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Saturday, August 29, 2009
Big Bag-of-Wind Bernanke
The Record of the Federal Reserve
Quote:
From 1776 to 1912 (136 years), the value of the dollar, relative to the Consumer Price Index, increased by 11%. A dollar could buy 11% more goods in 1912 than in 1776...After the Fed’s creation, from 1913 to 2008 (95 years), the value of the dollar, relative to the Consumer Price Index, decreased by 95%. A dollar could buy 95% fewer goods in 2008 than in 1913. Thus, if in 1913, you sat on your savings pile of $1,000,000 for 95 years, it would then be worth only $50,000 in purchasing power…
Posted by Thomas E. Brewton on 08/29 at 02:25 PM
Economics • (5) Comments • (0) Trackbacks
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Economics • (5) Comments • (0) Trackbacks
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