Sep 26, 2008 2
Making Money
During the Senate discussions about the impending bailout of the banking system, Ron Paul questioned Bernanke’s authority to create money to purchase bad debt and take a gamble that they can get rid of it later. Bernanke’s response was that the Congress “is given the authority to coin money, and to regulate its value, and they delgated that to us [the Federal Reserve].” (in this video, at the 6:20 mark) Bernanke’s right, but he’s also very, very wrong. Here’s why. Read the rest of this entry »