Friday, 8 February 2013

Chart of the Day: The U.S. CPI Hockey Stick

Economist Mark Skousen recently published the chart below on his website. He explains,
As the graph indicates, there was virtually no inflation prior to 1913, when the Federal Reserve was created (other than wars, which caused temporary inflation) and we went off the classical gold standard. Rogoff noted that since the Fed was created, prices have skyrocketed 30-fold, or 3,000%! This data confirms Murray Rothbard’s contention that the Fed was created to remove the barriers to inflation, not to control it.

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