Yesterday, in his biannual testimony to the USA Congress, the president of the Federal Reserve, Ben Bernanke, asserted that inflation under his and Mr. Greenspan’s mandate was no more than 2% a year. While this might be “true” using Bureau of Labor Statistics (BLS) data, please check ShadowStats for a true picture of inflation in the USA. Even using BLS data, it is very informative to check a chart of inflation of the USA from 1775 until 2012. Please note 2 dates: the creation of the Federal Reserve in 1913 and the decoupling of the US Dollar from gold under the Nixon administration in 1971.
Inflation under 2% per year? Look again
The Yogi Rock 