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The US dollar for a long period of time was backed by gold and was therefore pretty stable for that period so calculating inflation over 400 years is disingenuo
by yaa_minu 5y ago
The US dollar for a long period of time was backed by gold and was therefore pretty stable for that period so calculating inflation over 400 years is disingenuous at best. It would be interesting to see how much value it's lost since the gold standard started to be compromised and eventually discontinued in 1971.
- hakfoo 5y agoThe spec of a gold-backed dollar can still be redefined. A $10 gold piece from the 1790s contains about 6% more gold one from the 1930s.