If someone put 1 dollar on the bank in 1900, then what would it be worth now, considering both inflation and interest?
If someone put 1 dollar on the bank in 1900, then what would it be worth now, considering both inflation and interest?
However, in 1900 you used to be able to buy 70 pounds of potatoes for $1. Now you can buy 1 potato.
So yeah I would say that's pretty expired.
https://historycollection.com/30-things-you-could-buy-for-1-...
> Money could be deposited in a bank, whereby it would retain its value because the bank would be responsible for the stamps. To avoid paying for the stamps, the bank would be incentivized to loan the money, passing on the holding expense to others. In Gesell’s vision, banks would loan so freely that their interest rates would eventually fall to zero, and they would collect only a small risk premium and an administration fee.
If you open a bank account today and deposit $1, you'll be in the red next month due to maintenance fees.