Color Scheme

Subscribe now

Dollar loses power

Becky Kramer’s article in the July 3 paper about ratepayers’ response to yearly rate-hike requests by Avista calls attention to a fundamental problem with our monetary system.

The dollar became official currency in 1793. The inherent value of gold kept the value of the dollar stable until 1971, when gold was dropped, leaving the dollar free to float as fiat currency.

Using U.S. government Consumer Price Index data of June 15, it takes $5.82 to buy today what $1.00 purchased in 1970. The government conveniently attributes the problem to “inflation.” I view it as government “devaluation” of the dollar.

Charts showing rate increases for gas and electricity begin with 1960 and are flat through 1970, a time period still under the gold standard. The jump came when gold was dropped. First class postage is now 44 cents per ounce compared to 6 cents in 1970.

Bob Launhardt

Pinehurst, Idaho

Letters policy

The Spokesman-Review invites original letters on local topics of public interest. Your letter must adhere to the following rules:

  • No more than 250 words
  • We reserve the right to reject letters that are not factually correct, racist or are written with malice.
  • We cannot accept more than one letter a month from the same writer.
  • With each letter, include your daytime phone number and street address.
  • The Spokesman-Review retains the nonexclusive right to archive and re-publish any material submitted for publication.

Unfortunately, we don’t have space to publish all letters received, nor are we able to acknowledge their receipt. (Learn more.)

Submit letters using any of the following:

Our online form
Submit your letter here
Mail
Letters to the Editor
The Spokesman-Review
999 W. Riverside Ave.
Spokane, WA 99201
Email
editor@spokesman.com
Fax
(509) 459-3815
Phone
(509) 459-5430

Read more about how we crafted our Letters to the Editor policy