The other item to note is that an oz of gold buys just as much oil today as it did back in 1946, the year where this graph starts. I had gold prices going all the way back to 1800, but was too lazy to try to dig up oil prices that far back. Anyway, it illustrates pretty clearly what out monetary authorities have done to our dollar. Enjoy. I still can't figure out how to upload a good image here, so you might need to click on the photo to get a clearer view of the numbers.
1 comment:
If we were still on the gold standard, we would still be facing the threat of a criminal mastermind sneaking a dirty bomb onto Fort Knox and contaminating the US money supply or East European mercenaries setting off a string on bombs in Manhattan as a diversion to steal $140 billion in gold bullion from the New York Federal Reserve. Both would be devastating blows to a US economy on the gold standard.
No longer being on the gold standard, we have the ability to respond to such acts of terrorism and theft by just printing more money. Besides, it's so much easier to print money.
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