VIDEO: Bernanke Concurs With Ron Paul That Fed Monetizes Debt

Tuesday, May 04, 2010

Take 45 seconds to watch live history here as MSM did not report it. Having been preoccupied with the Eurozone crisis in the past weeks - which is far from over with Spain rumored so far to require €280 billion for its bailout - I missed out on this historic affirmation by Federal Reserve Chairman Ben Bernanke that he creates money out of thin air.
This historic moment happens from second 31 to second 45 and took place on April 14.

VIDEO: Congressman Ron Paul questioned Federal Reserve Chairman Ben Bernanke at the Joint Economic Committee hearing The Economic Outlook.
Here's the transcript of the most important part:
Ron Paul: "Well, where did you get the money? You created this money."
Bernanke nods in agreement.
Ron Paul: "So you did monetize debt, and that went into the banking system."
Bernanke nods in agreement.
Read more on "monetizing the debt" in this earlier post. has a good round-up on the money printing excesses of the Fed.


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