Between 1980 and 2007, a 27-year period, the dollar has reputedly been saved by the firm guidance of the Federal Reserve. In fact, the dollar has lost 60% of its value over this period by the official CPI tally.
We are supposed to congratulate Volcker and Greenspan for their leadership in taming the earlier inflation. How bad was it? Well, between 1953 and 1980, the 27-year period that preceded these leaders, the dollar lost 67% of its value.
5:53 am on November 7, 2008
