Is the dollar still
being debased?
A live scorecard of the five numbers that show fiat debasement in real time: how fast the money supply is growing, what official inflationinflationA general increase in prices over time, meaning each dollar buys less than it did before.Full definition admits, what it costs to borrow, and how Bitcoin, the exit, is priced. Pulled from public Federal Reserve (FRED) data, with Bitcoin's price from CoinMetrics, no account or login required.
Viewpoint. Besides explaining the topic, this page makes the site’s case on money and Bitcoin. The facts are sourced; that case is the site’s view. How pages are labeled.
Check before acting. Rates, prices, fees and product terms change often. Confirm the current figures with the provider or the linked source before you act.
This dashboard gives the latest monthly readings. For the long-run loss since 1913 and 1971, see What Happened to the Dollar and Purchasing Power.
Yes. The money supply (M2) is growing +5.41% year-over-year while official inflation (CPIConsumer Price Index (CPI)The government's measure of how much a typical basket of consumer goods costs over time.Full definition) admits +3.35%: dollars are being created faster than measured prices rise. Borrowing stays expensive, a 30-year mortgage at 6.95% and the 10-year Treasury at 4.94%. Bitcoin, the escape hatch, is down about 30% in dollars over the past year, which is what a volatile multi-year exit looks like mid-cycle, not a refutation of the thesis. The table below refreshes from primary sources; the figures in this paragraph come from the same 2026-09-20 data snapshot.
On this page
| Metric | Latest | As of | 1-month | 1-year |
|---|---|---|---|---|
| M2 money supply | $23.22T | 2026-07-01 | +0.44% | +5.41% |
| CPI (price level) | 334.13 | 2026-08-01 | +0.40% | +3.35% |
| 30-year fixed mortgage | 6.95% | 2026-09-17 | +0.28 pp | +0.60 pp |
| 10-year Treasury yield | 4.94% | 2026-09-17 | +0.22 pp | +0.88 pp |
| Bitcoin (the exit) | $81,262 | 2026-09-19 | +17.32% | -29.71% |
Snapshot shown until live data loads · data refreshed 2026-09-20 · rate moves shown in percentage points (pp)
How fast is the money supply growing?
M2 is the broad measure of dollars in the system: cash, checking, savings, and money-market balances. It is +5.41% over the past year verify×DON'T TRUST, VERIFYClaim: M2 (FRED M2SL) is the broad U.S. money supply and its year-over-year change is shown above.Verify at: FRED M2SL ↗ Source 1 in the list belowMonthly series from the Federal Reserve; this page reads it directly.. For context, M2 grew roughly 41% in the 25 months from 2020 to 2022 (FRED M2SL). The chart below is the long view since 1971, the year the dollar was cut from gold.
Is official inflation keeping up with the money printing?
No, and the gap is the point. CPI, the government's official price index, is +3.35% year-over-year verify×DON'T TRUST, VERIFYClaim: CPI (FRED CPIAUCSL) year-over-year change is shown above.Verify at: FRED CPIAUCSL ↗ Source 2 in the list belowHeadline CPI for all urban consumers, seasonally adjusted., while M2 grew +5.41%. When the money supply outruns the official price level, the spreadSpreadThe gap between two prices or rates. In trading, it is the difference between the price buyers pay (ask) and the price sellers get (bid). Many Bitcoin apps and money-transfer services also build a markup into the price they quote you, a cost on top of the advertised fee even when that fee is $0.Full definition shows up later, in asset prices and in the cost of the things CPI underweights. A 3.35% price rise means a dollar held for a year lost about 3.3% of its purchasing powerPurchasing powerWhat money can actually buy, not the number on the bill or in the account. Inflation shrinks it over time: by the BLS consumer price index, it takes more than $8 today to buy what $1 bought in 1971. Same dollar, much less buying ability.Full definition.
What do mortgage and Treasury rates say?
Money is still expensive. The 30-year fixed mortgage sits at 6.95% verify×DON'T TRUST, VERIFYClaim: The Freddie Mac 30-year fixed rate (FRED MORTGAGE30US) is shown above.Verify at: FRED MORTGAGE30US ↗ Source 3 in the list belowWeekly Freddie Mac Primary Mortgage Market Survey. and the 10-year Treasury, the benchmark for the price of money, yields 4.94% verify×DON'T TRUST, VERIFYClaim: The 10-year Treasury constant-maturity yield (FRED DGS10) is shown above.Verify at: FRED DGS10 ↗ Source 4 in the list belowDaily constant-maturity Treasury yield from the U.S. Treasury via FRED.. Rate moves are shown in percentage points because that is how borrowing cost changes.
Is Bitcoin failing as an inflation hedge?
Over the last 12 months it is down about 30% in dollars. Over four-year holding periods, its history has so far run the other way. Bitcoin is a multi-cycle, high-volatility store of value, not a one-year inflation swap; judging the thesis on a single down year is the same mistake as judging stocks in March 2009. The honest version of this argument, including the years it has lagged, is in the inflation-hedge breakdown. What this dashboard shows is the setup: a money supply that keeps growing while the exit is on sale.
How is this dashboard sourced and updated?
Every number comes from a free primary source and is fetched server-side into a same-origin snapshot, no third-party scripts, no API keys in your browser. M2, CPI, the mortgage rate, and the Treasury yield come from FRED (Federal Reserve Bank of St. Louis); the Bitcoin price comes from CoinMetrics. The raw files are public: /data/macro.json and /data/btc.json. How and why I cite everything is on the verify page.
This page exists because the data is free and the math is yours to check.
Where to go from here
Sources
Verify badges in the text link to these sources. Figures, rates and rules change: check each source’s date before acting on it.
Last updated . Educational content, not financial advice. Disclosures · How pages are reviewed