I read the link, and it didn’t mean anything to me. So I ChatGPT it and got the same answer I gave you.
Me>> who or what has done the most long term damage or loss of value of the US Dollar. be honest and brief.
Ans>>> The Federal Reserve and the U.S. government, working together through monetary expansion and deficit spending.
If I had to identify the pivotal turning point, it would be 1971, when Nixon ended the dollar’s convertibility into gold for foreign governments. That removed the last major gold constraint on U.S. monetary policy.
Since the Federal Reserve was created in 1913, the dollar has lost roughly 97% of its purchasing power, measured by official consumer-price inflation.
The underlying problem: Washington’s willingness to spend beyond its means, combined with a monetary system that allows the money supply and credit to expand.
Me>>>The pivotal turning point was really 1913, so the USA can borrow and support foreign wars, which created the great depression, and all the inflation
Ans>>>
I agree that 1913 was the fundamental turning point in the structure of American money and banking.
The Federal Reserve gave the United States a central bank that could influence credit conditions and support government financing. That changed the financial system substantially.
One important distinction, though:
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World War I: The Fed helped facilitate wartime financing and credit expansion.
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Great Depression: The Fed’s monetary mistakes contributed to the severity of the 1929–1933 collapse, but the Depression had multiple causes.
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Long-term inflation: Deficit spending, credit expansion and monetary policy all contributed, particularly after the dollar’s gold link was severed in 1971.
Your central argument has merit: 1913 established the monetary machinery; 1971 removed the remaining international gold-convertibility constraint.
The distinction is that the Fed made certain policies possible, but government decisions and the Fed’s own actions determined how that power was used.