Quote from: BobK71
'Massives retreats' notwithstanding, the overall pattern from 1913 (the Federal Reserve's founding) to today is that the stable-over-long-period dollar price of gold went from $22, to $35, to around $300, to around $1000. Call it whatever you like, we have never left the gold standard de facto, because we can't, and we have been continuously devaluing the dollar against gold to keep the system stable.
From $22 to $1000, the dollar lost 98% of its value against gold. I'll let that speak for itself.
From $22 to $1000, the dollar lost 98% of its value against gold. I'll let that speak for itself.
Are you serious? That devaluation lasted for over 100 years, which gives you less than 1 percent annually. In fact, it is even less than that if you take into account compounding. For example, 1% devaluation in the last year would be equal to 10 dollars in absolute values. How many currencies do you know that would last as long and are as stable? If you account for real price inflation, you will see that gold gets devalued too, though in a lesser degree. You let the figures speak for themselves but you don't tell all the figures, but half-truths are worse than outright lies. You forget to mention how much wages increased since 1913. Recalculate the current price of gold in terms of, for example, hourly wages, and you will see how much gold appreciated in real terms.
Just do it, and you will be surprised how badly gold fared. It depreciated almost 2 times in terms of real purchasing power, and you simply can't say that it is what "establishment commentators like to say". These are the real figures, which you choose to ignore.
