Raul Paul Roasts Bernanke

DcifrThs · #1 11-08-2007, 01:02 PM

i just watched the bernanke Q&A w/ the banking committee and he did a very bad job.

ron paul, on the other hand, while confusing himself a bit with his own rhetoric, delivered a great speech and bernanke didn't address the central question at all.

the give & take got me thinking though.

CPI/PPI etc. is definitely not correct int erms of measuring inflation.

but neither is MZM or any other money supply measure.

we need to take into account how much things actually cost on the street (obviously including food & energy, even in a volatility reducing trend pattern...like a 6MMA or something), i.e. the price that is paid in dollars for them.

but we should also consider the amount of money pouring into the system since that does have an important impact on the economy...though not directly to prices.

to say that one is 100% right is absolutely retarded. both have serious setbacks to getting down to what inflation *should* actually measure/how it should be measured.

the debate really brings forth the question of how should we measure inflation? there are claims that we are currently in a recession since RGDP as measured (GDP deflator) is actually negative when you "really" count "true" inflation. i don't think these claims are correct, but i also don't think the CPI/GDP deflator sufficiently captures "true" inflation.

so how do we fix this? perhaps a combo measurement? maybe 1/3 change in some measure of money, 1/3 change in headline prices, 1/6 new independent measure of change in actual money in the system intended for use, 1/6 new independent measure of overall price changes in the economy.

the last 1/3 (1/6 + 1/6) should obviously be conducted independently of the govt and any other organisation. it should be blanket funded by the govt but not tied to annual budget increases (don't know how this would work though [img]/images/graemlins/frown.gif[/img] )

anyways, those are some thoughts on the subject. i'm sure responses will run the gamut from "OMG YOU BELIEVE ANY CPI #S lol @ U" to "CPI IS KING" to "MONEY IS KING, just measure MONEY and you'lll get inflation"

but before writing anything like that, please consider that the point of this thread is to move forward, i.e. how do we best measure an important factor in the economy?

thanks and i hope this generates some good discussion.

Barron

tomdemaine · #2 11-08-2007, 01:31 PM

Why should we measure inflation?

TomCollins · #3 11-08-2007, 01:32 PM

Raul Paul lol.

Scary_Tiger · #4 11-08-2007, 01:33 PM

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Raul Paul lol.

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Wow I've been in this thread a bunch of times looking for YouTube and I never noticed that. [img]/images/graemlins/confused.gif[/img]

j555 · #5 11-08-2007, 01:35 PM

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Raul Paul lol.

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Wow I've been in this thread a bunch of times looking for YouTube and I never noticed that. [img]/images/graemlins/confused.gif[/img]

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http://www.youtube.com/watch?v=yAwvlDJgJbM

Here you go! Ron Paul schooling Bernake!

Borodog · #6 11-10-2007, 11:42 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Raul Paul lol.

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Wow I've been in this thread a bunch of times looking for YouTube and I never noticed that. [img]/images/graemlins/confused.gif[/img]

[/ QUOTE ]

http://www.youtube.com/watch?v=yAwvlDJgJbM

Here you go! Ron Paul schooling Bernake!

[/ QUOTE ]

By the way, I have it from a reliable source that while Dr. Paul was schooling Ben Bernanke, which was being shown on the TV at the Chicago Board of Trade, that there was cheeing and clapping and "Hallelujahs!" going up on the CBT.

I found that to be potentially the most startling thing that I've heard yet.

pvn · #7 11-10-2007, 05:08 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Raul Paul lol.

[/ QUOTE ]

Wow I've been in this thread a bunch of times looking for YouTube and I never noticed that. [img]/images/graemlins/confused.gif[/img]

[/ QUOTE ]

http://www.youtube.com/watch?v=yAwvlDJgJbM

Here you go! Ron Paul schooling Bernake!

[/ QUOTE ]

So I watched this, and thought, "there's Bernanke, just rolling his eyes, thinking 'as soon as this gasbag shuts up I'm going to go back to the office and kick the printing press into super-turbo mode.'"

Borodog · #8 11-08-2007, 01:47 PM

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Raul Paul lol.

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He only went by "Raul" during that brief stint doing pornos in college.

Ineedaride2 · #9 11-08-2007, 02:25 PM

[ QUOTE ]
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Raul Paul lol.

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He only went by "Raul" during that brief stint doing pornos in college.

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I KNEW IT.

Bump_Bailey · #10 11-08-2007, 03:36 PM

BORODOG for Treasury Secretary.