by Dave Kranzler, Inevstment Research Dynamics:
Most people are not aware of this, but the U.S. dollar has lost 97% of its value since 1913 – the year the Federal Reserve was established. That marked to Government’s unofficial systematic program of de-linking the dollar from gold and the beginning of the modern fiat currency era. U.S. dollar.
HOWEVER, the first dissection of the dollar from the gold standard actually occurred during Lincoln’s Presidency, when Lincoln signed the Legal Tender Act, which authorized the use of paper notes not backed by gold/silver (specie) to settle Government war debts. The Government ran low on gold/silver and the Act enabled the Government to print “greenbacks,” or legal tender notes not backed by specie in order to pay its bills.
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