Has the Dollar Really Lost 97% of Its Value? (No)If Ritholtz thinks there has been no decline in the value of the dollar over recent decades, maybe he will sell us one ounce gold coins for $35.00.
One of the favorite tropes of the “End the Fed” crowd is the “falling purchasing power of the U.S. dollar.” Google that phrase, and you will be rewarded with 91,100,000 results. (drop the “U.S.” and it doubles to 187,000,000 results).The problem is, nearly all of these arguments are wrong.As Matt Busigin of Macrofugue points out (echoed by Joe Wiesenthal of Business Insider), measuring the buying power of cash by functionally burying it in Mason Jars in the backyard is a misleading and inappropriate metric.
I have already addressed all this nonsense, here.
Can we buy bitcoin from Bitcoin-hater Wenzell at $0 a bitcoin?
ReplyDeleteNo, but more important, you can't buy a subscription to the EPJ Daily Alert with bitcoins.
DeleteGreat comeback! No harm intended. I'm just ribbing you as Bitcoin marches on. :)
DeleteIf you don't think the dollar has gotten stronger during the past 12 months, then maybe you'll buy a oz of gold for $1700.
ReplyDeleteSo thanksgiving dinner is cheaper this year, then, jerry?
DeleteMason jars, purchasing power, etc., etc. I read through the articles and the comments (painful!), and the elephant in the room which nobody discusses is way in which the creation and manipulation of fiat currency creates a permanent class of oligarchs and is poison to liberty. These people are all part of the MMT crowd, as far as I'm concerned.
ReplyDelete