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New York Sun: The dollar lying in wait
From The New York Sun
Wednesday, June 23, 2021
Paul Krugman is out with his latest column --
-- sneering at those who worry about inflation. His insouciance about the 1970s reminds us of Mark Twain's jibe about how Wagner's music isn't as bad as it sounds. The Sun, in any event, has shrunk from joining in the warnings about inflation. That's because of "The New York Sun Reporter's Handbook and Manual of Style."
... Dispatch continues below ...
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That sacred tome defines inflation as a rise in the price of gold. So far this year the price of gold has plunged to $1,775 an ounce from $1,943 at the start of the year. That span, though, is just the blink of an eye. It's the longer view that discloses the catastrophe.
The day George W. Bush was sworn in as president, the dollar was at a 265th of an ounce of gold. Since then the greenback has shed 85% of that value. ...
... For the remainder of the commentary:
https://www.nysun.com/editorials/the-dollar-lying-in-wait/91548/
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