BUSINESS
04/26/2010 05:12 am ET Updated May 25, 2011

Ben Bernanke Snaps At Ron Paul Over Wild Accusations (VIDEO)

In an odd exchange this morning at a House Financial Services Committee hearing, Fed Chief Ben Bernanke -- who was in Congress to report on the country's "nascent" economic recovery -- fielded a long series of unusual allegations from Ron Paul.

The Texas Republican and former presidential candidate named the Fed in a number of conspiratorial "cover-ups," accusing the central bank of facilitating cash for Saddam Hussein's weapons purchases in the 1980s. (Paul also implicated the Fed In Watergate.)

The Fed may also be covertly planning a bailout of Greece, he said. Paul has championed the movement to audit the Federal Reserve.

"These specific allegations you've made," Bernanke responded to laughs, "I think are absolutely bizarre."

The Fed has "no plans whatsoever to be involved in any foreign bailouts or anything of that sort."

WATCH the full exchange: