Posted by Bret4207 on January 12, 2018 at 08:15:13 from (64.19.90.196):
In Reply to: $11 minimum ? posted by Spook on January 11, 2018 at 11:58:23:
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It's a heck of a lot more complex than that. And there most certainly was inflation prior to the formation of the Fed (look at the chart provided- http://www.24hgold.com/english/contributor.aspx?article=4269461978G10020&contributor=Tim+Iacono ) There were many examples of both inflation and deflation prior to the creation of the Fed, some inflation rates in excess of 10% per year. I'm no fan of the Fed, but the gold and silver standards tie the economic hands of a nation. That being said, the relatively vast amounts of currency in circulation to days do effectively lower the value of the dollar, of that there is no doubt. But there isn't enough physical gold in the world to allow us to go back to the gold standard even if we owned every ounce of it. Yeah, I'd like to see the Fed audited and I'd like to see some oversight, but there is good in the system too.
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