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Is history repeating itself? Just as the US dollar's purchasing power fell sharply after it was delinked with the gold standard, so the coinage of the Roman Empire was debased as less and less of the precious metal silver was included in the currency.
Chart Source: SocGen, Dylan Grice
The purchasing power of the US dollar has been trending down since the 1940s (the solid lines are periods when the dollar was pegged to the gold standard). While there was limited convertibility between 1945 and 1971, the loss accelerated when that last link was severed and by 2004 the US dollar had lost 92% of its original purchasing power.
Chart Source: American Institute for Economic Research, from the Whole Price Index compiled by the Bureau of Labor Statistics
Originally posted by kn0wh0w
this site paints an even more grim image.
How Your Dollar Got To Be Worth Just 3.8 Cents
the administration and Fed apologists will try to link the decline of our money with the hisdorical life of the country (236 + years) rather than bringing into account the creation of the USA's central bank = The Federal Reserve at some 99 years ago...
Originally posted by ignant
Sad, but true.
That means based on $10/hr, most of us earn some 38 cents an hour,
and most of that is taken by IRS to fund global terrorism