You're a sly one, Ron. <vbg>
The question (which I can't answer) is whether other countries also held a set currency/gold ratio for their money. It all goes back to our prior discussions of value vs need (where you trounced me -- I want a rematch!) for currency "worth."
If gold prices "floated" in terms of other currencies, then gold was the center of value during the depression. But, if other countries, like us, tried to tie POG to a set exchange rate, then the value of the dollar was constant (like the other currencies) and had no more nor less value than any other currency, and the deflation was "real" in terms of "who gets to starve the most."
In either event, I doubt that farmers anywhere in the world would accept Treasury Notes for corn. They wanted something they KNEW they could exchange for other necessities, be it silver, gold, or silver certificates.
Now here's the point where I get confused: under today's system of every currency being valued relative to every other currency, what is a pound of pork's "value" in terms of yen, baht, rubles, or whatever? So, you sly dog, if '29 and '99 should happen to be comparable times, what should a farmer take in exchange for a bushel of corn? Yen? Euros? Quarts of oil?
You are a mind bender, Ron. You can sure stimulate the idea generators! So, Take that!
Hang tough, amigo,
jim |
