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| The lobby, Fairmont Hotel, San Francisco |
Here's what you can buy now at the Fairmont for around what you could get a room for in 1917:
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| Sold in the gift shop of the Fairmont Hotel, today. |
-RW
Saturday, August 2, 2014
What the Fed Has Done to the "Stability"of the Dollar Since 1917
In The Fed Flunks: My Speech at the New York Federal Reserve Bank, I provide some numbers on how much the value of the dollar has declined since the start of Fed operations in 1914, but there is nothing like comparing specific prices from that era and now, to get a sense of the damage the Fed has done to the value of the buck.
Here's is a 1917 letter from a manager of the Fairmont Hotel in San Francisco to a person complaining about prices, back then, at the hotel.
Here's what you can buy now at the Fairmont for around what you could get a room for in 1917:
-RW
Here's what you can buy now at the Fairmont for around what you could get a room for in 1917:
-RW
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What were the original purposes for setting up the Fed? I mean both the *real* purposes and the purposes as presented to the public?
ReplyDeleteRead "the Creature from Jekyll Island" by G. Edward Griffin. Pretty well documented, good read, comprehensive history of banking, especially central banks.
ReplyDeleteBIS Banksters Brazen Backroom Betrayals
ReplyDeleteThe apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks, which were themselves private corporations. Each central bank sought to dominate its government by its ability to control treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence co-operative politicians by subsequent rewards in the business world."
BIS Board of Directors:
Chairman: Christian Noyer, Paris
Mark Carney, London
Agustín Carstens, Mexico City
Luc Coene, Brussels
Jon Cunliffe, London
Andreas Dombret, Frankfurt am Main
Mario Draghi, Frankfurt am Main
William C Dudley, New York
Stefan Ingves, Stockholm
Thomas Jordan, Zurich
629283546_0_xlargeKlaas Knot, Amsterdam
Haruhiko Kuroda, Tokyo
Ann Le Lorier, Paris
Stephen S Poloz, Ottawa
Raghuram Rajan, Mumbai
Jan Smets, Brussels
Alexandre A Tombini, Brasília
Ignazio Visco, Rome
Jens Weidmann, Frankfurt am Main
Janet L Yellen, Washington
Zhou Xiaochuan, Beijing
http://www.zerohedge.com/news/2014-08-03/bis-banksters-brazen-backroom-betrayals