Monday, August 31, 2009

So, How's That Federal Reserve Bank Doing.....

....or more aptly; What is the Federal Reserve doing to the dollar? Erik Voorhees has some thoughts on that here, and a very powerful graph. A sample:

While we all take inflation as a "given" - as something that "just happens" in the economy - this belief is utterly incorrect. Inflation, which is the loss of value in your saved dollars, is caused by the Federal Reserve through its management of the money supply. Next time you see Ben Bernanke on the television telling you that they "will take the necessary steps" to help the country, consider their track record so far, and their dismal failure at their stated objective: preserving the value of America's money.

And of course a picture is always worth a thousand words, whatever the value of a dollar may be:

Read the whole thing.
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