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Resignation News: Fall Guys for the Value of the Dollar

Value of the Dollar
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EDITOR NOTE: While there is much consternation about the possible misdoings that led to the resignations of the Boston Fed’s Eric Rosengren and Robert Kaplan of the Dallas Fed, a New York Sun editorial sees these two as the “fall guys” for decades of poor fiscal policy that has led to the U.S. dollar losing 84% of its value since 2001. The author also doesn’t blame U.S. financial luminaries such as Jerome Powell, Janet Yellen, Ben Bernanke, or Alan Greenspan, who have overseen the value of the dollar drop 23.8%, 5%, 53%, and 19%, respectively, of its value compared to gold. The editorial places the blame on the U.S. Congress, a group that started the fiat money system in the 1970s and, today, is trying to spend trillions of dollars while possibly raising the debt ceiling or defaulting altogether. 

Originally posted on the NYsun

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