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Because the Fed has the ability to print as much money as they want the value of the US dollar has dropped by 70% over the last 30-40 years. Food for thought........
Did you know that your grandparents were making just as much money as you in the 70’s? It may not seem like it but apparently it is true. A new study reveals that wage growth for the average U.S. citizen has been stagnant since 1970. We work more hours and for less money than our parents and grandparents did. How is this so when previous generations never made $30,000 or $40,000 dollars per year?
The United States economy may have grown during the 70’s, 80’s, 90’s, and 2000’s but the salaries of the middle class have not. The reason for this is inflation. Factor in inflation and wages have not grown in 40 years. The price of goods and services has been outpacing wage growth. Homes, automobiles, electronics, and food all represent a larger percentage of personal income today. A dollar today does not buy as much as it did in the 60’s.
Take a look at these statistics:
1970’s
- The average salary was $7,564.
- A quart of milk was 33 cents.
- A loaf of bread was 25 cents.
- A dozen eggs were 60 cents.
- A pound of ground beef was 80 cents.
2009
- The median wage was $32,390*.
- A quart of milk was $1.49.
- A loaf of bread was $2.00.
- A dozen eggs were $1.99.
- A pound of ground beef was $3.99.
Costs can vary for items depending upon your location and the food product. For example, premium breads can run $4 to $5 dollars. Eggs can get as high as $3.99 and leaner cuts of beef can run $5 to $6 per pound.
The point of this illustration is to demonstrate that wages have not risen at all when you look at their buying power. Individuals are making more money today than a generation ago but they are actually getting less for their dollars. As you can see, middle class Americans have struggled just to keep pace with inflation. The wealth that was gained over the past 40 years has trickled upward and not down to the average worker.
*The U.S. median wage was $32,390 per year, according to the most recent data from the Occupational Employment Statistics
Because the Fed has the ability to print as much money as they want the value of the US dollar has dropped by 70% over the last 30-40 years.
Incorrect.
The Federal Reserve does NOT have the authority to print as much money as THEY want.
CONGRESS has the power to borrow on the credit of the U.S. as much CREDIT (not money) they want.
{Only legal way to print new notes is to increase the public debt. Yes, it is insane. No, you can't question it.}
Since 1933, no dollars have circulated.
Federal Reserve Notes (dollar bills) are not dollars.
By law, they don't even have any value - so they're not "fiat".
As notes, obligated parties are required to accept them in lieu of money.
(Ex: government)
And so do the millions of duly enumerated "Human Resources", via FICA.
(They forgot to tell you that, when you signed up...OOPS)
Incorrect.
The Federal Reserve does NOT have the authority to print as much money as THEY want.
CONGRESS has the power to borrow on the credit of the U.S. as much CREDIT (not money) they want.
{Only legal way to print new notes is to increase the public debt. Yes, it is insane. No, you can't question it.}
Since 1933, no dollars have circulated.
Federal Reserve Notes (dollar bills) are not dollars.
By law, they don't even have any value - so they're not "fiat".
As notes, obligated parties are required to accept them in lieu of money.
(Ex: government)
And so do the millions of duly enumerated "Human Resources", via FICA.
(They forgot to tell you that, when you signed up...OOPS)
Not so fast the OP is more correct.
In 1957 the last paper Silver Certificate was printed which ended Silver as Dollars, by the promise these notes were backed in real hard coin silver.
That ended with change in 1964, when the last silver coins were minted. After that time for a short while some coins were coated in real silver, but it wasn't meant to be.
Between the Silver Certificate and the current Fedral Reserve Note, there was the 'United States Note', I have on as a 5 dollar bill, so I am sure I am correct. neither of these are worth the powder to blow them up, as they are not backed by any promise of any value. It is play money, simple as fact.
About 2 years ago I was looking at silver because I use silver to make things, and in the looking I came across US 25 cent pieces by the bags full, and when it was broken down each 25 cent pice was worth apx $3.38, which was what a gallon of gas cost.
I am old enough to have bought gallons of gas for 27 cents.
As a lad working for $0.60 an hour which was minimum wages then, I had as much spending power then as i do now.
The only difference was the money then, was real money.
More buy gold nonsense. The only problem I have with the FED is that they are keeping interest artificially low to protect the Wall Street Bankers. At a Realistic 5-7% California would be solvent and so would I.
More buy gold nonsense. The only problem I have with the FED is that they are keeping interest artificially low to protect the Wall Street Bankers. At a Realistic 5-7% California would be solvent and so would I.
Aww my poor misguided liberal. It is much more complex than that. And no one is saying to buy gold. The US needs to buy back the gold it has last in the past decades, abolish the privately owned Fed, and return to sound money backed by precious metals
In 1957 the last paper Silver Certificate was printed which ended Silver as Dollars, by the promise these notes were backed in real hard coin silver.
That ended with change in 1964, when the last silver coins were minted. After that time for a short while some coins were coated in real silver, but it wasn't meant to be.
Between the Silver Certificate and the current Fedral Reserve Note, there was the 'United States Note', I have on as a 5 dollar bill, so I am sure I am correct. neither of these are worth the powder to blow them up, as they are not backed by any promise of any value. It is play money, simple as fact.
About 2 years ago I was looking at silver because I use silver to make things, and in the looking I came across US 25 cent pieces by the bags full, and when it was broken down each 25 cent pice was worth apx $3.38, which was what a gallon of gas cost.
I am old enough to have bought gallons of gas for 27 cents.
As a lad working for $0.60 an hour which was minimum wages then, I had as much spending power then as i do now.
The only difference was the money then, was real money.
1. No. He is not. Read the law.
2. Silver was demonetized in 1873. That was the beginning of the "Gold Standard" for the Federal government. The public debt, denominated in dollars, can only mean "gold dollars".
3. Fractional coin are not legal tender in amounts over 20 dollars. Go figure.
4. A note is not a certificate (receipt). A note is not money, by law. Never was. Never can be. A note is not "backed". See references from this post.
5. Since 1965, fractional coin have been counterfeits. (Congress reduced the penalty for counterfeiting in the previous session... just in case.)
6. Since 1933, no dollars have circulated. All prices were in reference to Federal Reserve notes - no par value - and are variables, not constants.
7. Real money existed before 1933. After 1933, real money ceased to circulate.
Do not take this personal - we're all victims of the world's greatest propaganda ministry. Go read the law for yourself. Do not rely on interpretations of "experts". It's found in every county courthouse law library.
Frankly, even Congress doesn't bother to read the laws they enact - why should YOU!
I can remember my dad paying 99 cents at the convenience store for a gallon of milk in the late 60's. Here in Arizona, I pay any where from 1.77-2.38 for a gallon of non-fat milk at Fry's. I got the point you're making though.....I'm just commenting because it amazes me how cheap milk is.
There is not enough bullion to support trade.
World wide supply of gold bullion is estimated at 5.5 billion ounces.
World population is 6.7 billion.
Do the math.
That's less than ONE OUNCE per capita.
You can't account for trade with less than one ounce per capita.
Small change would have to be denominated in molecules of gold.
And it won't work if limited to the USA.
Fort Knox depository has only 147.4 million ounces - less than 1/2 ounce per American.
Based on the value established by the Coinage Act of 1792, that computes to less than $10 per capita.
Want to work for $5 per year?
--- about a quarter coin sized amount of gold
(assuming that the rich would have the lion's share of the gold)
Ron Paul introduced a bill H.R. 1207 Federal Reserve Transparency Act of 2009 on Feb 26, 2009 . The Bill was cosponsored by six republicans and six Democrats. Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Pauls Audit the Fed amendment. Dodd completely eliminated legislation to audit the Federal Reserve, which had already passed in the House.
On June 30, 2010, Audit the Fed failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed. http://www.govtrack.us/congress/bill...bill=h111-1207
While I don't think Paul would be a good President this was and is a good bill that was destroyed by Dodd in 2010. Paul now has 320 co-sponsors and plans to reintroduce the bill in 2011
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