Watch The Program Preview Below: (2:41 min)
G. Edward Griffin, author of “The Creature From Jekyll Island” considers the fiat money, with no precious metals to back it, an insidious tax on the public. His complaint is that to moderate to deflation/inflation cycles, Congress took the wrong approach by allowing the states to print more fiat money with no reserves to back it up. Minerd explains that by creating additional credit to allow the U.S. government to finance World War I, inflation spiked at an unacceptable high by 1920. The Federal Reserve then started processing disinflation for the next decade, and Minerd posits that was arguably and ultimately the part of the issue that created the Great Depression.