[August 10th Update from Simon: Several people wrote that my numbers were incorrect and that a Big Mac sandwich costs much less than $17 in Switzerland. This is correct and its my mistake. It's not the Big Mac sandwich, but the meal that costs > $17, around CHF 12.50; this is how much I personally paid (along with my business partner) when we were in Switzerland last December. I should have been more clear and written "Big Mac meal" instead of just "Big Mac". It was very late last night when I wrote this piece and I didn't notice the oversight at the time; my thanks to those who pointed it out. The underlying premise remains the same-- Ben Bernanke's stewardship of the dollar is a complete joke, and this is best evidenced by USD price levels in Switzerland, whether for a Big Mac meal or anything else.]
Just a quick thought on a ridiculously volatile day:
One of the things that people pick up on very quickly as they travel are how different price levels are around the world. I’ve been to roughly 100 countries, and I still find it amazing how much variance there is among things like food, property, and entertainment prices.