Stocks are a form of paper money basically backed by the issuers ability to earn dollars. Stocks can indirectly be converted to gold as can the dollar. As with dollars, the amount of gold they can indirectly purchase is also ever-diminishing. I read somewhere that all stocks are eventually worth zero. I guess the jury is still out on that one, but I guess historically it has some basis. From the time of first issuance the dollar has already gone to near zero relative to the other assets it can purchase. What percentage of assets can it now buy relative to when it was first issued (1%)? Conversely, what percentage of assets can gold now purchase relative to that time (100% plus)? Perhaps one reason some other currencies have fallen in value faster than the dollar is because of participating or being on the losing side in wars. Some of those currencies did reach zero and no longer exist (eg. confederate and continental dollars). Like stocks, the value of a currency represents (at least partially) the ability of its issuer to create wealth and/or the ability to wage war. When accumulated deficits become excessive the underlying value of a bonds/currency must diminish (like stocks). The ability of a nation to wage war increases its ability to ultimately succeed (survive). The value of its currency is somewhat linked to that. If like stocks all empires ultimately fall, then I guess all currencies eventually reach zero. Regardless of that, it appears that they all get that close to zero that it does not matter. The US formula for economic growth is partly based on inflation, therefore debasement of the dollar is inevitable.