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Richard's Remarks

 

In the year 1913, Congress gave the Federal Reserve the right to create and control US money. The Fed guards this power ferociously. The Fed prefers inflation, since it can easily control the rate of inflation. But the Fed is deadly afraid of deflation, since deflation can get out of control of the Fed.

 

Since 1980, the rate of debt has risen far past the growth in GDP. At some level, debt exerts a deflationary effect on the economy (GDP). We are past that point now, and deflationary pressures are bearing down on the US, this despite all the Fed's money creation and manipulation of interest rates.

 

The question -- How to reinflate the US economy? There is one method that was used in 1934 by the Roosevelt administration. That method is to devalue the currency against gold, the standard. This method was used by the US three times before. In 1934 the ... Log in or subscribe to continue reading.


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