tag:blogger.com,1999:blog-53246864840716464.post6341942181796084519..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: Fed Chairman Bernanke Says "Gold Is Not Money" ... But His Predecessor Alan Greenspan DisagreesUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-53246864840716464.post-72021342874328624872011-07-14T06:39:27.381-07:002011-07-14T06:39:27.381-07:00If gold isn't money then why does the FED stil...If gold isn't money then why does the FED still have it on their books as a reserve asset?DamnDeserthttps://www.blogger.com/profile/08617385238910622479noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-29392644229930959652011-07-14T02:47:31.226-07:002011-07-14T02:47:31.226-07:00Bernanke ought to speak more often in public - whe...Bernanke ought to speak more often in public - whenever his lips move on camera, bullion prices go up! It just shows that Greenspan saw this coming, and passed the poisoned chalice to his witless bagman, Bernanke, who is now too scared to tell the truth.Revelhohttps://www.blogger.com/profile/13210990607398332317noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-26216759039803601842011-07-13T17:04:52.058-07:002011-07-13T17:04:52.058-07:00What's amazing is that Bernanke can get away w...What's amazing is that Bernanke can get away with a barefaced lie like that, while Paul continues to be depicted as a crazy.easyplankinhttps://www.blogger.com/profile/15341768486833105435noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-84297169493141437572011-07-13T15:11:51.590-07:002011-07-13T15:11:51.590-07:00In truth: food, water and land are safer assets be...In truth: food, water and land are safer assets because people do need them. Gold is a fetish and Bernanke is right in this aspect: it is not gold what makes money but social wealth in general, measured as actually usable and desirable goods (use value). <br /><br />Gold has only some marginal use value (mostly in high tech areas) so, while it may work as money (as any other hoard-able commodity may) it has little use value. In raw terms: someone with a pile of useful grain is a lot more wealthy than someone with a pile of useless gold. <br /><br />It is in the end the tale of the guy lost in the desert with a bag of diamonds, whose rescuers demanded as payment in exchange of mere water... <br /><br />Gold, like money cannot be eaten nor mostly used in any way once people do not accept it. All its value is conventional: a mere fetish, just as happens with paper money, a rationing card, a credit card... it's all fictitious. <br /><br />What matter is real goods that are demanded and used. That is what has real value, notably those that cannot be ignored by anyone in order to survive: basic food stuff like cereals, basic housing, edible water... Who controls these controls all wealth and any unit (money) you use to measure it for conventional purposes.Majuhttps://www.blogger.com/profile/12369840391933337204noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-53690721460332809332011-07-13T11:48:42.766-07:002011-07-13T11:48:42.766-07:00Wow and I suppose if Bernanke admitted gold was mo...Wow and I suppose if Bernanke admitted gold was money today the barbarous relic would be up over $1600 by now? It doesn't really matter what the man says lately, gold still goes up. In fact it's getting to be one of those can't lose propositions right? Something like oil about this time three years ago?<br /><br />Nothing changes for the plutocrats (happy days!) or for the rest of us walking ulcers trying to make ends meet unless and until the bond vigilantes show up in the US Treasury market.hettygreenhttps://www.blogger.com/profile/02942359318618747424noreply@blogger.com