With inflation still at high levels, it is becoming overwhelmingly evident to Americans that Federal Reserve notes steadily depreciate in value as a form of currency.
For example, an item that cost a silver dollar in 1913 – the year the Federal Reserve and federal income tax (16th Amendment) began – would cost close to $31.00 unbacked dollars today, as pointed out recently by Dr. Thomas L. Hogan.
In 1900 Churchill began the career he was evidently fated for. His background—the grandson of a duke and son of a famous Tory politician—got him into the House of Commons as a Conservative. At first he seemed to be distinguished only by his restless ambition, remarkable even in parliamentary ranks. But in 1904, he crossed the floor to the Liberals, supposedly on account of his free-trade convictions.
Leaders of the Western democracies are unprepared to deal with the forces that will end the fiat dollar’s dominance as the preferred medium of international trade settlement, in place since the end of the Bretton Woods Agreement in 1971.
We live in a most special world where the sheer magnitude of absurdity in economic theories seems to have no bounds. In recent news, Investopedia, self-proclaimed global leader in financial content, featured a headline:
Federal Reserve Officials Are Worried You’re Getting Paid Too Much
Citing the Fed’s latest board minutes, Investopedia elaborates:
ABSTRACT: The purpose of this article is to investigate the intellectual influences of José Osvaldo de Meira Penna’s arguments on the origins of the Brazilian paternalistic state. As a classical liberal, Meira Penna is easily connected to different schools of thought such as the Chicago, Virginia, and Austrian schools. In his book, O dinossauro, Meira Penna argues that Brazil’s paternalism stems from past constructivist ideas that were imported into the country.
