Full Quiver wrote:Question: What is the US dollar worth today and what was it worth 7 years ago?
Danny that seems to be such a simple question. However, the answer is not all that simple. First, to what standard are we to use for comparison. the current exchange rate against other currencies, or current value compared to inflation?
If we use the current exchange rates:
We would have difficulty because the Euro did not physically exist at that time (2000 - 2001), it was not released in the physical form until 2002.
If we use the measure of inflation:
What cost $100 in 2000 would cost $123.37 in 2007.
Also, if you were to buy exactly the same products in 2007 and 2000,
they would cost you $100 and $83.32 respectively.
We have the problem that again we have no absolute value to measure against, and have not had such a value since the Federal Reserve Note became the "standard" of our legal tender.
The final production of $1 Silver Certificates occurred in late 1963. In 1964 the redemption of Silver Certificates for silver coin ended and in 1968 the redemption of Silver Certificates for silver bullion ended.
Without an absolute standard against which to measure, the answer to your question would have as many answers as there are Economist, each giving only the arguments that support his answer. In all truth, it is all comparative.
TW