Even 100 years ago, a lump payment in coins would have been perfectly acceptable even though it would have been tedious to count all of them. Since 1923, nearly 1700% in inflation has flowed from our fiat monetary system, and this has caused a shocking devaluation in all U.S. currency denominations and forms of payment.
As of 2023, it takes more than $420,000 to provide the same purchasing power as $23,500 carried in 1923.
Today, we are seeing a mass deterioration in the standard of living and the decay of the Federal Reserve note dollar’s purchasing power while the U.S. national debt is swiftly reaching $34 trillion.
Many of the junk fees passed onto consumers are directly related to the taxes imposed by the government. As of 2022, wireless cell phone taxes by the federal government averaged a monthly 12.24% of the total bill, and the North Carolina state government imposed an average additional 9.04% tax, totaling 21.29% monthly tax to use a cell phone.
“In the long run, inflation comes to an end with the breakdown of the currency.” —Ludwig von Mises When money
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