“An Australian investment bank has developed a new indicator for tracking international currency values using the cost of an Apple iPod as a benchmark,” Meraiah Foley reports for The Associated Press.
Foley reports, “Commonwealth Securities Ltd. last week announced the creation of its iPod Index to assess the value of global currencies by comparing the cost of a 2-gigabyte iPod Nano music player in dollars across different countries.”
“The index is based on the economic principle that one dollar should buy the same quantity of goods across all countries, and that currencies will fluctuate to close any gaps in purchasing power,” Foley reports. “The theory goes like this: If the price in U.S. dollar terms of an iPod Nano is more expensive in Australia than it is in the United States — and it is — then the Australian currency may be overvalued.”
“In the United States, an iPod Nano retails for $149.00. But in Brazil, which topped the index, a 2-gigabyte Nano costs the equivalent of $327.71. Canada is the cheapest place to pick up an iPod at $144.20,” Foley reports. “In Australia, an iPod is valued at $172.36, which has led the bank to suggest that the currency is overvalued.”
Full article here.
[Thanks to MacDailyNews Reader “dix99” for the heads up.]
In related news, the National Association of Septic Tank Yardmen (NASTY) is hard at work on a new unified system for measuring tank fullness. They call it the “Zune Index.”
“We had no idea of the volume relations of what we call ‘fillage amounts’ between tanks from different makers,” Roy Enuz, King of NASTY, told MacDailyNews while perched atop the group’s famous porcelain throne. “We figured Zune was the perfect name for our biz’s, uh, ‘universal unit.’ After we ratify this crap next week, when somebody tells me their tank’s got 1,000 Zune capacity and it’s up to 900 Zunes, I’ll know exactly what they’re talkin’ ’bout, if you get my drift (laughs) – Time to get pumpin’! Excuse me a sec while I’m up here, will ya? I gotta squirt out a Zune or two myself. It’s good to be the King (winks).”
[Thanks, “fatal.” Reworked to get to “NASTY” as per your suggestion.]