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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.
I may not be an expert, but I do have a minor in economics, so I have a basic understanding of the math behind it. And you aren't going to convince me that math and statistics aren't real.
One thing I would point out is gold is inherently deflationary, because the money supply can't grow with the economy.
It's not as simple as more dollar bills=inflation, less dollar bills=deflation. For one thing, if the population grows and the money supply doesn't, everybody has less money. Also, if we have a recession and people stop spending money as quickly, the money supply goes down. Interest rates effect money supply as well. There are a ton of factors. This is not propaganda, it is basic math.
Based on your argument, do you really think someone making minimum wage in 1968 had the same purchasing power as someone making 250k in 2024? This is absurdly false.
I agree with you that the system is broken, but your numbers are completely meaningless.
Based on your argument, do you really think someone making minimum wage in 1968 had the same purchasing power as someone making 250k in 2024? This is absurdly false.
Is it, though? Like, let's sit with this thought for a second. Everyone I've asked who was working age during this time says that either our standard of living has stagnated or markedly worsened since the 70s. In fact, my experience with a lot of the boomer generation and listening to them be confused about why millennials were/are so angsty, this makes a lot of sense. You really could do a lot with a minimum wage job back then; pay your own way through college, live independently, own your own car, and still save up for some luxuries like retirement. Idk, man, just basing this off the older folks in my own life, this actually passes the sniff test for me.
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
Lol economics is a made up science? What does that even mean? You are literally talking about economics right now. As long as money exists in any form, economics is real.
And we usually think about inflation in terms of purchasing power... How much can I buy with my paycheck? Not in terms of the value of some arbitrary element whose value is based entirely on speculation.
Also, let me repeat this again: the money supply is not literally the number of dollar bills (or gold nuggets or whatever) in circulation. It is only one of many factors.
For example: if a dollar bill changes hands 3 times in a year, it adds $1 to the salaries of 3 different people. That's $3 added to the money supply. That isn't propaganda, that is a factual mathematical truth.
Just because you don't understand economics doesn't mean it's not real.
You are absolutely crazy conspiracy theorist level nuts, you know that? Stop drinking the libertarian Kool-Aid
I'm not even going to begin to try to break down your comment because there is so much bullshit to unpack but I will at least say this:
Economics is the study of how people use resources and make decisions, and how those decisions impact the production, distribution, and consumption of goods and services
That is not a made up science. The conclusions economists draw, the theories they promote, etc can be twisted and manipulated but there are fundamental truths about economics to be found. Calling it a made up science is a rejection of objective truth and makes you sound like a lunatic
https://evonomics.com/pretending-hard-science-ethics-free-julie-nelson/
Go ahead and trust the biggest liars on the face of the planet. War lord prison industry profiteering peices of trash who spend more on a weekend vacation than you could earn in a dozen lifetimes.
The price of gold has gone up in tandem with the amount of money being printed and the shift of wealth acquisition from the bottom to the top. 86 years ago till 50 years ago the share of wealth for the bottom 80% of society was around 90% now its the other way around the top ten percent control 90% of the wealth. 50% of Americans have less than 200,000 in assets and liquid. 60% of workers live paycheck to paycheck with no emergency savings a majority of millennials and gen z are never going to own a home never going to have retirement savings and be forced to work till they are too sick to do so with the hopes that social security isn’t gutted and nonexistent in 30-60 years
You may think im crazy however you and i likely have a much different intellectual capacity. Im guessing your iq is average at best? Maybe 110 at most? But whatever you want to believe. Even double the highest minimum wage today is garbage. People used to be motivated to work by the fact that the wages offered provided a better quality of life but today the only thing motivating a majority of people to work is the coercive threat of homelessness starvation and loss of dignity.
Ive received the same pushback for espousing these ideas and its always the same bullshit. Trust what wall street tells you, they are the experts, you’re just a conspiracy theorist nut job crackpot.
So really all I have to say is kindly go and Kick rocks buddy.
Ahahaha you're really trying to claim an IQ superiority on the internet 😂 Cry more
Have fun blaming others for your failures Mr $6000/yr High IQ. Whatever helps you sleep at night.
👍👌👋✌️
Boot flavored gum must be really tasty these days.
the difference between you and I is that I realized our society as it is currently ordered isnt worth participating in whereas you seemingly still believe capitalism rewards the amount of hard work one puts into the system.
So why are you even in this community? To troll people you deem less human than yourself? I bet you sleep alone at night.
Lol you think because I don't condone wanton theft and lawlessness, that because I'm not a psycho libertarian it means I support capitalism?
Quite narrow minded. You lack vision and nuance.
Sadly for you, existence is more complex than "capitalism bad". Some things with really well as a capitalist venture (like trying to start any endeavor that takes large initial investment to get going because it's only viable when produced at scale). Other things are fucking horrifying to manage as capitalist endeavors (like prison and healthcare and education).
You're like a puppy, easily distracted by the shiniest thing and unable to hold more than one concept at a time.
I'm done. I've wasted enough time talking to you, you walking, talking, "is it me who's wrong? No it's them" principal skinner meme 😂