Ron Paul, the psycho-libertarian, has been added to the Bernanke Arch-Nemesis list today. His ignorant questioning of the Chairman begs the following question: How did this guy get through Eco 101.
Answer: He probably didn't: Professor Bernanke had to inform Paul that inflation is the rise in the price of goods. Paul, for some reason unbeknown to me, thought that inflation was a rise in the Fed's balance sheet. After an awkward moment when everyone thought Bernanke was going to break out laughing, Bernanke informed Paul that he was wrong- even though I did sense a humorous tone in the answer.
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Ron Paul is just a spieler. Seems like most of the time he goes in front of congress it's just so that they can get their soundbite in, and not because they want any real question answered.
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