Today, from the mind of our renowned economist and Representative, Dennis Rehberg:
The Fed was created to protect the value of the dollar. Since 1913, the dollar has lost 95% of it’s value. Time to #AuditTheFed
While it’s a laudable attempt to shore up the John Birch/Ron Paul wing of the Montana GOP, it’s not exactly sound economic theory. At Matt Yglesias notes:
It’s difficult to know how to make sense of the claim that the combination of mild inflation and compound interest means currencies decline a lot in value over giant time scales. If you assume governments should put a very strong priority on the interests of people who want to save large sums of money in shoeboxes, I guess this is a damning statistic. But it seems to me that the relevant issue is that real income in the United States has increased enormously over the past 100 years and that we’ve done better in this regard than most countries.
It would seem Representative Rehberg would be better served sticking to frivolous lawsuits than economics.