3 ms·
Food for thought. In 1964 you could take two silver dimes and purchase ~1 gallon of gas. Gas was ~20 cents per gallon. Dimes were 90% silver. Fast forward to
by slowhand09 5y ago
Food for thought. In 1964 you could take two silver dimes and purchase ~1 gallon of gas. Gas was ~20 cents per gallon. Dimes were 90% silver.
Fast forward to 2021. You could take two silver dimes to a coin dealer, sell them for fiat currency, and purchase 1 gallon of gas. Gas is ~$3.50 per gallon, silver is ~$23 per oz, and 2 silver dimes from 1964 contain ~5grams of silver.
But using 2021 dimes, you need 35 dimes to purchase a gallon.
Precious metals have kept their value. Fiat currency has lost nearly 90% of its value since moving off the gold standard.
The government needs more money, they print it. Based on their promise to pay it back later, with cheaper inflated currency.