[A] dollar today buys what $0.045 bought in 1913, when the Federal Reserve was created. In other words, a dollar earned in 1913 has been subjected to a 95.5% tax. Now granted, most people today never earned a dollar in 1913. So let's say a baby boomer began working in 1973 and immediately started saving for the future. Today each dollar he earned in 1973 is worth about 20 cents, that is, his dollar has been taxed 80%. This is an outrageous tax, but this taxation acts so subtly over time that it is scarcely noticed.
It is the Federal Reserve that is to blame for the dollar's depreciation and it carries out this hidden tax through its manipulating of U.S. monetary policy.
The Fed's ability to diminish the dollar with no oversight by Congress - or the public - is causing increasing concern.
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