That chart shows in graphic detail what is wrong with the idea of a central bank (The Federal Reserve).
Okay. But how long did a person have to work in 1914 to earn that dollar. Today, a person making $30/hr has to work two minutes. A person making $60/hr only has to work one minute.
I agree – Central banking prints more money to support an economic system’s goods and services. When it acts irresponsible, there is an unseen tax on allholders of the currency. So a shopkeeper in a third world country that accepts the US Dollar, he/she looses purchasing power when they spend it six months later.
It’s not just what is wrong with central banking, but irresponsible (fractional reserve) banking – lending beyond 100% reserves. The only problem is that with a central bank, I cannot choose to take my business elsewhere.
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