“Why have prices skyrocketed only in the last century, after several centuries of relative stability? The answer lies in a pivotal event that occurred in 1913: the passage of the Federal Reserve Act by Congress, and the establishment of a privately-owned central bank, granting the Federal Reserve the exclusive power to issue money. Each quarter the Federal Reserve Board meets and decides whether to raise or lower the rate at which it lends money to other banks. Its stated objective is to achieve 2 percent inflation in consumer prices every year. When inflation falls below 2 percent, the Fed drops interest rates, encouraging more borrowing and spending.”