"According to the Bureau of Labor Statistics' own inflation calculator, $1 today has the purchasing power that $0.03 had in 1913 – the year the Federal Reserve was born."

That says it all. If we use the calculator and compare over the past 14 years, the purchasing power for $1 today was $0.69 in 2010.

Now, unlike in 1920, the FED is doing what Mises proposed in one of the alternatives:

"The alternative is only if the crisis should come sooner as a result of a voluntary abandonment of further credit expansion..."

Are they holding on to credit expansion even if it means a slowdown in the economy to avoid total collapse?

Are they anticipating the game of investors based on Hugo's experience in Germany?