Try here...Dow is deflated in various money measures
http://www.zealllc.com/commentary/deflate.htm
"In real terms as deflated by M3 growth rates, the DJIA yielded a NEGATIVE 0.9% real rate of return over four decades! The Fed recklessly grew the M3 money supply SO fast, at 8% compounded annually, that the poor DJIA couldn’t even keep up. In M3 terms, the DJIA slow-motion slumped from 622 in 1960 to 436 in February 2001. The long touted bullish myth that US equities stand up well to inflation, as properly defined by money supply growth, is shattered. "
But everybody is buying large flat TVs & Cars And world travel is at a record
So against other things real wealth has been created..
The Consumer has more, better and cheaper...
a lot of things have deflated at even a more extreme rate..
So the million dollar question is can productivity increases continue to save the day ??
