From The Big Picture:

[Dallas Federal Reserve President] Fisher is also speaking on the economy and the Federal Reserve [today] and one comment specifically stands out.

He said that a goal of the Fed is to maintain the purchasing power of the US dollar. To quantify the success of this or lack thereof, one should look at the rate of increase in the CPI to measure how much a like basket of goods cost over different periods of time.

Using Bloomberg data going back to 1920 (as far back as it goes and the Federal Reserve was established in 1913), the purchasing power of the US$ has fallen 91% since 1920.

Since 1971 when the US went off the gold standard, the US$ has lost...

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