My kids and I went to the Money Factory here in Fort Worth. This is the actual place where our paper money is printed. It was a fascinating tour. For one thing we found out that there is a top secret change going on with the 100's. So that whole area was covered in tarps and all the windows were boarded up. There was also the press that is printing the new purple fives. But the most interesting part was the amount of money they print daily: close to 3 million.
That's right folks, 3 million dollars a day, five days a week, with some days like Christmas off. (and there is another similar facility like ours in Washington, DC) The tour guide's explanation about why we had to print so much money was that the Federal Reserve destroys old money and then orders that amount to be printed. Well I don't buy it. I don't trust the Federal Reserve . It made me think again about Ron Paul's Federal Reserve Transparency Act of 2009. According to the Federal Reserve, they order money to be made based on the amount they think the public will demand and also the amount destroyed. They also claim that the amount in circulation is almost 800 billion. I guess the rest of our money is all digital. If the world goes more digital and the Fed keeps producing the same amount of money, what does that do to inflation? Just wondering.
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