Re: [PLUG] Interesting thread on SEUL-EDU mailing list...

[Art Alexion <arthur@alexion.com>]

Jon Galt wrote:

> On Thu, 25 Apr 2002, gabriel rosenkoetter wrote:
>
> > The gold standard went away because it was *way* too difficult to do
> > business efficiently when the price of gold fluctuated drastically
> > on a regular basis. It caused tides of inflation and deflation that
> > moved much faster than anything we're used to.
>
> Give me a break.  Stick to computers, Gabriel.
>
> When the USA was on the gold standard, it was not possible for the price
> of gold to fluctuate in terms of dollars, because the definition of the
> dollar was in terms of gold.  Ever hear of a 20 dollar gold coin?  Before
> they began eliminating the gold standard, one could walk into virtually
> any bank and exchange between gold and paper dollars at a fixed rate.  I
> believe it was 20 USD per ounce.

About $35.  In 1972, my high school ring cost about $56.  When it was 
stolen in 1980, the gold alone was worth about $300.
_____________________________

art alexion
mailto:arthur@alexion.com

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