dailyreckoning.com / By Joel Bowman / December 18, 2012
As the chart below displays, the Federal Reserve has, since 1913, destroyed roughly 97% of the dollar’s value. And that, despite (or perhaps because of) a mandate to maintain the same currency’s integrity and stability.
That’s more than just inconvenient, given the dollar’s present status as the world’s reserve currency. And yet, despite this “exorbitant privilege,” the feds claim — and enforce — a monopoly on the dollar’s counterfeiting and consequent debasement.
Many of us have tried to protect ourselves, to varying degrees of success, with gold and/or silver. Maybe you invest in gold stocks. Or perhaps you have a stash of physical bullion tucked under your pillow or buried in the back yard. And maybe, better yet, that backyard happens to be a long way out of the reach of the US government…somewhere like, say, Nicaragua.