Dear Reader,
For a long time I’ve been wondering: are Americans stupid or cowards?
Let me explain.
Back in 1913 Congress passed the Federal Reserve Act. This took the value of our money out of our control and put it in the control of a private banking cartel – The Fed.
During this 96 year period The Fed has managed to devalue our money by 98.2%.
This is based on the value of gold. An ounce of gold in 1913 is the same as an ounce of gold today. The only thing that has changed is how many Federal Reserve Notes it takes to purchase that ounce of gold. In 1913 it took $20 to buy an ounce of gold. As of today, November 11, 2009, it will take you $1117 to buy that exact same ounce of gold. That means a Federal Reserve Note/U.S. Dollar is worth 98.2% less today than in 1913. Or, put another way, a 1913 dollar would buy 55.85 times as much as today’s Federal Reserve Note.
Consider this. Today’s average family income is $58,407. In 1913 you would only have to earn $1,046 to have the same purchasing power.
But, it gets better. With the $3,000 personal tax deduction, most people in 1913 didn’t have to pay income taxes or social security taxes. Yet, they earned the same or more than most people earn today.
How did this happen? You tell me: are Americans Stupid or Cowards?