“'The
dollar has lost more than 95 percent of its value since the Federal
Reserve was created in 1913,' James Bovard, a policy adviser to the
Future of Freedom Foundation, told Press TV on Thursday. He made the
comments when asked to comment on remarks by American radio talk show
host and political commentator Glenn Beck, who blamed the Federal
Reserve for devaluing the US dollar into nothing but 'trust us
money.' 'We have printed money and printed money and printed money
and made money so cheap that none of it is really based in anything
anymore,' Beck said earlier in a CNN interview.”
“In
April, the US dollar value dropped to a two-months low. Back then
currency strategist warned that the dollar weakness period was
gaining momentum and would keep running for quite some time. The
Federal Reserve was supposed to 'maintain a stable currency; instead
it has destroyed the value of US dollar,' added Bovard.”
“'This
is one more example of why we can’t trust politicians that guard
the value of money or anything else,' he stated. They have 'kept the
interest rates at basically zero for year after year,' he maintained.
'That has crucified the middle class.' 'But it has worked out very
well for the politicians and for the super rich who are able to play
the market and sometimes have inside information on what the Federal
Reserve is going to do,' he said. 'Gold has maintained its value far
better than has the US dollar and that is one more reason why the
current situation where folks are basically forced to put their
reliance on a government-issued currency that has no backing, that is
a recipe for economic suicide,' the analyst concluded.”
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also:
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US debt held by the Federal
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