Loading ...I remember reading a long time ago, they agreed to one ounce of silver for one barrel of oil, and one ounce of Gold for 15 barrels of oil. Note the old 15 to 1 Silver Gold ratio.
Today? One bbl of oil would be $30 re silver, and or $156 per bbl of oil re gold. If we average the two, $30 and $156 it comes out to $93/bbl.
Another thing I remember, the bozo bankers took silver backing off the USD in 1965, then by 1971 the idiots were forced to take the Gold backing of the USD also. The USD value dropped and Oil and everything went up inverse.
But what did the bozo banker media blame everything on?? The Arab Oil Embargo. Everybody sucked it up except me. It was a, what came first situation. The chicken or the egg. The Funny Money came FIRST. And also our US living standards declined after 1971.