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Tuesday, March 18, 2003 Page: 7A
A LONG TIME AGO WHEN I WAS JUST A LAD, GOLD WAS $20 AN OUNCE AND COMMON
EXPRESSIONS WERE “SOUND AS A DOLLAR” AND “GOOD AS GOLD.” NO ONE SAYS THAT
ANYMORE. IT DOESN’T MAKE ANY SENSE. THE DOLLAR IS BEING STEADILY DEPRECIATED
AND GOLD HAS ESCALATED TO MORE THAN $350 AN OUNCE. MOST AMERICANS DON’T QUITE
UNDERSTAND JUST WHAT’S BEEN HAPPENING. THE FACTS HAVE BEEN BLURRED OR IGNORED.
SOME WASHINGTON BUREAUCRATS PROCLAIMED THAT, PRESENTLY, THERE’S NO
“INFLATION” BUT THERE’S PROSPECT OF A POSSIBLE “DEFLATION.” NEVERTHELESS,
ACCORDING TO THE FEDERAL RESERVE DOLLAR INDEX, THAT INDICATOR IS NOW DOWN FROM
118 AS OF APRIL 1, 2002, TO 100 AS OF MARCH 1, 2003. RELATIVE TO THE EURO
(WHICH HAS ALSO BEEN DEPRECIATING) THE DOLLAR R~ECENTLY WAS WORTH $1.10 EURO.
WHAT HAS ACTUALLY BEEN HAPPENING IS THAT FEDERAL RESERVE POLICIES HAVE BEEN
EATING UP THE PURCHASING POWER OF THE AMERICAN DOLLAR, IN EFFECT LEVYING AN
“INFLATION TAX” UPON EVERY DOLLAR YOU OWN. THAT “TAX BITE” IS NOW
SOMEWHERE AROUND 18 PERCENT. “’TIS FUNNY ‘TIS FUNNY THAT PRINTING MORE MONEY
“WILL MAKE THE PEOPLE POOR “BUT THAT INFLATION WILL CRUSH A NATION “IS
ABSOLUTELY SURE!” HUGH P. KING DALLAS