« Another Member of Congress Living in ‘La La Land’ | Main | Candidate for next month’s Porker of the Month »

Quote of the Day

"The modern-day dollar bill acquired its current design in 1957. Since then its purchasing power, relative to the consumer price index, has declined by a staggering 87 percent. Average annual inflation in that period has been over 4 percent, twice the rate Europe experienced during the so-called price revolution unleashed by the silver of Potosi.* A man who had exchanged his $1,000 of savings for gold in 1970, while the gold window was still ajar, would have received just over 26.6 ounces of the precious metal. At the time of writing (copyright 2008), with gold trading at close to $1,000 an ounce, he could have sold his gold for $26,596."

     ~ Niall Ferguson, Page 64 (paperback), "The Ascent of Money: A Financial History of the World"

*The New World city where Spain obtained much of its gold and silver.


TrackBack URL for this entry: