From: larry.r.trout
'Paul: Do you think gold is money?
Bernanke: (pregnant pause) No.
It's not money?
It's a precious metal.
Even if it has been money for 6,000 years, somebody reversed that and eliminated that economic law?
Well, it's an asset. Would you say Treasury bills are money? I don't think they're money either, but they're a financial asset.
Why do central banks hold it?
Well, it's a form of reserves.
Why don't they hold diamonds?
Well it's tradition -- long-term tradition.
Well, some people still think it's money.'
http://www.theatlantic.com/business/archive/2011/07/bernanke-to-ron-paul-gold-isnt-money/241903/
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