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On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous.
A logarithmic graph would be more representative of the dollar's lost. Linear graphs make it look like most inflation is done with because the dollar can only asymptotically approach zero through inflation. In reality, the dollar can easily lose 90% of its value every century indefinitely. Prior loses have no effect on future loses.
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