Posted by MarkB_MI on December 11, 2018 at 17:27:42 from (174.230.19.60):
In Reply to: Re: A queston for John T posted by Traditional Farmer on December 11, 2018 at 13:24:26:
> Actually paper money is the least inherently thing of value you named.The supply of none of those things can be easily increased quickly but the supply of paper(really computer generated)money can be multiplied in an instant these days which would of course dramatically drop the value of the individual unit which in this case is value of each Federal Reserve Note people hold.Really Federal Reserve Notes are a complete fraud as they are not produced or backed by the Federal Gov't.The Gov't quit guaranteeing them back in the 1970's
And what does that have to do with the price of tea in China? The US dollar is neither an investment nor a commodity; it is currency. And without currency, you would find it excruciatingly difficult to buy investments, commodities or anything else.
As for your assertion that the value of the greenback is ephemeral, that is easily disproven. Take a look at this table, which reports the Consumer Price Index since 1913 (when the Federal Reserve was founded). You can see that since 1991, the rate of inflation has not exceeded 5 percent. And since 1913 it has exceeded 10 percent only a few times. Why has inflation remained so constant? It's exactly because the Federal Reserve Board is able control it by its manipulation of interest rates.
Now the seventies were a period of relatively high inflation, but what brought inflation down after Gerald Ford's WIN buttons failed to do the job? It was the Federal Reserve Board, which put the brakes on inflation (and threw the economy into a recession) by increasing interest rates. Hurray for the Fed!
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