05-29-2015, 07:24 PM
(This post was last modified: 05-29-2015, 08:26 PM by justMongo.)
IMHO: The seeds of today's US economy were planted in 1913. The creation of the Federal Reserve occurred in 1913. The principles in the Act came from a meeting of some of the most wealthy families in the US -- names we would all recognize. The creation of the Federal Reserve was/is unconstitutional. The Constitution only permits the Congress "to coin money."
One of our greatest periods of low inflation, high productivity was post WWII. The world needed a stable currency to rebuild Europe. The US Dollar was fixed at $40 USD per Troy ounce of Gold. ( Bretton Woods Agreement) That system was in place until 15 August 1971. From there, high interest rates and inflation hurt many Americans -- and perhaps the world economy. Today we have Federal Reserve Notes (FRNs) that are a fiat currency. (Not Money; a Currency.)
The very thing the Federal Reserve System was supposed to control have been amplified by a floating Fiat Currency. The USD could easily become par with the the 1923 Weimar Republic Mark. (I have a 1923, 100,000 Mark note.) In 1923, a loaf of bread cost 1,000,000 of those notes.
Anyone have change?
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