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Imagine your money as a slice of pie. Over the years, that slice is getting smaller, even though it's still a piece of the same pie. That means you can enjoy less of the delicious pie (or goods and services in real life) with the same slice (your dollar). Decline in dollar'sβ¦
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The erosion of purchasing power is evident over the years:
πΈ 1930: $1
πΈ 1960: $0.4
πΈ 1990: $0.1
πΈ 2023: $0.04
ime. It's a stark reminder of how the cost of goods and services has risen significantly, leading to a substantial reduction in the purchasing power ofβ¦
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Top 10 strongest currencies as of 2023:
1 - Kuwaiti Dinar (KWD): 1 dinar = $3.26. Located in the Persian Gulf, attached to the Sterling Pound originally and now multiple currencies. Originated from oil.
2 - Bahraini Dinar (BHD): 1 dinar = $2.65. Persian Gulf, attached to theβ¦
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These numbers tell a powerful story about the erosion of the US dollar's value over time.
It's a stark illustration of how prices have risen, ultimately affecting our ability to buy goods and services.
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The worst inflation in history was the Post-World War II hyperinflation of ππΊ Hungary with a monthly inflation rate of ~42 quadrillion percent, amounting to prices doubling every ~15 hours.
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The purchasing power of $1 in US money, also known as the value of money, can vary over time due to inflation and other economic factors. In general, as time goes on, the purchasing power of a dollar tends to decrease due to inflation. This means that goods and services that usedβ¦
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Talk about a trip down memory lane... but with money! πΈ It's wild to think about how much a dollar could get you back in the day compared to now. Makes you wonder what stories our grandparents have about the things they could buy with just a buck in 1930. πΏπ₯ And now, in 2023,β¦