The Federal Reserve was created in 1913. The US dollar has lost 94% of it’s value since then.

Photo above -Elon Musk has proposed abolishing the Federal Reserve. And putting all your money into Shiba Inu cryptocurrency. Really, he did.

Wait . . . a 1913 dollar is worth only 4 cents today? That’s an inflation rate of . . . (ka-ching) . . . 2,500%. Please check my math if you have an online calculator.

The national debt is $35 TRILLION today. What was THAT in 1913 when the Federal Reserve was created? You don’t want to know. Well actually you probably do. It was only 2 billion. Today's debt of $35 trillion is175,000 times higher. Yeah . . . that’s WAAAY worse than 2,500% inflation.

All this since the creation of the Federal Reserve a hundred years ago. See link below.

Elon Musk has suggested America might be better off without the Federal Reserve. His reasoning? Because“centrally managed currencies are prone to inflation and currency devaluation.”

Musk of course has a dog in this fight. Specifically Shiba Inu - the crypto currency’ Shiba Inu dog on it. Elon famously tweets a picture of a Shiba Inu dog whenever he wants to troll us. And it works - Shiba Inu has wild price swings. So Musk isn't exactly an objective bystander.

But still, America's national debt and inflation since the founding of the Federal Reserve speak for themselves. And If you go to the Federal Reserve web page, you immediately see their mission statement: “promote maximum employment,stable prices, and moderate long-term interest rates.”

If this was high school, any teacher would give the Fed a failing grade. 2,500% inflation. America sounds like Zimbabwe when you say that number out loud. The Fed knows inflation has been too high, for too long. Even when they ignore out of control housing costs. So the Fed tripled interest rates a year or so ago, demolishing another part of their mission statement.

If you think affordable housing is out of reach and that the minimum wage doesn’t support a minimum living standard, this isn’t capitalism at work. It’s the Federal Reserve. And the Chairman of the Fed just thumbed his nose at us, and bragged that he can’t be fired, by anyone, for any reason. That’s so wrong.

I’m just sayin’ . . .

Elon Musk reposts call to end the Federal Reserve Bank

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Avectoijesuismoi · 31-35

Elon is a GOOD GUY he helped get you a GOOD PRESIDENT
You can look at any currency in the world from a 100 + years ago and come up with a very similar figure
The only relevant information about money is how much does the current $ buy, we can do zero about prior to current value there have been numerous events that have influenced that some that have been beyond anyone's and everyone's regardless of what position they hold

gol979 · 41-45, M

The weird, creepy character elon seems to be the next frontman for the centrally owned "crypto" psy op to be rolled out. Beware what you wish for.

SusanInFlorida · 31-35, F

@gol979 i'm skeptical of crypto. it seems like the dutch tulips of the 21st century. it doesn't produce food, beverage, clothing, housing, or any consumer goods.

i would say it's like gold, except crypto is virtually unlimited. there are over 600 crypto currencies in play currency.

Shiba Inu - Elon's preferred crypto - is currently trading at 3/1000's of a penny. not a misprint. link below:

https://www.coingecko.com/en/coins/shiba-inu/usd#:~:text=Shiba%20Inu%20%28SHIB%29%20is%20worth%20%240.00002627%20today%2C%20which,total%20volume%20of%20Shiba%20Inu%20traded%20was%20%248%2C827%2C604%2C370.

wildbill83 · 41-45, M

federal reserve only really works when currency is backed by precious metals

SunshineGirl · 36-40, F

@wildbill83 It is backed by the credibility of the world's largest economy with the financial markets. What do you think Musk's doggy currency is backed by?

wildbill83 · 41-45, M

@SunshineGirl I still don't trust crypto, looks like a big pyramid scheme to me...

SunshineGirl · 36-40, F

@wildbill83 Precisely. It has no intrinsic value and nothing behind it apart from the collective beliefs of its supporters.

jehova · 31-35, M

Abolishing the federal reserve Is both necessary and many decades overdue.

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jehova · 31-35, M

@ElwoodBlues was it a shortage of gold? Also im wondering if water shortages are causing doubt of food security leading to an unstable economic forecast. Agriculture is paramount. Thus is the marijuana industry destablizing the economy because of how water intensive it is?

jehova · 31-35, M

@ElwoodBlues could we use things other than gold/silver such as food crops. Market share etc. To stablize the currency?

ElwoodBlues · M

@jehova Full confession, my undergrad major was physics, I only have one macroeconomics class under my belt. That and $5 will get you a nice cup of coffee!!

By 'stabilize the currency' I assume you mean prevent inflation. Inflation hasn't been much of a problem these last 40+ years, and the inflation of the 1970s was driven by oil price shocks - those would have shaken up the world's economies regardless of monetary standards. Yeah, I know, inflation briefly spiked to 9% and higher worldwide in the post Covid year. Again, I don't think monetary standards can prevent worldwide economic shocks.

I guess I look at it like this: compared to instability of the boom-bust cycles of the 1800s and early 1900s, a little inflation now and then is a small price to pay for relative stability.

water shortages are causing doubt of food security

I don't know really. For most of the last 40+ years, the government has been subsidizing agriculture. There are milk price supports (gov't owns 1.4 billion lbs of cheese) subsidized agricultural loans, payments to farmers to NOT grow certain crops, USDA price supports. etc etc.
https://www.nal.usda.gov/economics-business-and-trade/agricultural-subsidies

I think the post Covid spike in grocery prices was driven mostly by greed (AKA capitalism). I don't think farmers saw any record profits, but many businesses did report record profits.

whowasthatmaskedman · 70-79, M

I hope everyone has their Krugerrand ready. 😷

SunshineGirl · 36-40, F

Good luck! 🤣

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