Comment: one answer

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one answer

if the FRN didn't exist and we still have gold and silver for money at $20 per ounce of gold (~$1 for silver) then I would most likely be able to buy a new 50" tv with a lot less than 1 ounce of gold. The problem these FED lovers don't see is that in a stable money environment economic progress is not only an increase in GDP but a decrease in cost of living. What the FED did was to inflate the currency so that we never see the wonders of how innovation has reduced the cost of production. Now costs only go up not down even with innovation because of inflation. And the money in your pocket will buy less the longer you keep it. Whereas, without the fed the money in your pocket would buy more the longer you kept it.