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> Wow–thanks professor. Now it takes $1 to buy a candy bar instead of $.30. But the average income is $30K instead of $10K. So what?
OK, smart-ass. Here's the point. Say you put 20% of your income in a savings account that offers 2% interest, but inflation is running at 5%. You are actually paying a 3% annual fee to the bank for storing your money. You pay a 5% tax if you keep your money in cash. That's damn significant to anyone who has savings including retirement plans. Factor in the fact that you will keep adding to your savings, and the amount of real wealth you lose each year grows every year. That's the point.
Furthermore, the real median income of U.S. households has decline over the past ten years. This may be masked by inflation, but its effects are not.
Inflation also makes it more difficult to meaningfully compare the change in value of assets over long periods of times. This is especially true since the Federal Reserve stopped reportin...
Dan8267 says
Nomograph says
Money is issued by the government as tender. Are you actually suggesting that you think it is the job of the government to store your wealth for you?
(HINT: It isn’t)
Sorry pal, but your cries for a nanny-state to shelter you from the perils of a free market will go unanswered.
Nomograph, you ignorant slut. No, I am not suggesting that government should protect people from risks in free market investments. I have no idea how you pulled that out of your @$$ from my comments. Nor am I suggesting that we should have a nanny-state. I am not even suggesting that government should be the controller of money -- and in our country, it isn't, the fed is.
What I have stated is that money should retain value as that is one of its four functions. As Peter Schiff states in his book Crash Proof, the purpose of money is
1. A medium for the exchange of goods and services.
2. A unit of accounting.
3. A method of deferred payment.
4. A store of value.
When money fails in any of these purposes, the economy suffers. Before the federal reserve was created, the U.S. dollar held its value. After the fed was created, we got the Great Depression.
The only people who are pro-inflation are debtors and the big bankers.
How many apples can I buy with 70 grains of silver? How many cars?
Ever heard of a monetary reset? I suggest one is coming soon to a "democracy" near you.
What is to prevent people from trading with each other in silver or gold?
A man named Bernard von NotHaus created gold, silver, and copper coins which he called "Liberty dollars". He was sued by the Federal Government as a terrorist for doing this.
Federal prosecutors successfully argued that von NotHaus was, in fact, trying to pass off the silver coins as U.S. currency. Coming in denominations of 5, 10, 20, and 50, the Liberty Dollars also featured a dollar sign, the word "dollar" and the motto "Trust in God," similar to the "In God We Trust" that appears on U.S. coins.:[13]
Privately, nothing. Publicly, all business's must accept federal debt notes.
What is to prevent people from trading with each other in silver or gold?
NuttBoxer says
Privately, nothing. Publicly, all business's must accept federal debt notes.
No they don't. Some places literally refuse to take cash.
There's some freakiness in the precious metal markets. The price of silver (official paper price of silver) is less than half of what it was in 1980.
Gold and silver are currently used as money but there is a middleman (your local gold/silver shop or website) that gets a cut when buying or selling.
This is one dollar:
Inherited from Old Spanish peso, from Vulgar Latin *pēsum, from Latin pēnsum, from pendō (“to weigh”).
The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades.
•This move aligns with the broader de-dollarization efforts of the BRICS economic alliance, which the UAE recently joined.
•The UAE’s decision could significantly impact the dominance of the US dollar in the global oil market.
Back to the original thread "What is a Dollar?"
A Dollar, as of 5/14/2010 was 1/1237 of one Troy ounce of Gold.
NOTE: as of today, 11/29/2023, the dollar is 1/2044 of one Troy ounce of Gold.
The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades.
There is some good news about a weak dollar: It will help us manufacture for export again.
There is some good news about a weak dollar: It will help us manufacture for export again.
Show me where a sound dollar and capitalism causes anywhere near the pain, suffering, tragedy, misery and number of deaths that a fiat currency and a powerful socialistic central government has caused.
from pendō (“to weigh”).
@unusual_whales
A few days ago, Janet Yellen was answering: "How concerned are you about the long term status of the dollar?"
The US Treasury Department sign fell off.
PeopleUnited says
This belongs here
Patrick says
Excellent Graphic.
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http://mises.org/daily/4149
Are you aware that a Federal Reserve note "dollar bill" is not a constitutional dollar? Perhaps you are, but if so, do you know what a constitutional dollar literally is? Is it gold? Is it silver?