Thursday, November 20, 2008

C4Ls Bob Murphy on Paul vs. Bernanke

Here's a crosspost from Bob Murphy over at the Campaign for Liberty:

I'm sure most readers have by now seen the wonderful grilling Dr. Paul gave to Fed Chairman Bernanke. In his reply, Bernanke assured Dr. Paul that neither he nor other central bankers even discuss the idea of switching to gold, in the event that the fiat dollar system collapses.

Isn't that rather shocking? Doesn't the Pentagon have all kinds of contingency plans, like, "Here's how we'd invade France if for some reason the president ordered us to"? So you're telling me that with all of their staff economists, it never occurs to anyone in the Fed to draw up a contingency plan in case, say, China dumps its dollar assets and causes a global run?

What's worse--if Bernanke is telling the truth or lying?

Tim White

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