Good to know that the buying power of the dollar is the same as it was fifty years ago.
That is not what my statement said. Purchasing power has declined but it is hard to argue that the average man today cannot buy as much as ever.
If the dollar was 1/4 of a pound sterling and was devalued to 1/5 of a pound it was what is generally in economics and finance thought of as a true devaluation. Today the relative values are determined by the international monetary markets on a daily/hourly/minute-by-minute basis rather than governmental decisions.
Funny. Yeah. Ain't it wonderful. I used to run a very young 3 person household on $4800.00 a year. It is amazing the power of the "education" system to inculcate bankster bullsh!t. The buying power left since 1913 is what, about 2%? But technically, we're told, the currency has not been devalued.