The Failure of Money
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Video By The Daily Reckoning
Posted September 26, 2012
Since the end of the Gold Standard in 1971, the US dollar has lost over 80 percent of its purchasing power due to the uninhibited money creation of the Federal Reserve. Fiat currency, a system by which a currency only retains its value by “fiat” or decree by a government, leaves a central bank free to create money from thin air, reducing the value of the currency already in circulation.
