“For one thing, this steady devaluation of the dollar is a new practice, relatively speaking. For most of our country’s history, the dollar gained value. The dollar was worth 75 percent more in 1912 than it was worth in 1800. You know those stories your parents or grandparents tell about how they used to buy a sandwich and a fountain soda for a dime? How everything was so much cheaper back in the day? If you were around in 1900, for instance, the old folk didn’t tell those sorts of stories. What cost a dime in 1900 probably cost fifteen cents in 1875, and twenty cents in 1800.
Of course, since 1912, the dollar has lost more than 95 percent of its value....You will remember what happened in 1913: the Fed was created.”
―
Peter Schiff,
The Real Crash