So, why was there no inflation (devaluation) of the currency until 1913? That's the year the United States created a central bank. The Constitution makes no provision for the Federal government to do any such thing, and the Constitution even specifies that money must be backed by gold and silver. But, of course, the folks that tell us the Constitution is a "living document" will tell us that the dollar simply must be "flexible" (while the same people would never in a thousand years propose a "flexible" foot, pound, or gallon to shrink over the course of time).
Today, the dollar has no definitional standard – unlike the highly regulated gallon or inch. Rather, dollars – freed from any tie to gold or silver – are printed on paper out of nothing. Every year, the government incurs an ever-increasing debt, and constantly prints more money to pay its bills (great gig, huh?), which lowers the relative market value of every dollar in your pocket (or in your money market fund, in your stock portfolio, or even dollars that you have yet to earn).
Uh, what does Scripture say about "dishonest scales" again?
Dishonest Scales by Larry L. Beane II
No comments:
Post a Comment