| Destruction of the World Currencies 1950-1990 | ||||||||||
| Country | Percentage | Percentage Change | ||||||||
| Decline in | Percentage | in Free or Black Market | ||||||||
| Purchasing | Increase in | Value Relative to | ||||||||
| Power | Cost of Living | the US Dollar | ||||||||
| Argentina | 99 | 20,202,702,702,702 | -99 | 99 | ||||||
| Brazil | 99 | 424,445,666,666 | -99 | 99 | ||||||
| Peru | 99 | 16,817,499,900 | -99 | 99 | ||||||
| Bolivia | 99 | 13,499,399,990 | -99 | 99 | ||||||
| Uruguay | 99 | 285,668,690 | -99 | 99 | ||||||
| Chile | 99 | 63,599,900 | -99 | 99 | ||||||
| Yugoslavia | 99 | 16,111,328 | -99 | 99 | ||||||
| Israel | 99 | 12,124,900 | -99 | 99 | ||||||
| Turkey | 99 | 329,862 | -99 | 99 | ||||||
| Iceland | 99 | 251,900 | -99 | 99 | ||||||
| Ghana | 99 | 196,500 | -99 | 99 | ||||||
| Mexico | 99 | 175,575 | -99 | 99 | ||||||
| South Korea | 99 | 130,000 | -99 | 99 | ||||||
| Paraguay | 99 | 49,000 | -98 | 98 | ||||||
| Columbia | 99 | 30,410 | -99 | 99 | ||||||
| Sudan | 99 | 24,245 | -99 | 99 | ||||||
| Ecuador | 99 | 12,794 | -98 | 98 | ||||||
| Greece | 98 | 4,535 | -89 | 89 | ||||||
| Portugal | 98 | 4,173 | -79 | 79 | ||||||
| Costa Rica | 98 | 4,032 | -93 | 93 | ||||||
| Jamaica | 97 | 3,553 | -90 | 90 | ||||||
| Dominican Rep | 97 | 3,032 | -94 | 94 | ||||||
| Spain | 97 | 2,874 | -48 | 48 | ||||||
| Syria | 97 | 2,799 | -92 | 92 | ||||||
| Philippines | 96 | 2,549 | -88 | 88 | ||||||
| Venezuela | 96 | 2,301 | -94 | 94 | ||||||
| El Salvador | 96 | 2,148 | -75 | 75 | ||||||
| New Zealand | 95 | 1,904 | -77 | 77 | ||||||
| South Africa | 95 | 1,898 | -85 | 85 | ||||||
| Italy | 95 | 1,729 | -41 | 41 | ||||||
| Ireland | 94 | 1,629 | -33 | 33 | ||||||
| Egypt | 94 | 1,536 | -87 | 87 | ||||||
| United Kingdom | 93 | 1,304 | 37 | -37 | ||||||
| Australia | 92 | 1,227 | -63 | 63 | ||||||
| France | 91 | 1,076 | -24 | 24 | ||||||
| Pakistan | 91 | 1,075 | -79 | 79 | ||||||
| Sweden | 91 | 1,075 | 7 | -7 | ||||||
| Guatemala | 91 | 1,036 | -86 | 86 | ||||||
| Norway | 91 | 1,028 | 63 | -63 | ||||||
| India | 91 | 1,017 | -71 | 71 | ||||||
| Denmark | 91 | 1,002 | 67 | -67 | ||||||
| Sri Lanka | 90 | 945 | -89 | 89 | ||||||
| Myanmar | 90 | 912 | -90 | 90 | ||||||
| Morocco | 89 | 820 | -57 | 57 | ||||||
| Nepal | 88 | 733 | -77 | 77 | ||||||
| Tunisia | 87 | 660 | -57 | 57 | ||||||
| Japan | 87 | 648 | 212 | -212 | ||||||
| Honduras | 86 | 604 | -71 | 71 | ||||||
| Haiti | 85 | 583 | -75 | 75 | ||||||
| Cyprus | 85 | 556 | -19 | 19 | ||||||
| Canada | 84 | 528 | -11 | 11 | ||||||
| Austria | 84 | 515 | 196 | -196 | ||||||
| Thailand | 84 | 514 | -18 | 18 | ||||||
| United States | 82 | 442 | 92 | |||||||
| Netherlands | 81 | 432 | 142 | -142 | ||||||
| Belgium | 81 | 419 | 66 | -66 | ||||||
| Malta | 74 | 278 | 33 | -33 | ||||||
| Switzerland | 72 | 263 | 233 | -233 | ||||||
| Germany, West | 70 | 230 | 267 | -267 | ||||||
| Malaysia | 67 | 206 | 32 | -32 | ||||||
| Panama | 64 | 175 | 0 | 0 | ||||||
| Source: "Notes: 1992...1993" by HF Langenberg, CFA, Smith, Moore & Co. St. Louis MO |
| Source: International Currency Analysis, Inc. 7229 Avenue N, Brooklyn, NY 11234 (Publisher of Currency Year Book) |
|
As can be seen from the above chart, that world’s experience with fiat money for the period 1950 to 1990 has been a disaster for ordinary people. Countries such as Argentina, which, as of this writing on 5/31/02, is in the midst of yet another currency collapse, do not have a clue that the source of their problem is that their money is no good. With results such as these, it would appear that any faith in fiat money is entirely misplaced. It should be noted, too, that this kind of chart is unlikely to appear on the pages of any major media outlet, nor on the pages of any current economics text book. |
|
CONTACT INFORMATION Larry
Parks, Executive Director |
|