Why did the Federal Reserve Devalue the U.S. Dollar to 5 Cents?
09-07-2009 American Banking News The Federal Reserve took control over the United States money supply in 1913. Since then, the buying power of a dollar has decreased by 95% according to data from the Consumer Price Index (CPI). The Federal Reserves laissez faire attitude toward inflation has made the US dollar all but worthless. In the early 1900s prices looked a lot different than what they did today. Consider a typical restaurant. A drink of coffee, tea or milk at a restaurant could be had for just five cents. A main course meal of pork tenderloins, roast beef, pork and beans or chicken fricassee could be had for just twenty cents. For desert, a rhubarb apple pie, lemon layer cake or green apple pie could be had for just five cents. A family of four could eat a restaurant for just $1.50and groceries were even cheaper.
Related Questions
- Is it true that suppliers with outstanding pre-petition claims only get a few cents on the dollar for unpaid invoices?
- When you spend a dollar on gas in the U.S., how many cents end up in the coffers of the Iranian government?
- With whom does the Federal Reserve transact agency MBS dollar rolls and coupon swaps?
