I ran across a very interesting graph which shows the S & P 500 adjusted to the valuation of gold. Gold is considered the "alternate" currency as compared to fiat currencies. If you subscribe to gold as a more "absolute" value of wealth, then the S & P 500 has been on a DECLINE since 2000.
This clearly illustrates that charting in terms of US Dollars is not an absolute valuation of wealth in the world sense. There is different perspectives of what something is worth.
See graph below, I lifted this from xTrends blog.
|From WebSurfinMurf's Financial Blog|