Paul has five meinutes and all he can do is pontificate about the dollar for 3 1/2 minutes and finally ask Bernanke: “What is your definition of a dollar?” Interestingly, Bernanke replies, “That’s a veery qood question you ask, Congressman”. Translated: “Thanks for fielding me yet another of your famous softballs…”
Look, I have serious doubts about Ron Paul. He’s not the sharpest tack in the box. I understand that. He’s probably a brilliant obstetrician but medical school does not translate into the study of economics. The truth is he’s always seemed to me to know very little about economics and certainly not enough to spar effectively with Bernanke which, I believe, is why he always only dares ask Bernanke a question right at the end of his five minutes each time in Congress. He knows he probably could not counterargue Bernanke’s response without looking stupid and he doesn’t want to take the risk.
This was what I used to (and continue to) think. But I now believe something else. I think Paul is not genuinely interested in changing anything. He’s the nearest thinkg to a stooge that you can get wihtout actually being one. He never gives Bernanke any trouble. His ‘end-the-Fed’ jargon is toothless and appears more and more like posturing to me. I am becoming deeply suspicious of him and God knows, I contributed enough money to his presidential campaign. I used to think he just wasn’t up to the job. I am now beginning to believe that he’s set himself up as the straw man and that his motives are not what they seem.