If this doesn’t convince you now much our currency has been devalued I don’t know what will.
Great point.
So true. When I was growing up, they were probably worth $50,000. When I left the service, you could probably buy one in Coronado for about that ;price.
“If this doesn’t convince you now much our currency has been devalued I don’t know what will.”
Correct and important to realize. The problem is not that things cost too much these days, the problem is that the dollar is worth so little these days.
Wonder what happens when US Treasury defaults on interest payments on national debt. My guess is dollar will be on par with Mexican Peso.
That is what happens when they start paying people in pesos.
Countries that deal in lesser currencies have a STRONG incentive to devaluate their currency quickly. It amounts to taxation without either legislation or representation.
Gresham’s law is a monetary principle named after Sir Thomas Gresham. It is colloquially simplified to “bad money drives out good”. Any national treasury that debases its currency soon finds the older, more assured currency is quickly driven out of circulation, while the “new” currency just buys less and less of the goods and services people need and want.