How Monetary Chaos Powers Irrational Exuberance
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At first blush many readers might think the answer is the collapse in the purchasing power of the US dollar during the hundred years of the Federal Reserve’s history. In 2012 a dollar could buy only the equivalent of around 4 per cent of what it could in 1913. In the pursuit of alternative dubious aims the Federal Reserve has deprived mankind of an ideal stable store of value.
KeywordsInterest Rate Central Bank Federal Reserve Real Interest Rate Equity Market
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