Source: Ludwig von Mises Institute
by Patrick Barron
“The purchasing power of the US dollar has been debased by over 99 percent since the foundation of the Federal Reserve. (An ounce of gold cost $20.67 in 1913. According to the Wall Street Journal as of Friday, January 16 its price was $4,588.40. That means that the dollar is worth less than one half of one percent of its 1913 purchasing power [$20.67/$4,588.40=.0045]). Its remaining purchasing power may eventually become zero. There is no discipline in US spending and the Fed has become a willing accomplice to this crime.” (01/26/26)