Help answering a "Wall Street" statist?Submitted by AragornSoS on Wed, 11/28/2012 - 17:10
I'm in a fun FB discussion with a few friends. One, who happens to have worked for several of the "TBTF" banks (currently at Wells Fargo I think), says this during a discussion along the lines of "what has the Fed done to our dollar?"
His reply: "this is completely silly.. our / any economy wouldn't have been able to grow as they have over the past 100 years if it weren't for the flexibility and funding the FR has provided.. If all of today's wealth was represented in gold, it would either be 100000 per oz, or we'd have a lot less overall wealth."
Besides pointing out some of the fundamentals of gold and silver, and how continual dilution of the money supply (FRNs) via "printing" reduces the relative worth of each FRN and thereby saps the purchasing power of those especially who are on "fixed incomes", does anyone have suggestions on additional arguments or sites to point him to? I don't imagine I'm going ot break thru years of brainwashing since he's been working for "the banks" for years, but hey - it's worth a try.