No. It was part of the data I posted in full (the same data that my chart was from).
I'm not saying your chart is made up.
I am saying your chart does not mean what you think it means.
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Have you seen a $100,000 bill?
- Thread starter Salty
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I'm not saying your chart is made up.
I am saying your chart does not mean what you think it means.
KenH
Well-Known Member
Yes, it does. For example, when I watch "The Andy Griffith Show" from the early 1960s I can pretty much just take the prices on that show and multiply them by 10 and get a rough "ballpark figure" of what they cost today. And that's only around half of the time that the Federal Reserve has existed. You may think that is hunky-dory, but I don't.
Uh....no.....I did not say the gold standard CAUSED the Great Depression. There were actually many factors, and the gold standard was not one of them.
I said that the US maintaining the gold standard AFTER it ceased being the standard of the global economy (two years after) prolonged the Great Depression.
The gold standard would be fine in some cases, but it will not work unless that is applied globally and in a different form.
Interesting. If you take the median wage in 1960 and multiply it by 10.17 you get the median wage today.
So your argument is that income has increased proportionately to inflation (perhaps a little more).
KenH
Well-Known Member
I hope you are not being as insidious in your thinking as your comment sounds. If inflation is 100%(as it is now in Argentina) and wages go up 101%, do you think that is hunky-dory? Do you not think that the 100% inflation, regardless of any change in wages, causes a huge amount of distortions in the markets?
KenH
Well-Known Member
We may see what happens if the BRICS go all in on an actual gold standard(and not just a partial one) when they meet next week. I doubt that they will, but if they do, it could have huge consequences for the United States and its ability to maintain its empire.
The thing is it can't be one major economic power.
Measuring inflation in a singular economic system while ignoring wage increase simply does not make sense.
What you said was that prices increased. But they really didn't in comparison to wage increases. In fact, some commodities are much less expensive (some due to technology, but not all).
KenH
Well-Known Member
Obviously, we have WAY different views of economics and how inflation affects individuals. I have been concerned about inflation for a LONG time as I came of age during a time of very high inflation, and my concern about the national debt goes back to around 1990 during the savings and loan crisis. I am very concerned about the distortions caused by inflation; of course, I advocate for free markets, not government interference and planning, therefore I think that price signals are quite important.
