Completely untrue. Gold has been considered an inflation proof asset since the dawn of investment banking. Unlike cpi its price is directly tied to the amount of currency in circulation here are 2 articles highlighting my points
https://www.reuters.com/plus/beyond-cpi-gold-as-a-strategic-inflation-hedge
But go ahead and believe whatever the wall street military and prison industry profiteers tell you, they are masters of fraud, deception and propaganda.
Yeah i have those numbers on hand too. The minimum wage in California for select fast food workers is just over 15 ounces which is just barely more than the first established minimum wage after the FLSA was implemented of $.25/hr so minimum wage today earns between 6-15 ounces so that’s 7-14% of what it earned in 1968-1971 and I’ve also done the math to know that it cost more to purchase and maintain a slave before the end of the civil war than minimum wage workers are currently payed in the usa.
We draw the line at wages that actually provide people enough to live a life worth living. Minimum wage in 1956 earned 60 ounces of gold a year in 1968 it was raised to $1.60/hr or 95 ounce of gold a year/ $250,000 today this was the 8th time minimum wage was increased since minimum wage was legislated by the fair labor standards act of 1938. Meanwhile today federal minimum wage has not been adjusted in 15 going on 16 years. This is the longest its gone without adjustment in the 86 years of minimum wage. The current inflation statistics regurgitated by wall street the imf and world bank are based on consumer price index which does not take into account the devaluation of currency due to the increase in circulating currency supply. Nixon ended the gold standard jn 1971 and by 1981 the usa had printed its first one trillion dollars. For the first 172 years after the us instituted a national standard currency the price of gold only increased 80% from $19 to $35 but since then its increased 7500% to $2650 meanwhile minimum wage has only increased 450-1300% and corporate executive pay has ballooned 3300%-16,500% so minimum wage value has actually decreased by 84-93% these corporations are literally robbing us all. 2/3 of working people are living paycheck to paycheck with no emergency savings. A majority of Millennials and gen z are on track to never own a home or be able to retire. They will have to work until they are too sick to be able to with the hope that social security still exists in 30-50 years. Retailers already increase prices to account for shrink and they take out massive insurance policies that reimburse them for shrink so the idea that this hurts big box businesses is just ridiculous propaganda
Its no use, he probably thinks wtc building number seven collapsed demolition style because the shockwave from the planes hitting the twin towers caused a ripple effect and a butferfly flapped its wings in Indonesia so there was definitely no fowl play on behalf of our extremely trustworthy societal institutions “. 🥴😴🤡
By that line of reasoning they can also shoot up speedballs whenever they feel like it. Man the people who write the rules just casually flaunting their invincibility to thus aforementioned rules.
$1 an hour full time is 60 ounces of gold. That is 160,000 in todays money. Inflation statistics regurgitated by the imf world bank and wall street are skewed using consumer price index which wails miserably to account for the devaluation of currency due to the increase in circulating currency supply. The price of gold does this perfectly. When nixon ended the gold standard in ‘71 minimum wage had been raised (an eighth time since it was legislated in 1938 at 25¢ an hour or ≈15 ounces of gold)3 years earlier in 1968 to $1.60/hr or $250,000 today.
The price of good stayed constant for 172 years from 1799 when a federal currency was established till 1971 only fluctuating ≈80% from $19 to $35 but in the 53 years since then it has ballooned 7500% to $2650 last i checked. This is in tandem with the amount of us currency printed into circulation. By the end of 1979 gold price was already up over 2000% to just under $800 and in 1981 the usa printed the first trillion. Now we are printing one trillion every 3-4 months.
This is why from 1945-1975 one adult working a full time minimum wage job could support a family of four with enough left over to save for retirement their children’s higher education and go on a modest yearly family vacation. But today it would take both adults working 80 hours per week with overtime at a minimum base pay of double minimum wage or quintuple it if federal minimum wage is the default where you are. Minimum wage since has only increased 450-1300% while corporate executive pay has increased 3300%-16,500% in the same time period.
NEEED MOArr LUIGI MEMES!!!! NOW PLLLLEEEEEZZZEEEE
When have the right wing moron billionaires who run wallstreet, circularly own all the media outlets and have their grubby hands up the ass of every politician whos (~elected~) allowed to serve, ever decided to do what’s smart? They usually let things reach critical mass before allowing any half assed attempt to solve even part of the issue.
Lets nuke the shit out of the shitty parts but keep the decorated live tree, pretty lights, egg nog, giving poor people and or family members things they cant normally afford and radicalizing our younger family members to be anarchistic leftists over ham or turkey or Chinese food while your older relatives try to push them as far right as possible and complain about everything that comes out of your mouth. You know the good parts of Christmas.
But rich people will just say no because they have to make money and its also a plus for them to dominate and abuse vulnerable women. Just like drug prohibition it fills the prisons which are slave labor and profit generation centers for them. Prohibiting drugs makes the drugs more expensive too so I would think its the same for sex work. If they legalize it however will they skim off the top and make the peasants afraid of their boot?
That would have been neat
Economics is a made up science the only purpose of which is to defend the exploitation of others through capitalism at all costs.
From 1945 till 1975 one adult working a full time minimum wage job could support a family of four with enough left to save for retirement, their children’s education and enjoy a modest yearly family vacation. How much money today would it take to earn the same quality of life? Maybe you can get there with $150,000 but families of 4 with 2 adults working full time and earning $30 an hour each thats barely scraping by at $124,000(pre taxes and dedictions)
I saw an msnbc article about abyear ago that i wish i saved because i could never find it again but the article gave the amount of money whomever wrote it had estimated one needed to earn anually to be middle class with a family of 4 today and middle class means you can afford a yearly vacation and lived to the same standard of life people had 75-40 years ago the number was just under 200,000 and this was when gold was just under $2200/ ounce so it pretty much added up to my math within a few thousand dolars. So this is why i think someone making minimum wage even in 1956 till 1971 had mucu more purchasing power, you could huy a house for $7500 or even less if you found a fix me up (my grandfather bought a house they were going to burn down in providence rhode island for $2700 in 1955) but today the median house in the usa costs over $400,000
Paper money is worthless. We only give it value because ultra wealthy people tell us to. But the reality is that every currency in circulation is inextricably tied to the price of gold. Also when you look at the exchange rate between any two currencies you will see they all add up to whatever the price of gold is. For instance if a gbp was equal to $1.30 per 1£ then an ounce of gold in £ will be 10/13 of the price of gold in usd.
Also printing money is inherently inflationary