Gasoline at 10 Cents a Gallon and Falling
George Reisman - gasoline isn't getting more expensive. It costs 10 cents a gallon relative to the old one-ounce twenty dollar gold piece. Paper money is getting more worthless every day, though. Thanks to the counterfeiters in the Federal Reserve. [root]
Gold is now at $700 per ounce, and rising. Above is a picture of a $20 United States gold coin known as a Double Eagle. If you look carefully, at the bottom of the coin, you can actually see where it says "Twenty Dollars."
This coin contains approximately one ounce of actual gold, which means that at today's market price of gold, it's worth $700. And this means that one gold dollar is worth $35 of today's paper dollars. And that means that one gold dime is worth $3.50 in today's paper money. This last, of course, is roughly what a gallon of gasoline costs in today's paper money. Which means that a gallon of gasoline costs just 10 gold cents.
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