Otherwise they would have to blame the people creating the 100 year monetary bubble: themselves.
In 100 years they've destroyed 96% of the value of the dollar. Time to squeeze out that last 4%.
“In 100 years they’ve destroyed 96% of the value of the dollar. Time to squeeze out that last 4%. “
You are employing a post hoc propter hoc fallacy- “after this therefore because of this”. The destruction of the dollar was a result of years of bad decisions by Congress and a series of Presidents.
American price levels remained level until the post WWII era when Bretton Woods made the dollar the world’s reserve currency. This created major problems for maintaining the value of the dollar, a condition known as the Triffin Dilemma. The best solution would been to cut the dollar loose from its role as reserve currency.
That wasn’t done and inflation began to make an impact in the late Eisenhower years. By Kennedy’s Presidency the silver value of minor coins was becoming greater than their face value so silver was dropped and Silver Certificates were ended.
During LBJ there was a dual market in gold, the “official” price and the real market price. France dumped their dollar holdings and demanded gold.
Nixon’s reaction to this was to cut the dollar’s last link to gold and then the inflation of the ‘70s was off and running.
Congress played a big role in this process as well, by constantly raising the debt ceiling which has the effect of increasing the amount of dollars and in that manner devaluing them.