Measuring a currency against gold is only interesting if the value of gold is somehow constant.
Again, not so. (Perhaps it is not interesting to you, I'll grant that.) I am measuring the monetary unit's pegged value in 1914 to the value of gold today, expressed in that unit's current value. I am not talking about buying power, and I have consistently and explicitly not been doing so throughout this entire thread. In those terms, gold's value is the only thing that is constant: that gold sovereign's defined weight has not changed.
I understand very clearly what you are saying--btw, your deflator site is in dollars, not pounds, and pounds have depreciated quite a bit against dollars in the last century, so the number is incorrect expressed in pounds, but that is a side-note--but I don't think you understand why it's entirely irrelevant to my post.
What I am doing is not what you think I am doing. I have been very clear about what I am doing, and you keep talking about a different subject entirely throughout this entire comment thread.
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You keep reading things I am not saying.
Date: 2011-08-09 10:12 pm (UTC)Again, not so. (Perhaps it is not interesting to you, I'll grant that.) I am measuring the monetary unit's pegged value in 1914 to the value of gold today, expressed in that unit's current value. I am not talking about buying power, and I have consistently and explicitly not been doing so throughout this entire thread. In those terms, gold's value is the only thing that is constant: that gold sovereign's defined weight has not changed.
I understand very clearly what you are saying--btw, your deflator site is in dollars, not pounds, and pounds have depreciated quite a bit against dollars in the last century, so the number is incorrect expressed in pounds, but that is a side-note--but I don't think you understand why it's entirely irrelevant to my post.
What I am doing is not what you think I am doing. I have been very clear about what I am doing, and you keep talking about a different subject entirely throughout this entire comment thread.