An Empire Needs a Printing Press

In the many years since the Federal Reserve was set up in 1913, gold has remained as steadfast and immobile as ever. An ounce of it today buys about the same amount of goods and services as an ounce in 1913, and roughly the same amount as it did when Christ was born. But the dollar has gone along with every bit of political gimcrackery that has come along — the war in Europe, the New Deal, World War II, the Cold War, the Vietnam War, the war on poverty, the war on illiteracy, the New Frontier, the Great Society, Social Security, Medicare, Medicaid, the war in Iraq, the war on terror, the war on COVID and whatever war comes next. As a result of this effusive approach to governing, guess how much a dollar is worth today in comparison to one in 1913. Five cents.