I’ve said it before, and I’ll say it again: when gold reaches $2,067 per ounce, the dollar will be worth exactly one penny from a century ago. Economists may call this an overly simplistic measure of inflation, but simple is not simplistic. We’re not talking about a dollar’s worth of an artificial ‘basket of goods’ which has different arbitrary contents from the end of one century to another; we are comparing two commodities, period. An ounce of gold a century ago was $20.67, by law. No ‘baskets’ were involved. The whole concept of comparing groups of commodities to get a ‘better view’ of inflation, or to use ‘average daily wages’ (another guess) serves only to make it seem impossible to measure wealth and inflation.
We have not been well treated by nearly a hundred years of the Federal Reserve system, nor have we done particularly well in the forty years of fiat money since Nixon closed the gold exchange window. A politically staffed central bank with the power to print money leads to politically motivated bubbles. At least the First and Second Banks of the United States were only chartered for twenty years, and couldn’t create money out of thin air.
Simple truth is currency has never been is not now or ever will be MONEY...
The rubes have been deluded and tricked by a RubeGoldberg shell game called central banking..
It has also WORKED!.. If the rubes ever find out they have been tricked..
Anarchy may be the result.. Some of the rubes may have been SLAPPED into conciousness.. lately..