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The Christmas Gift That Keeps On Taking
BY TYLER DURDEN
TUESDAY, DEC 26, 2023 - 10:00 AM Authored by Michael Maharrey via SchiffGold.com, Two days before Christmas in 1923, Woodrow Wilson gave the United States a Christmas gift that keeps taking. On that day, he signed the Federal Reserve Act into law, creating the US central bank.
Since that inauspicious day, the US dollar has lost 96% of its value.
It’s no surprise that Wilson signed the Federal Reserve Act just one day before Christmas Eve. It was perfect timing so the general public wouldn’t notice.
The stated purpose of the legislation was to “provide the nation with a safer, more flexible, and more stable monetary and financial system.”
Before the Fed’s founding, bankers in general and Wall Street in particular complained about US currency’s lack of “elasticity.” “Elasticity” in this context is one of the great euphemisms of human history.
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