Yellen (Chairman of the Fed) admits she’s in over her head

When it comes to the economy, most Americans are like Yellen (and her predecessors Ben Bernanke and Alan Greenspan)functionally illiterateand lost in a fog of frivolity and ignorance. How else to explain their continued advocacy for and support of policies detrimental to their economic interests?”

“We are only as rich or as poor as the purchasing power of our money. Have you ever wondered why banks and politicians love paper money? Because they profit from it!”

“””We have had fiat paper money since 1913, and most of that time it was being debased (inflated). Now it’s at a 96 percent loss. A 1913 dollar is now worth only 4 cents. What cost $1 in 1913 now costs almost $25; an inflation rate of 2,380 percent. How did this happen?”

“It happened through inflation — which is not rising prices, as most have been lead to believe. Inflation is an increase in the supply of money, i.e., money printing by the Federal Reserve. The increase in the amount of money in circulation causes prices to rise as more money chases fewer goods.”

“Those unaware of the inflating debasing nature of nominal dollars live in a fickle and imaginary world. They believe that all is well and all is safe. They are further deceived by rising stock prices in nominal dollars. One can be up 100 percent in a stock portfolio but still be losing in real dollars. It’s very deceptive!”

“Precious metals don’t pay interest, you say? This is conventional thinking backed by the paper money myth. Gold and silver are the only real money in existence. They are real money as well as intrinsic wealth. Moreover, gold and silver appreciate in purchasing power as paper money depreciates. That is your real interest. All understanding of hard money has been lost down the memory hole of the fiat paper world money regime.”