Currency debasement is driving the dramatic increase in our wealth, but it’s also devaluing the purchasing power of money
The S&P500 index is up some 700 per cent over the past half-century. Although, had you parked your money in gold in 1971, the year the U.S. abandoned the gold standard and allowed its value to be set by the market, you’d have made the same return. Macy's Santa Claus appears on the trading floor to celebrate the 97th Macy's Thanksgiving Day Parade at the New York Stock Exchange on Nov. 22, 2023..
The truth is, Canadians have been sitting on assets and watching them grow. Not just Canadians. Take the value of investments in the current pack-leader among the developed world’s stock markets, the New York exchange. Theindex is up some 700 per cent over the past half-century. That sounds mighty impressive until you consider the alternatives. Had you parked your money in gold in 1971, the year the U.S.
So they can be forgiven for thinking the system is rigged against them. You see, each time asset prices take a serious hit, central banks hose money at the market to revive them. There are sound economic reasons for doing this, not least that if asset prices fall sharply, it can damage the balance sheets in the banking system and thereby the risk of a financial crisis.
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