Record DOW? Not so fast

The Dow Jones Industrial Average has been setting new records. It soared above 18,000 for the first time on Tuesday.

But is it really a record? Not if we score it by gold, the only real money. Then it’s clear that, although stocks have been rising lately, they are far from their heights of the late 1990s — 15 years ago.

The supposed “record” highs mainly are because the Federal Reserve Board has goosed the money supply since after the 9/11 terrorist attack in 2001.

There’s a chart showing that:

Notice how, even during the supposed “boom” of the early 2000s, the DOW, marked against gold, actually was decreasing.