A few evenings ago I came across this graph. Some of you may also have seen it recently as it seems to be one of those things which is making the rounds:
The Fed and inflation.
It shows inflation as we know it pretty much begins with the creation of the Fed. The buying power of a dollar slowly appreciated between the founding of the US and the start of the Fed; over the next century that value has plummeted. As we are wont to say here at Samizdata: “The State is not your friend.”
You can read more about it here.