Fo Shizzle Wrote:Has Bernake decided that RP is right?
I highly doubt it, its pointless in them even debating each other until they agree to the same definition of most imporatant economic terms "Inflation", which is what the Fed is in charge of controlling. They have two completely different definitions, Bernanke using the Milton Friedman thought(Any increase in the Price Level = inflation), To Ben Bernanke, zero inflation is the scenario in which the prices we pay for goods and services do not increase in the aggregate.
which is what most people think of when speaking of Inflation. paul is using some sort of extreme von mises version(i.e. any creation of "new money", which raises lots of questions, = inflation). To him, zero inflation happens when no "new money" is created.
And if he's going to stick to the "never touch or increase the money supply" as being "zero inflation" , he needs to formulate just how he's going to politically market to people the "virtues of deflation" and
Falling Wages. "Sure in 20 years you'll only be making 20 cents an hour but this is a good thing, stuff will cost less!!!" and do this in light of Friedman proving its basically impossible to ever measure the money supply anyway, then how are you going to control it if you can't measure it?
but like has already been said, "Ron who?"...I'm glad Beck is educated enough on FP/Jihad to have not endorsed Paul.
