Price of gold just hit $3140 why does that matter? Because gold is the true measure lf inflation. The inflation statistics used by walstreet and the FED come from the world bank and IMF. These numbers are based on consumer price index which is an inadequate measure of inflation because it does not account for the devaluation of a currency due to the increase in circulating currency supply and leveraged debt. Also Cpi Has been manipulated several times in the last few decades to keep inflation numbers skewed.
The reality here is that capitalist empires in decline always lie about the true measure of inflation to prevent civil unrest and the fomenting of a revolution by the working class.
But anyway: for the first 173 years of the us dollar as a standardized currency the price of gold only fluctuated 95% from $18 to $35 but in the 54 years since nixon withdrew from the bretton woods agreement ending the gold standard(the convertibility of the us dollar into gold at any bank) the price of gold has increased 8900% from $35 to $3140 this is directly proportional to the increase in the national debt in the same amount of time. From $400 billion to $36 trillion or 9000%
Even when fdr first passed the fair labor standards act setting minimum wage at 25¢/ hr that was more than the highest minimum wage currently for corporate fast food workers in California of $20/hr. As 25 cents an hour in 1938 produced 14.9 ounces of gold which would be $22/hr today or $45,160 (From 1938 to 1968 federal minimum wage was increased 7 times. On average from 1938 till today federal minimum has been increased 22 times on average once every 4 years with most adjustments happening within a year of the previous one. But today the federal minimum wage has not been adjusted in 17 years. The longest period it has gone unadjusted in 87 years.)
For about 4 decades a minimum wage worker could support a family of four with enough left over to save for their retirement (if they were not part of the approximately 50% of people with a pension) their children’s higher education and a modest family vacation once a year. During this point in history the median house price was $7200 but a home could be bought in most states for $4k-5k or even less for a fixer upper (my geandfather bought a house they were going to burn down in 1955 for $2700 about an hour outside Boston in the metropolitan providence area of new England and today it is worth $600,000) in 1950 minimum wage was raised to 75¢/hr which is 45 ounces of gold a year or $141,000 / $68/hr today. in 1956 it was again raised to $1/hr or 60 ounces of gold a year or $188,000/ $90/hr and in 1968 it was raised a final time before the end of the gold standard to $1.60 an hour this was 95 ounces of gold a year and today would be $300,000 or $147/hr it would take both adults working 2 jobs at 80 hours a week with overtime at a base pay of $30/hr to reach the same quality of life/ buying power
The reality is wall street took over our government, enacting the business plot they had attempted during the FDR administration(if you dont know about this coup led by prescott bush and the other robber barron wall street legacy families look it up) and they used their wealth and influence to eradicate the progress made by labor and civil rights advocates in the 30’s 40’s 50’s and 60’s primarily by intentionally devaluing the us dollar to lower the cost of wages for all the jobs they couldn’t outsource to the third world in the next step of their plan to siphon more wealth from the working class and poor. They had Reagan re legalize stock buybacks again and implement trans national trade agreements that sent a majority of the good manufacturing jobs and the jobs supporting them to the third world to cut lanor costs by 90-95%+
Now rent for a 2 bedroom in most metropolitan cities close to shipping ports is $3000/month (rent for 2 bedroom apartments has always been about an ounce of gold on averagein areas such as hartford ct, plymouth ma, providence ri, burlington VT, many parts of NY outside the city and new jersey. By the end of this administration gold spot price for an ounce will be $4500 last time he was in office saw rhe largest price increase under any administration from $1200 to $2050 or 71% so brace yourselves.
The reason financial institutions don't tell us this as I mentioned above is to prevent civil unrest and revolution. If more people understood this as i do they would immediately stop participating as a wage slave in a system that doesn’t afford a quality of life worth working or living for. Minimum wage has decreased in value by 86-95% meanwhile executive pay has ballooned from 30-60 Times the median worker wage back 54-84 years ago to 1000-5000(3333%-8333%) times that same metric today with the highest paid executive earning an hourly wage of $72,000 or about $800/hr back before 1971.
The reality is that it cost more to purchase and maintain an enslaved person for their average 30 year lifespan during chattel slavery than minimum wage workers anywhere in the United States are currently compensated
Whys the Onion now doing serious articles?
Has been for a while. I would much rather be dead.
I've genuinely felt this far more often than is reasonable considering I live in the wealthiest nation on the planet.
Haha it's funny because I seriously considered checking myself into the hospital this morning because I want to die but there's just too many logistical hurdles. We're having fun in the US, aren't we? Goooood times.
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