Bloomberg Discovers Federal Reserve Inflation … Sort of
from The Daily Bell:
In today’s “Single Best Chart,” Bloomberg’s Scarlet Fu displays how inflation has increased in the 100 years since the creation of theFederal Reserve. She speaks on Bloomberg Television’s “Bloomberg Surveillance.” – Bloomberg, YouTube
Dominant Social Theme: Wow, the Fed really has “inflated” the dollar.
Free-Market Analysis: Bloomberg seems to be making progress as a mainstream reporting entity reporting actual facts rather than an endless supply of entertaining economic fictions. In the case of the video above, Bloomberg provides us with an image of a “hockey stick” chart showing just how aggressively the US central bank has inflated the dollar since its inception in 1913. There are those who claim the dollar has been inflated until it is worth less than a single cent. Bloomberg doesn’t get the inflation argument entirely correct, of course.