| DonaldC: We’ve not reached inflation adjusted Carter prices yet. You: Which means our fiat currency has been pretty crappy at holding its value since 1980.
The only thing you can conclude from what he said is that the gold market does not yet reflect conditions that are as bad as they were under Carter. Give Obama time... I'm sure he can achieve that. |
Everyone knows how bad it was under Carter. The fact that under more normal conditions our currency is still losing enough value to reach the Carter levels compared to gold is pretty good proof of how crappy fiat money systems are. Under Carter the Fed was stealing 12% per year from us, under more competent presidents (Reagan, Bush, Bush) they still steal 3% per year from us.
When the other guy adjusts his comment for inflation, which he did by referring to "inflation adjusted... prices," then if you claim that this means something about the ravages of inflation, you come off sounding like an idiot. So next time, don't do that. Don't base your claim about inflation on inflation-adjusted prices.