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| Re: NYC Rail networks—bursting at seams? (1352983) | |||
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Re: NYC Rail networks—bursting at seams? |
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Posted by Dyre Dan on Wed May 20 17:53:38 2015, in response to Re: NYC Rail networks—bursting at seams?, posted by WillD on Wed May 20 07:07:50 2015. If a business today did not anticipate inflation when entering a long-term contract, then yes, they would deserve to go out of business. But things were different then. A dollar was a dollar, and always had been. There were expansions and contractions of credit, but the basic value of what a dollar was worth was not something that changed to any appreciable degree. The price of gold went from $20.00 to $20.67 an ounce sometime in the 19th century, and that was IT. There is even a reference in the Constitution, in Amendment VII, to the value of $20 as the threshold value that entitles someone to a jury trial in a civil suit for an amount greater than that, which is a pretty strong indication that the objective value represented by "$20" was not something that was expected to change. |
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