How did this happen.
(media.greatawakening.win)
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We left the gold standard. IIRC $20 would get you 1oz of Gold in the 60s.
Today that same oz is about $2k IIRC.
So if minimum wage was $1 at that point, it would be closer to $100 today.
Assuming my math is accurate, we are on a trajectory to implode & will need a new currency backed with a stable trade medium soon (Gold has traditionally been the standard & many BRICS countries are moving back to it).
Once we are back to a gold standard, hopefully we can get contracts reset (ie secured debts) to get Americans back on track to fiscal freedom & growth again.
What cost $1.65 in 1965 would cost $16.22 in 2023. Also, if you were to buy exactly the same products in 2023 and 1965, they would cost you $1.65 and $0.17 respectively.
From west egg calculator
I will need too look at that west egg calculator. Thank you.
Exactly. We should never go by CPI inflation, real inflation is much steeper than that and tied to the money supply increase. CPI is just fraud. Generally speaking until recently, you could expect a halving in a little less than a decade. 65->24 = 6 halvings = 1 / 2^6 = Current dollar is 1.5% 1965 value, ish.
1950 house - $7,400 1960 house - $12,000 2010 house - $220,000 2024 house - $337,000
Land values been even crazier. For the best idea of real inflation add historical charts of M1 + M2 + M3 money supplies, but the bastards stopped listing several of them years ago, and they never accounted for dark money, either (Eurodollar, derivatives, shorts).
I know it sucks, but it’s necessary for the bottom 50% of income to feel some of the inflation pain. A lot of people will not acknowledge a problem until it’s on their doorstep.
The minimum wage was $1.25 in 1965, but in silver quarters, would would currently be about $35. The Dems have a point when they say it’s too low, but what they’re failing to consider (or lying about) is that these programs are designed and run by bankers and are all part of the machine that created these problems in the first place.
The great news is, seems like the bastards are about to get every last dime of all the bad debts [they] created shoved right down their throats.
Productivity shoved offshore helped with wage suppression. The Fed stopped publishing M3 over a decade ago. Also they use the U3 numbers for unemployment instead of the U6 total unemployment number which includes people who dropped out of the job market.
As bad as Larry Summers is he recently said inflation was actually around 18%. Powell doesn’t have the go ahead to do a Paul Volker, so here we are stuck in a Mexican Banker standoff.
Nice! I didn’t know what the unemployment indexes were called, thanks!
And yeah, it was like 12% years ago. 18-25% sounds about right.