Posted on 06/30/2023 8:46:18 AM PDT by NewJerseyJoe
This addresses some of the questions I've had about the pros vs. cons of a reserve currency.
(Source article has links)
This is just one more set of circumstances that is a result of what’s already transpiring not a cause of what lies ahead. The core issue of our problems is the destruction of trust and the only viable solution starts with seeking and knowing the true God. We can get on our knees now or be driven to them later.
I agree with this article 100%....it’s the one thing that will shock our society into the reality of the true cost of bigger government! Both Democrats and Republicans (of the past 50 years) have been for bigger government and more deficit spending. It’s only been a matter of whose friends get greased more in the process. Time has come to end this charade and the American public finally understand the consequences of their voting choices....
There have been many claims over the years along the lines of prosperity leading to decadence, etc. While there may be some merit to these kinds of claims, there is little proof that poverty leads to anything good. I vote for prosperity. Use it wisely.
There is a saying that nobody ever went broke betting against the next big thing. That said, the destabilization of the dollar may behave like a bankruptcy - slowly then all at once. It will appear as a rapid inflation.
All that said, the author makes a valid point that structural inflation allowed by dollar reserve status is not in the best interest of the ordinary Joe. However, the journey for the dollar from reserve currency to a role that requires no structural dollar inflation will be far beyond what the author expects - or what anybody expects for that matter. JMHO
When I was a teenager in 1965 (Florida):
A working man could support a family on $12k a year.
Nice house - $24K now $300k
Stamps - 4¢
Cheeseburger 15¢
Gas 33¢ (yes, that was even without counting “gas wars”)
New car $3k (MGB Midget was advertised as the “only true sports car for under $2,000)
Apartment rental? $100 or less vs $1,200 now
What about taxes??? The more worthless dollars you earn, the more you pay in taxes.
Yes, things can vary some from state to state or region to region.
I might say clothes have stayed pretty much the same. Possibly due to China’s slave labor, sadly.
But I see almost 1000% inflation since I was a kid, overall.
Not sure that wages have gone up 1000%.
“I was thinking that inflation has gone up about 1000 percent in my lifetime.”
I just got my wedding ring re-sized. I bought it in 79’ for around $40. The jeweler appraised it at $900. How much inflation is that?
prices go down over time
yes technology will reduce costs of production.
What was the average salary in the South back then? If you could find a job.
I know that in 1972 I worked in a furniture mfg in Orlando, FL for $2.10 an hour. A year I later got on piecework in the framing dept and was making $150+ a week.
I paid 35¢ for a pack of cigs (quit that black hole in 1978), 99¢ for a 6 pack of Busch tall boys. $75 a month for my half of a nice 2 bedroom house with a <$25 a month electric bill. I drove a 3 year old Datsun I bought for $1,100 (filled it up every Friday for $3-$4). I paid $9 every other week for health insurance.
In 1969 I paid $6 to see Jefferson Airplane. Damn that was a good show!
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