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Full Version: Silver Coins "Preserve Value" Paul Tells Bernanke - 1 March 2012
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REPUBLICAN Congressman and presidential candidate Ron Paul this week laid out the case for Silver Coins as a competing currency to the US Dollar.

Paul was questioning Federal Reserve chairman Ben Bernanke, who appeared before the House Financial Services Committee, shortly after Bernanke delivered his opening testimony.

The Congressman argued that Silver Coins have held their value better than paper currency during Bernanke's tenure as Fed chairman.

"I have a silver ounce here," said Paul, holding up a Silver Coin.

"This ounce of silver back in 2006 would buy over four gallons of gasoline. Today it'll buy almost eleven gallons of gasoline. That's preservation of value."

Paul added that inflation amounted to "stealing wealth".

"If you loaned me a hundred Dollars and two years from now I gave you ninety back you'd be pretty upset," Paul told Bernanke.

"It's theft. If I don't give you your full hundred dollars back...I'm stealing ten dollars from you. Somebody's stealing wealth, and this is very upsetting."

Americans on fixed incomes, Paul said, are "really hurting" as a result of rising prices.

"Their inflation rate is very much higher than the government tries to tell them," he said. "This argument that prices are going up about 2%, nobody believes it."

Silver, Paul said, "is what the market has always said should be money", rather than so-called fiat currencies such as the Dollar.

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