"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?
"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?