FT Deutschland finds a way to depress readers even further, if such were needed (hat tip, Eurointelligence). The economically literate have always understood that the statements we hear, such as “the S&P has returned to the level of 1996”, aren’t adjusted for inflation. So FT Deutschland took the Morgan Stanley world stock index and adjusted it for inflation, and stated it in Deutsche Marks/Euros.

The conclusion? We’re back to 1970. Dividends are the only gains investors have made.