Henry Ford understood the implications of the falling dollar during the “Roaring Twenties.”
“But money should always be money. A foot is always twelve inches, but when is a dollar a dollar? If ton weights changed in the coal yard, and peck measures changed in the grocery, and yard sticks were to-day 42 inches and to-morrow 33 inches (by some occult process called ‘exchange’) the people would mighty soon remedy that. When a dollar is not always a dollar, when the 100-cent dollar becomes the 65-cent dollar, and then the 50-cent dollar, and then the 47-cent dollar, as the good old American gold and silver dollars did, what is the use of yelling about ‘cheap money,’ ‘depreciated money’? A dollar that stays 100 cents is as necessary as a pound that stays 16 ounces and a yard that stays 36 inches.”
Henry Ford, My Life and Work, 1922
“But money should always be money. A foot is always twelve inches, but when is a dollar a dollar? If ton weights changed in the coal yard, and peck measures changed in the grocery, and yard sticks were to-day 42 inches and to-morrow 33 inches (by some occult process called ‘exchange’) the people would mighty soon remedy that. When a dollar is not always a dollar, when the 100-cent dollar becomes the 65-cent dollar, and then the 50-cent dollar, and then the 47-cent dollar, as the good old American gold and silver dollars did, what is the use of yelling about ‘cheap money,’ ‘depreciated money’? A dollar that stays 100 cents is as necessary as a pound that stays 16 ounces and a yard that stays 36 inches.”
Henry Ford, My Life and Work, 1922
Photo Credit: Mises.org
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