Jul 14, 2011

Ben Bernanke on whether gold is money

Ron Paul: Do you believe that gold is money?
Bernanke: No.
Ron Paul: Why do central banks hold gold?
Bernanke: It is an asset, like Treasuries. They're not money.
Ron Paul: Why hold gold, and not diamonds?
Bernanke: Oh, tradition, I suppose.

~Ben S. Bernanke, chairman, Federal Reserve, in Congressional testimony with Rep. Ron Paul, July 13, 2011

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