During the interview, he tried to pawn off the fallacy that gas prices are responsible for inflation, which he said will escalate over the next few months.

By inflation Bernanke means price increases. As Ron Paul notes, blame for this can be placed at the doorstep of the Federal Reserve.

"Most economists fail to understand that inflation is at its root a monetary phenomenon," Paul wrote last March. "There may be other factors that contribute to price increases, such as famine, flooding, or global unrest, but those effects are transient. Consistently citing only these factors, while never acknowledging the effects of monetary policy, is a cop-out."