Abstract
The years since the early 1970s have been the most tumultuous in monetary history. The world price level in 2008 was more than five times higher than in 1970; never before have price levels increased so rapidly in so many countries. The US dollar price of gold at the end of 2008 was more than 25 times higher than the US$35 parity in 1970 — and this price had been 25 percent higher in the summer of 2008 than at the end of the year. A barrel of oil nearly reached $150 in June 2008, more than 50 times higher than at the end of 1970; the oil price had quintupled between 2003 and 2008 and then declined to below $50 toward the end of the year.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
