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Currency
I’ve just started rereading Terry Pratchett’s Discworld series. In the first book, he talks about the debasing of the currency of the realm. Has there ever been a government that didn’t debase the currency? The Federal Reserve was established to preserve the value of the currency, and a dollar is worth about $0.03 of what it was when the Federal Reserve was established.
So, my wife and I have a good chunk of change in the bank. The Fed shoots for an inflation rate of about 2%. Even at that rate, the money we have in the bank will have lost about 15% of its value in 10 years. How fast is it losing value at the present inflation rate of 11%? What’s the point of saving if the government is just going to inflate your savings’ value away?
Published in General
That sounds about right.
That’s more or less why I bought silver the last time.