Today’s Wealth Standard Radio Podcast is coming to you live from Jekyll Island, the place where a group of the world’s wealthiest and most powerful men came together in the nineteen hundreds to plan the very first federal reserve. Patrick talks about the effects that the federal reserve has had on the stability of the economy, our lifestyles, and on the national debt.
Before the federal reserve and the central bank, the amount of money the government could print was limited – now it is completely arbitrary. As much or as little money can be printed as politicians desire. This means that inflated currency can enter our economy and temporarily boost the economy and solve economic problems. However, this temporary wealth comes at a greater cost – inflation and the creation of a bubble that must eventually burst.
Patrick talks about the importance of keeping our personal finance on solid ground and living in reality. He cautions against spending money you don’t have or expect to earn later. Although there are some benefits to readily available money through loans or through the federal reserve, Patrick talks about why we need to carefully consider the significant downfalls or those options before eagerly accepting their supposed benefits.
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