Mises Daily
Author:
Joseph T. Salerno
Online Publish Date:
Since it began operations in 1914 the Federal Reserve System (”the Fed”) has presided over a relentless decline in the value of the US dollar. Prices increased in 83 of the 97 years of the Fed’s existence. Over the last 60 years, beginning in 1950, prices rose in 58 of them. As a result the cumulative loss of the dollar’s buying power during the