My apologies for the long hiatus. Much has happened in this country since then. Our Central Bank, otherwise known as the Federal Reserve, is determined to undermine the currency, robbing from all those who have managed their money well (i.e. spent less than they earned and saved the difference). It is a shame, but not surprising.
In my time, there was much discussion about Central Banking with the Second Bank of the United States. President Jackson put an end to it and this country enjoyed many decades without a Central Bank. In those times, this country prospered as rail lines stretched "sea to shining sea" and industry and technology flourished. The general price level (now known as CPI) actually fell between that time and the creation of the Federal Reserve, dispelling the modern myth that we need a gradually rising price level to spur economic growth.
The Fed's 'mandate' of stable prices and low unemployment has become in our time rising prices and high unemployment because a Central Bank, at its core, cannot foster either. This Central Bank will end like the Second Bank of US before it. It is only a matter of time, and how much pain we will have to endure in the interim.
Precisely why we bought a house in Florida. Money in the bank will just melt away over time and the way things are going, it will be impossible to pass anything on to the next generation. We are doing our best to dodge the government bullets, but it is getting harder.
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