Dear child,
You've noticed how expensive things have become, right? And you've been hearing about inflation and how it causes prices to go up. It does other things, too.
The President of the United States, the chairman of the Federal Reserve, and so many others were telling us over and over just a year or so ago that the inflation was temporary. It was transient.
Yeah, maybe. But we had four of the most significant bank failures in history last year. Plus, a bunch of smaller banks and other companies go under. And still high prices everywhere.
Did you know the Federal Reserve was created just over 100 years ago? And now, thanks to inflation, the US dollar is worth 98% less than it was then. But the Federal Reserve was formed to prevent financial crisis, yet we've had dozens since. It makes one wonder what they have saved us from. Or maybe they are just incompetent?
Imagine hiring a company to fix your car, take care of your yard, invest your money, or educate you - but the result was 98% worse than where you started.
This is another example of why I want you to be skeptical of politicians, bankers, and so-called "experts."
Love,
Dad