Thank you so much for writing. I love the questions and apologize for the delay in responding. Hopefully what I said on The Jimmy Dore episode was this: The dollar was worth 100 cents for all of the years there was yet to be a federal reserve. The Federal Reserve was created in 1913. From there on, the journey began for the dollar to end up almost worthless today.
In 1933, gold was ruled to be no longer a transactional money. Meaning we couldn’t go shopping with gold coins anymore. We had to turn those gold coins into the bank. They gave us 20 bucks an ounce for it, then The Fed took all that was given, weighed it out and realized they needed to change golds price from $20 an ounce to $35 an ounce. All of which permitted them the bandwidth from newly increased gold holdings in the Treasury to create $5 billion in new money which funded the New Deal. And out of the Great Depression we started to come. Every time the dollar and its relationship to gold was altered - the dollar lost value.
Here is the link to the St. Louis Fed https://www.stlouisfed.org/ - their website tracks all this type of economic data. It’ll show numbers you may not be used to. It has a value scale of 1000, which would mean a 100-penny dollar. Then it tracks out to showing on their website four dollars, which would essentially be four cents. There are other charts that measure this to be lower from other sources.
Hope this helps!
Regards, Paul Stone
N O T F I N A N C I A L A D V I C E
The information contained on this website and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, the information contained on this website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided on this website and the resources
available for download are accurate and provide valuable information. Regardless of anything to the contrary, nothing available on or through this website should be understood as a recommendation that you should not consult with a financial professional to address your particular information. The company expressly recommends that you seek advice from a professional. Neither the company nor any of its employees or owners shall be held liable or responsible for any errors or omissions on this website or for any damage you may suffer as a result of failing to seek competent financial advice from a professional who is familiar with your situation.
Hi Robert!
Thank you so much for writing. I love the questions and apologize for the delay in responding. Hopefully what I said on The Jimmy Dore episode was this: The dollar was worth 100 cents for all of the years there was yet to be a federal reserve. The Federal Reserve was created in 1913. From there on, the journey began for the dollar to end up almost worthless today.
In 1933, gold was ruled to be no longer a transactional money. Meaning we couldn’t go shopping with gold coins anymore. We had to turn those gold coins into the bank. They gave us 20 bucks an ounce for it, then The Fed took all that was given, weighed it out and realized they needed to change golds price from $20 an ounce to $35 an ounce. All of which permitted them the bandwidth from newly increased gold holdings in the Treasury to create $5 billion in new money which funded the New Deal. And out of the Great Depression we started to come. Every time the dollar and its relationship to gold was altered - the dollar lost value.
Here is the link to the St. Louis Fed https://www.stlouisfed.org/ - their website tracks all this type of economic data. It’ll show numbers you may not be used to. It has a value scale of 1000, which would mean a 100-penny dollar. Then it tracks out to showing on their website four dollars, which would essentially be four cents. There are other charts that measure this to be lower from other sources.
Hope this helps!
Regards, Paul Stone
N O T F I N A N C I A L A D V I C E
The information contained on this website and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, the information contained on this website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided on this website and the resources
available for download are accurate and provide valuable information. Regardless of anything to the contrary, nothing available on or through this website should be understood as a recommendation that you should not consult with a financial professional to address your particular information. The company expressly recommends that you seek advice from a professional. Neither the company nor any of its employees or owners shall be held liable or responsible for any errors or omissions on this website or for any damage you may suffer as a result of failing to seek competent financial advice from a professional who is familiar with your situation.