Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: pater tenebrarum who wrote (4076)	5/31/2001 9:18:18 PM
From: Ilaine	Read Replies (1) of 74559

>>Fed was created in 1913, the dollar has lost 97% of its purchasing power<< I think this statement is meaningless - 97% of its purchasing power of what? Silver? Wheat? Aluminum? Uranium? Certainly not gold. In 1913, an ounce of gold was about $20, and that was fixed by the government decades earlier - now it's about $270. The purchasing power of gold has eroded quite a bit, too. You can't really buy a decent quality man's suit with an ounce of gold, but you can buy a cheap one, or a moderate quality one on sale. Certainly nothing handmade on Saville Row, not sure if you ever could do that or if that's just an urban legend.

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