As the FED turns 109 years old, the US Dollar's Purchasing Power eroded by more than 96% since it was created
109 years ago, the U.S. Federal Reserve was created and ever since that day, the purchasing power of the U.S. dollar has dropped a great deal. Since the Fed started, more than 96% of the greenback’s purchasing power has been erased via inflation. “The dollar had an average inflation rate of 3.17% per year between 1913 and today, producing a cumulative price increase of 2,907.18%.”
During the last hundred years, economists have blamed the U.S. Federal Reserve for a great deal of America’s rising inflation. American economist and social theorist Thomas Sowell referred to the Fed as a “cancer,” and former politcians like Ron Paul have called on the masses to abolish the Fed. Prior to the creation of the Fed on Dec. 23, 1913, America had two central banks the preceded the current U.S. central bank.
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