The Great Depression Online

Great Depression Online Archive Issue:

Dollar Credibility

Inside This Issue You Will Discover…

*** A Hole in Our Pocket
*** It’s Just Not What it Use to Be
*** What Gives?
*** And More

The Dollar Has Lost Its Credibility

This fact recently put a hole in our pocket book.

We had come across the article “First Steps in Banking” from the April 3, 1957 edition of the British satire magazine Punch.  We liked the article.  We thought it was an instructive and clever read.  And we thought it would be nice to publish a 50th Anniversary edition as a gift for Great Depression Online readers.

So we inquired and found that it was still copyrighted, but that the owner, Punch Ltd., would license it to us for reproduction for a 100 fee.

We peered into our meager budget, swallowed hard, and thought…  “What the heck, lets do it.”

But then we had to swallow again…and again…and again.  For Punch Ltd. Makes its home in the United Kingdom.  And a fellow in the United Kingdom counts his chips in £-pounds.  While us, here at Direct Expressions LLC, count what little chips we have in $-dollars.

It’s Just Not What It Use to Be

In the year 2007, folks around the globe are a little suspicious of the value of the dollar.  “It’s just not what it use to be”, they say. 

And in the United Kingdom they charge quite a premium to us dollar holders.  In fact, it takes over two dollars to buy one pound.  So the 100 licensing fee, in actuality, cost us over $200. $202.26 to be exact.

But we wanted you to have it.  So we swallowed hard and bit the bullet for you.  We do hope you liked it.

But we also looked for a lesson in the transaction.  And in doing so we didn’t have to look far.

Back just five short years ago, in October of 2002, it would have taken only $157 to purchase the license; now it cost us 28.7% more.  But back then it would have taken just about $30 to buy a barrel of oil; now it takes $80.

Back then you could also get an ounce of gold for $325; now it takes $741.  And in 2002 if you had taken a European vacation you could have traded $1,000 for about €1,000 euros; now that $1,000 will only get you €713 euros.

What Gives?

Here we stop, sigh, and contemplate the dollars credibility.

“Is everything getting more expensive?” we ask.  “Or is the dollar losing its value?”

The answer, we surmise, depends on what currency you count your chips in.   


M.N. Gordon

Great Depression Online

P.S.  If you missed out on the complimentary gifts you can still access them here…

Gift No. 1 – “First Steps in Banking” – 50th Anniversary Edition e-book.

Gift No. 2 – “The Dutch Tulip Mania” e-book.


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