Kevin_Kennedy
Defend Liberty
- Aug 27, 2008
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We have a remarkably stable currency. It is the world's reserve currency. Ever since it has been the reserve currency, we have had far less frequent financial crises, and they have been shallower.
This indisputable fact makes goldbugs' butts hurt.
They hope and dream every day to see the world economy collapse back to the Dark Ages, but reality keeps dashing those dreams.
They seem to believe that since it takes more cash to buy a bottle of Coca-Cola than it took Woodrow Wilson to buy one, that this is evidence our money is worthless.
However, allowing money to inflate at a reasonably low rate of 2 percent each year allows for economic growth. This made it necessary to free ourselves from the gold ball and chain. And it has worked amazingly well. We have less frequent and shallower crashes and a mighty economy.
Of course they can't take the time to dispute me, because they can't. Reality comes crashing in.
Yes, very stable. One dollar today is the same value as four cents in 1913, the year the Fed was established.
Inflation Calculator: Bureau of Labor Statistics
Also, increasing the money supply does not create actual economic growth.