The U.S. plans to redesign its paper currency to help ward off counterfeiters. To this I applaud them. However, the U.S. Bureau of Engraving and Printing has written this on their website:
“You won’t have to exchange your old notes for new ones. Your old money will always be good. Every U.S. currency note issued since 1861 is still redeemable today at full face value. Both the new notes and the older-design notes will continue to be legal currency at full face value. The U.S. has never devalued its currency.”
Reread the last sentence …
… and then look at the figure to your left.
The purchasing power of the dollar has been destroyed by over 90% in just a 70 year period! Just another insidious government constraint placed on the economic decisions of free and peaceful individuals that continues to be conveniently ignored. Who said Socialism was dead?
The figure is complements of the American Institute for Economic Research.
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