Wednesday, September 30, 2009

Purchasing Power

"What is remarkable is that for as long as there was no Federal Reserve Board - that is between 1800 and 1913, the purchasing power of the dollar was more or less constant. However, as soon as the Fed was formed in 1913, the purchasing power began to decline - in fact by 92% over the last 100 years or so."
Marc Faber, 12/15/05

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