interesting ..... taken from mogambo

....... Or, as Mr. Moriarty so clearly explains, "Here's something you have never read before. With the exception of wartime periods, between 1783 and 1913 inflation was zero. Essentially we had no inflation. But as soon as the Federal Reserve system came along, here comes inflation. Using the government's own figures, we can soon see that to equal the purchasing power of $100 in 1913, we would need $1,840 today. All the product of the Federal Reserve system."

In case you were wondering, that works out to an annual inflation of only 3.25%. The knotheads we call American economists call this "benign inflation" and "low inflation" today. It is not. ........

The full article is at http://www.321gold.com/editorials/daughty/daughty071404.html

bye.dub