“In 1970 an ounce of gold ($35) would buy 15 barrels of OPEC oil ($2.30/bbl). In May 1981 an ounce of gold ($480) still bought 15 barrels of Saudi oil ($32/bbl).”
The Economy In Mind by Warren Brookes
At present, an ounce of gold buys about 20 barrels of oil.
The perfectly-elastic supply of money under a global paper (fiat) money system allows central bankers devalue the very currencies that they are charged with protecting.
If all paper currencies were destroyed, it would not change economic wealth. However, printing too many pieces of paper money will destroy wealth.
