Free Market
Author:
Llewellyn H. Rockwell Jr.
Online Publish Date:
The Free Market 23, no. 8 (August 2003) If you stuck a dollar in a savings jar in 1913 and tried to spend it today, you would find your purchasing power had been sapped. Your dollar would be worth about a nickel. What happened? Well, the government had created an institution called a central bank that was endowed with the power to create money.