Post by Quinn C Post by Madhu Post by J. J. Lodder
Yes, something from the days of 'Bretton Woods',
when dollars were supposed to have value.
Or rather, the Americans imposed that idea
on the rest of the world at the end of WWII.
It lasted to about 1980,
Maybe in netherlands but I'm sure the rest of the world disagrees. (I
actually remember in 1980 a dollar was worth some 15 or 20 rupees and
amounted to nothing)
Between 1980 and 1985, it almost doubled in value against the
Deutschmark. Then by 1990 it returned to the 1980 low and stayed there.
There was a panicked feeling about those rapid movements.
In other parts of the world especially india I imagine it gained
dominance around 1991 -- it replaced the pound sterling and all trading
happens on the USD - India cannot barter with Iran of oil nor its
reserve bank pay through the Iranian banks.
The point of my comment was that the power of the USD could hardly have
ended in 1980 - Of course I'm no scumbag economist so what do I know,
Post by Quinn C
I remember vividly because in 1985, I bought a mathematics textbook
from the US, which ended up being, I think, still to this day, the most
expensive book I ever bought. The US price was, IIRC, the equivalent of
$95 in current US-Dollars, but what I ended up paying in Germany,
including fees for the overseas order, comes out to about $160. It
probably even went up a not insignificant amount between the time of
ordering and the delivery two months or so later (it was still a whole
process - finding the book in paper catalogues, calling sometimes to
ask if there was progress ...)
[OUP, Mcgraw Hill all publishing houses had branches in India and had
captured the text book market. Yet some colleges would prescribe foreign
books which had to be imported (and there was a big secondhand market
Also In the 80s there was a vibrant market in India for books from the
erstwhile soviet union. Mir publishers. Beautifully printed and
illustrated books on the finest paper, and most affordable with the
Indian Rupee. Of course they were instruments of marxist leninist and
the authors had to acknowledge their gods. Despite that I believe they
provided value. I have some totally biased history texts from that