If you stuck a dollar in a savings jar in 1913 and tried to spend it today, you would find your purchasing power had been sapped. Your dollar would be worth about a nickel. What happened? Well, the government had created an institution called a central bank that was endowed with the power to create money. And create it did: so much so that it diminished the value of all existing currency.
Neither was the process smooth. The money entered the marketplace through credit markets, sending false signals every which way that led to pockets of artifice that created booms and busts, among which was the Great Depression.
"And they tell us everything is fine! Well i'm not buying into it."
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