit
Posted on | March 1, 2012 | 12 Comments
It is blatantly obvious to the most casual observer that Ron Paul’s insistence on honest, tangible cash removes him from consideration for President as much as his foreign policy. Paul is trying to make a serious legal tender argument, and Bernanke glibly deflects the question:
The wild, irrationally exuberant Thaddeus McCotter ejaculates almost spasmodically on the topic of people who have money in savings accounts currently being devoured by inflation:
Bernanke points out that people could have put their money in the stock market, and repeats the mantras that the economy is recovering, monetary policy is set for recovery, inflation is kept low and stable. McCotter replies that the Federal Reserve is investing public money stupidly. A hurt-sounding Bernanke replies that while the Federal Reserve may be incompetent, the Fed is all that we have.
The American Institute for Economic Research points out that, for those with sense, inflation is roughly 8%. This gets at Paul’s point in the clip above that our government, if not lying outright, at least is not communicating usefully about economic realities. Even the most rectal-sunshine-loving folks on the Left have got to be getting sick of this nonsense.
Update: oh, hey, this sounds really cool. Foreign banks will now start inflating the Dow in a big way. What could possibly go ronngg?
Update II: linked at The Rio Norte Line, who comes up with the instantly classic “Zimbabwe Ben”.