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An Hour Of Your Time Has Never Been Worth Less

Tyler Durden's picture





 

Whether it's deleveraging, spare capacity, dollar debasement, productivity gains, or just plain old obesity, in real purchasing power terms, an hour of your time has never been worth less. In the 40 years since Nixon's 1971 fiat-fiasco, the value of the average hourly earnings for US citizens has dropped 90% in terms of Gold. The last time that our labor's efforts garnered such a low value saw a twenty year credit-blown releveraging (from 1980 to 2001) to save-us-all; we suspect that debt saturation will limit the ability of any central bank to create such a 'recovery' in labor-value once again. Since the peak in 2001, 60 minutes of your valuable time has lost 81% of its purchasing power! Is this what globalization looks like?

 

The average hourly earnings in ounces of Gold...

 

Charts: Bloomberg

 


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Thu, 10/25/2012 - 10:10 | Link to Comment Capitalist
Capitalist's picture

FUCK YOU BURNS, MILLER, VOLCKER, GREENSPAN AND BERNANKE

Thu, 10/25/2012 - 10:18 | Link to Comment BigJim
BigJim's picture

Much as I sympathise with wanting to view purchasing power through the lens of something other than a fiat currency, looking at it purely vs. gold seems a bit specious.

A basket of commodities, housing, transport, energy, and health costs seems more useful.

But how do you weight them? And how do you take into account increases of productivity?

Ultimately, looking at how income disparities have increased is probably the best way to see that productivity increases haven't been reflected in the peons' pay.

 

Thu, 10/25/2012 - 10:18 | Link to Comment Spastica Rex
Spastica Rex's picture

Nuance. Clever.

Thu, 10/25/2012 - 10:29 | Link to Comment 3rdgrader
3rdgrader's picture

You get demoted daily. Hourly. Every minute. At this pace, in a few more years you will have to work twenty thousand hours to buy a loaf of bread.

But don't talk about ending the Fed, no, heavens forbid we should end the reign of terror and remove domestic terrorist numero uno...

Thu, 10/25/2012 - 10:39 | Link to Comment malikai
malikai's picture

If you see something, say something..

Thu, 10/25/2012 - 11:06 | Link to Comment AvoidingTaxation
AvoidingTaxation's picture

I say: Fuck you pig!

Thu, 10/25/2012 - 11:12 | Link to Comment TheInformed
TheInformed's picture

I'm pretty sure this is proof that gold is massively overvalued.  I love gold as much as anybody else, but this chart scares me.  Since 2000, the hourly 'value' has not collapsed anywhere near this level.  I think it's time to dump some of this inflated gold bullion.

Thu, 10/25/2012 - 12:06 | Link to Comment fuu
fuu's picture

Now how did Slewie used to do this?

"Grats on your first ever post fucking toy-boy!"

Thu, 10/25/2012 - 18:51 | Link to Comment 3rdgrader
3rdgrader's picture

"the informed" is "disinformed"

Thu, 10/25/2012 - 11:57 | Link to Comment malikai
malikai's picture

PM me. I'll happily take that gold off your hands. Better hurry before it collapses by at least 50%.

I'll give you 75% of spot today.

Thu, 10/25/2012 - 11:49 | Link to Comment A Nanny Moose
A Nanny Moose's picture

I like the beer and coffee index personally

Thu, 10/25/2012 - 10:24 | Link to Comment Dr. Engali
Dr. Engali's picture

The basket of commodities does not work as a measuring tool because they are never a constant, The availability ebbs and flows. Gold is a constant, and production only grows about 1% per year.

Thu, 10/25/2012 - 10:32 | Link to Comment malikai
malikai's picture

Commodity pricing of income shouldn't be precluded on this basis, IMO. You can still average the price of the commodities you put in the basket to get a stable value. And I think it would do much better than gold alone.

Thu, 10/25/2012 - 11:04 | Link to Comment catacl1sm
catacl1sm's picture

Use the BMI, Big Mac Index.

Thu, 10/25/2012 - 11:45 | Link to Comment SafelyGraze
SafelyGraze's picture

the following basket would work:

Tuition at Wayne State University
Ford Maverick and Mustang
Gasoline

see below for details

Thu, 10/25/2012 - 12:27 | Link to Comment BigJim
BigJim's picture

 The basket of commodities does not work as a measuring tool because they are never a constant, The availability ebbs and flows. Gold is a constant, and production only grows about 1% per year.

Gold production is relatively constant (between 1 - 2% increase of stock per annum), yes. But the percentage of the working population and productivity are not.

So one could only expect wages in terms of gold to stay the same if the working population were also expanding at 1 - 2% per annum, no? That's assuming that the price of gold reflects (or should reflect) the same stock/flow ratio of all other existing wealth, a proposition I can't argue one way or the other because I haven't yet a sufficiently developed theory of capital to inform my thinking on the matter. So much to read, so little time...

Furthermore, productivity comes into this as well. If people are producing less, for instance (say because their 'socialist' governments have decreed a 35 hour working week, or subsidies for inefficient but politically favoured industries) then you'd expect their ability to purchase gold to decrease, too.

Don't get me wrong - I buy the general thesis we're being raped by monetary debasement and other wealth redistribution schemes. I just think analysing that rape by comparing wages with only the price of gold (a 'money' whose value has (and is) been manipulated and suppressed) is less than rigorous.

Thu, 10/25/2012 - 16:01 | Link to Comment cornedmutton
cornedmutton's picture

I really wish people would stop using the word "constant" in the same sentence as a non-zero growth rate.

0% growth is CONSTANT.  1 ~ 2% is NOT constant.  Claiming it is is akin to the Fed claiming that the stable prices mandate is met with a target inflation rate of 2% or less.

Thu, 10/25/2012 - 10:31 | Link to Comment Sophist Economicus
Sophist Economicus's picture

A close proxy for that was the old CPI measurement -- unfortunately, the conclusions above are the same

Thu, 10/25/2012 - 11:22 | Link to Comment Muppet Pimp
Muppet Pimp's picture

Funny you should return during this particular example of sophistry

Thu, 10/25/2012 - 10:37 | Link to Comment ebworthen
ebworthen's picture

Ask yourself if you have to work harder to pay health costs, energy, rent or a devalued underwater house, and food.

Pretty easy calculus there for 99% of the population.

Thu, 10/25/2012 - 11:32 | Link to Comment laserjock
laserjock's picture

Wages are relative to what you buy with them, regardless of what they're priced in.  Everything I buy also costs less in ounces of gold than 10 years ago.

Thu, 10/25/2012 - 12:44 | Link to Comment Lester
Lester's picture

Like there was no inflation/manipulation before Nixon closed the gold window?

Nixon's action was what got him watergated. The usual suspects were Looting Ft Knox Gold, using France as a proxy. No other participatory nation was redeeming dollars for gold; only France. Not like they had billions of tourist dollas coming into their coffers in the late 60s, early 70s; so where'd they get all the cash??? The usual treasonous bastards is the answer.

You can think kindly of RMN for taking this action, otherwise we would have collapsed long before this.

I remember my mother telling me of 5 Cent hamburgers, bought in a sit-down diner when she was a kid; the mid-30s.
In 1970, a burger-king whopper with all the fixings you could pile on it cost about 79 cents.

Inflation and manipulation of prices because of money-supply controls happened from Day 1 after passage of Federal Reserve Act.

Nixon would've been assassinated for his bold action, stopping the gang's looting mechanism dead in its tracks, but with JFK, RFK, and MLK in recent memory, it was decided to ruin & disgrace RMN instead.

Nixon closing the gold window was the decisive Constitutional action of the 20th century.

Thu, 10/25/2012 - 10:21 | Link to Comment vast-dom
vast-dom's picture

choking the chicken doing the five finger boogie woogie pocket billiards or what have you for an hour is still a good deal -- maybe one of the last remaining good deals, assuming you can feed yourself well enough. and you've fucked yourself in the best possible way, and no one else; which is a lot more than you can say about the vampiric deathforce known as the government.

Thu, 10/25/2012 - 10:38 | Link to Comment slaughterer
slaughterer's picture

OT:

$$ pouring into abandoned beta (GOOG, CMG, PCLN).  Once a bubble always a bubble.  

Thu, 10/25/2012 - 10:52 | Link to Comment TrustWho
TrustWho's picture

I do defend the Fed as they are just robber barons. However, Volcker is a saint in a den of thieves and does not belong in this scum grouping!

Thu, 10/25/2012 - 10:58 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

Agreed. Volcker raised interest rates which gave a lot of short term pain but a whole decade of gain. Very nice move.

Thu, 10/25/2012 - 13:22 | Link to Comment Death and Gravity
Death and Gravity's picture

No, its globalization together with rampant politcal idiocy and domestic inflation of currency.

Thu, 10/25/2012 - 10:11 | Link to Comment Jason T
Jason T's picture

We go down from here.. towards a new dark age.  Where is Constantinople?

Thu, 10/25/2012 - 10:16 | Link to Comment Orly
Orly's picture

Go to Istanbul and make a hard right...

Thu, 10/25/2012 - 10:19 | Link to Comment dwdollar
dwdollar's picture

I don't know where the New Constantinople(s) will be, but I can tell you where the New Romes are right now... New York, DC, or any city in California...

Thu, 10/25/2012 - 10:35 | Link to Comment Zadok
Zadok's picture

London first with a modern suburb of Manhattan.

Thu, 10/25/2012 - 11:07 | Link to Comment JOYFUL
JOYFUL's picture

Rather than a physical place, Neo-Byzantium will occupy the conciousness of those who escape the destruction of the western world as a destination similar to the fabled Prester Johns' Kingdom somewhere in Asia.

And it will be found not by looking, but by seeking, the seekers being those who took careful note of all of the signs of the coming collapse and then sought out the like-minded, for a journey East, to stand against the Peril. This ain't goin down without a fight.

JRR's Gondor was nothing but a description of same. We are assembling. Smiths, Axemen n Farriers* of all sorts welcome!

*preference given to those of the hoof rather than hood speciality!

Thu, 10/25/2012 - 10:11 | Link to Comment firstdivision
firstdivision's picture

How much time does it take to fill out a homeloan application now?  MBA Apps show that they may need to shorten the time it takes to fill out a reri or loan application.

Thu, 10/25/2012 - 10:14 | Link to Comment cxl9
cxl9's picture

If that graph goes low enough, it will make sense for most people to quit their jobs and start panning for gold.

Thu, 10/25/2012 - 10:31 | Link to Comment A Lunatic
A Lunatic's picture

I did the math a few years ago and discovered that I was nearly spending as much money to earn the money I needed make more. So fuck it. No more debt = no more wasting my time playing a losing game. Do yourself a favor and buy tomorrows lifestyle at today's prices as much as possible. You'll be glad you did.

Thu, 10/25/2012 - 11:12 | Link to Comment lunaticfringe
lunaticfringe's picture

Not sure what that means but I like it.

Thu, 10/25/2012 - 10:34 | Link to Comment Shizzmoney
Shizzmoney's picture

I hope so.  A mass walkoff of people from their jobs in protest of rising inflation and stagnanting wages, as well as a tax-and-debt strike, is just what this country needs.

CEOs wanna extort our leaders via the WSJ

Well guess what, motherfuckers: it's a numbers game and there ARE more of us then there are of you.

Thu, 10/25/2012 - 10:45 | Link to Comment debtor of last ...
Thu, 10/25/2012 - 12:35 | Link to Comment SafelyGraze
SafelyGraze's picture

"If that graph goes low enough, it will make sense for most people to quit their jobs and start panning for gold."

if it goes negative, people will *have* to

dear citizen: as of this date, your obligation to the emperor's treasury shall be one (1) ounce of metal per fiscal period. you are hereby notified to present yourself at the designated enumeration facility for processing. -Caracella AD 212 (or 2012)

Thu, 10/25/2012 - 10:15 | Link to Comment SilverMoneyBags
SilverMoneyBags's picture

My  grandpa was making $30-60/hr doing blue collar, manual labor back in the 60s and 70s. Talk about insane since most people would consider that to be amazing today.  /facepalm

Thu, 10/25/2012 - 10:19 | Link to Comment BigJim
BigJim's picture

You should have seeen what my great-grandfather used to make as a farrier*!

*Farrier: specialist in equine hood care 

Thu, 10/25/2012 - 10:37 | Link to Comment Zadok
Zadok's picture

Hoof, as in hoofing it to work and back in the snow, uphill both ways, and in the heat and humidity of mid-summer!

Thu, 10/25/2012 - 12:29 | Link to Comment BigJim
BigJim's picture

LOL, yes, *hooF*

Thu, 10/25/2012 - 11:04 | Link to Comment CynicLaureate
CynicLaureate's picture

My farrier gets $75 per horse for 30 minutes of work.  In 2012 dollars.  With five horses that $375 every six weeks.

Can't outsource it or do it by machine, either.

Thu, 10/25/2012 - 11:30 | Link to Comment Seer
Seer's picture

After LOTS of research I concluded that horses are over-rated.  In my neck of the woods there are MANY horses, and MANY people are selling [trying] too, as they can no longer afford the hay burners (I refer to them as "home-wreckers"); someone's even selling their horse trailer (not that it's unusual, but what is unusual is that they are), asking $65,000! (that's USED!)

The only possible exception are draft horses, and even then there are more proven animals.

So, I wouldn't think that a farrier has it made (outside of the bubble era), as this is a specialty highly dependent upon folks with disposable income.  NOTE: this applies to horses, goats etc (real livestock) are a different matter- note to farriers: branch away from horses and you'll be in a better position (though history doesn't say that you're going to be wealthy doing it, but then again, a meaningful living is, well... meaningful).

Thu, 10/25/2012 - 12:58 | Link to Comment Zadok
Zadok's picture

My drafties were referred to a grass guzzlers. Mules are much better that way.

Thu, 10/25/2012 - 13:57 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Four shoes, with clips, will run north of $150 around these parts.  Hot shoes, cocks, or borium puts you well over $250.

We keep ours trimmed, conditioned, and well fed, so we have no problems going barefoot, although ours are usually the only horses at the A-shows without shoes. 

Thu, 10/25/2012 - 17:37 | Link to Comment Zadok
Zadok's picture

We kept ours barefoot too. I read up on it, worked up from goats and did it myself.

A wobbly draft mare learning to stand on three legs can really make you nervous.

Good times!

Thu, 10/25/2012 - 12:34 | Link to Comment BigJim
BigJim's picture

 My farrier gets $75 per horse for 30 minutes of work.  In 2012 dollars.  With five horses that $375 every six weeks...

OK, I admit it, I know nothing of farrier's income - I just pulled it out of the air as an example of what I thought of as a profession/trade whose demand 'must have' declined... I should have said 'buggy whip repairer'.

(cue someone saying THEIR buggy whip repairer gets $150 per whip for 15 minutes of work, etc)

Thu, 10/25/2012 - 10:26 | Link to Comment strayaway
strayaway's picture

As a union laborer in Detroit, I earned over $8/hour in 1968. Tuition at Wayne State University was $175/quarter. Ford Mavericks cost $2,000 and Mustangs cost $2,500. Gasoline was normally about $.32/gallon with sporadic gas wars bringing it down to as low as $.199/gallon.

I recently mentioned these numbers to a high school senior and he looked at me as if I was talking crazy. I wondered why his history classes had missed the lesson on our national decline.

Thu, 10/25/2012 - 10:41 | Link to Comment walküre
walküre's picture

Don't forget you could pick up a city lot for 3 months salary and build and pay the house with a year's worth income. Best case. Those deals were possible. Mortgages were paid off quickly because being in debt was a curse.

Mortgage = Deathgrip (French)

Thu, 10/25/2012 - 10:45 | Link to Comment Shizzmoney
Shizzmoney's picture

As a union laborer in Detroit, I earned over $8/hour in 1968.

After the government bailout of GM......the Treasury Dept (LOLGovernment), GM (LOLCOrporations), and even UAW (LOLUnions) rehired younger workers at $14/hr. With smaller benefits.

42 years later.  All that progress, socially and economically, eaten up by the financialization of our society.  And people just take it. 

Just un-fucking-believeable. 

Thu, 10/25/2012 - 17:02 | Link to Comment Sokhmate
Sokhmate's picture

I prefer to say "unbefuckinglievable"

the idea is to stress how unbelievable.. but midway through the word, you realize the word is not enough and it's too late to retract, so you go ahead and insert the fucking after the be.

Thu, 10/25/2012 - 11:34 | Link to Comment Seer
Seer's picture

RESOURCES are the primary reason for wealth!

If you were as astute of history as you feel you are then you'd know that THE BIG TURNING POINT was in 1971 when US oil production (read "extraction") and export peaked.  Oh, and the US declared bankruptcy (dropped the gold standard).

Thu, 10/25/2012 - 10:33 | Link to Comment Louie the Dog
Louie the Dog's picture

That was "insane" back then.  Most blue collar workers were making more like $3 to $6 an hour in the 60s and 70s.

Thu, 10/25/2012 - 10:42 | Link to Comment 3rdgrader
3rdgrader's picture

In the early 70's some of us started making $30 an hour...

Thu, 10/25/2012 - 10:39 | Link to Comment walküre
walküre's picture

I think the number your grandpa gave was adjusted for inflation. Making that today is a good wage for blue collar though and that's the point.

Thu, 10/25/2012 - 10:45 | Link to Comment 3rdgrader
3rdgrader's picture

It was a real number. The Banks were loaning money in to the economy to any one that had a pulse. By 1979 some people were making $200 an hour. I was there.

Thu, 10/25/2012 - 11:51 | Link to Comment Terminus C
Terminus C's picture

That turned out well, didn't it.

Thu, 10/25/2012 - 13:42 | Link to Comment Blankenstein
Blankenstein's picture

$200/hr

 

So you were making over $400,000 per year for manual labor,  probably twice the salary of a heart surgeon at the time. 

Riiiiiiiiight.

Thu, 10/25/2012 - 10:46 | Link to Comment Silver Bully
Silver Bully's picture

'My  grandpa was making $30-60/hr doing blue collar, manual labor back in the 60s and 70s.'

Hey, HE'S ONE OF THE 1%!!!

But I guess I shouldn't worry. After all, he didn't build anything on that job, the government made that possible.

(It is amazing how much mileage that Obama quote can still get)

Thu, 10/25/2012 - 10:16 | Link to Comment mrktwtch2
mrktwtch2's picture

when eurpoe implodes and the dollar hits 125 again and gold is 650..what will you gold bugs say then??..lol

Thu, 10/25/2012 - 10:19 | Link to Comment Quinvarius
Quinvarius's picture

I suspect most "bugs" will just tell you to wake up and eat your breakfast.  Dreamtime is over and gold just hit 65k an ounce.

Thu, 10/25/2012 - 10:33 | Link to Comment 3rdgrader
3rdgrader's picture

That is the highest probability, and not that far away either

Thu, 10/25/2012 - 10:20 | Link to Comment fonzannoon
fonzannoon's picture

We will be too busy loading up to talk.

Thu, 10/25/2012 - 10:34 | Link to Comment Frozen IcQb
Frozen IcQb's picture

I say eurpoe is spelled Europe

Thu, 10/25/2012 - 11:00 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

I thought it was Yurop

Thu, 10/25/2012 - 10:48 | Link to Comment Badabing
Badabing's picture

you didn't buy gold; HA HA

Thu, 10/25/2012 - 11:02 | Link to Comment brady
brady's picture

Umm, time to buy?

Thu, 10/25/2012 - 12:08 | Link to Comment silverserfer
silverserfer's picture

AH hahahahahahaha ha. you should totally go long on your call. You have obviously done your homework.  

Thu, 10/25/2012 - 10:16 | Link to Comment ziggy59
ziggy59's picture

Actually, watching the debates was worth less and, well, worthless.

Thu, 10/25/2012 - 10:17 | Link to Comment Dexter Morgan
Dexter Morgan's picture

Purchasing Power Bitchez!!

Thu, 10/25/2012 - 10:17 | Link to Comment Dr. Engali
Dr. Engali's picture

If you think that is bad wait for the shit storm that is coming.

Thu, 10/25/2012 - 12:11 | Link to Comment silverserfer
silverserfer's picture

with golfball sized dingleberries

Thu, 10/25/2012 - 10:17 | Link to Comment HD
HD's picture

We've been Foxconned!

Thu, 10/25/2012 - 10:43 | Link to Comment walküre
walküre's picture

Race to the bottom. Quality is suffering big time as well. If you want the good stuff, you have to be able to pay for it with an insane amount of fiat or the appropriate amount in gold.

Thu, 10/25/2012 - 10:19 | Link to Comment tooriskytoinvest
tooriskytoinvest's picture

US IS SETTING UP THE GLOBAL ECONOMY TO CRASH IN A HYPERINFLATIONARY CATASTROPHE

http://investmentwatchblog.com/us-is-setting-up-the-global-economy-to-crash-in-a-hyperinflationary-catastrophe/

G.Soros Unloads All Investments in Major Financial Stocks; Invests Over $130 Million In Gold. Preparing For Something BIG?

http://www.shtfplan.com/headline-news/report-soros-unloads-all-investments-in-major-financial-stocks-invests-over-100-million-in-gold_08162012

Thu, 10/25/2012 - 11:04 | Link to Comment brady
brady's picture

SHOCK AND AWE

Thu, 10/25/2012 - 10:22 | Link to Comment Pairadimes
Pairadimes's picture

Soon, these will be the 'good old days'.

Thu, 10/25/2012 - 10:23 | Link to Comment Hohum
Hohum's picture

No worries, I am sure corporate globalism will reverse that trend pronto.

Thu, 10/25/2012 - 10:24 | Link to Comment Catullus
Catullus's picture

What does globalism have to do with this? Looks like inflation to me.

Thu, 10/25/2012 - 10:26 | Link to Comment riphowardkatz
riphowardkatz's picture

that is what inflation looks like everyone gets poorer

Thu, 10/25/2012 - 10:51 | Link to Comment 3rdgrader
3rdgrader's picture

Except the Bankers. They all own their own private Islands, complete with mega yacht and private landing strip for their personel jets. Except the ones like George Bush, he just went and bought himself an entire country in S. America...

Thu, 10/25/2012 - 10:28 | Link to Comment Zola
Zola's picture

Constantinople= Singapore or HK

Thu, 10/25/2012 - 10:30 | Link to Comment Dr. Engali
Thu, 10/25/2012 - 10:38 | Link to Comment fonzannoon
fonzannoon's picture

What do you take from that Doc? The fed halts QE and the banks go bite the dust? Or is it just scumbag profit taking knowing ahead of time that the market is gonna tank?

Thu, 10/25/2012 - 10:45 | Link to Comment Dr. Engali
Dr. Engali's picture

I think you're right on the second choice. They know it's coming, the slide has started already. It's just a matter of time before the real storm starts.

Thu, 10/25/2012 - 10:47 | Link to Comment adr
adr's picture

But Facebook shot up 25%.

Thu, 10/25/2012 - 10:49 | Link to Comment fonzannoon
fonzannoon's picture

Probably...I wonder if Slaughterer is right about apple.

I also wonder when gold is going to disconnect from the stock market and start travelling it's own road again.

P.S Kito if you are out there... I read your article. Good read, but I just don't buy, in any way, that individuals are deleveraging.

Thu, 10/25/2012 - 10:45 | Link to Comment Bastiat
Bastiat's picture

Maybe they're doing the math on what happens to JPMs short silver position when Chinese retail demand explodes the paper game.

Thu, 10/25/2012 - 10:35 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

If wages fell by 90% in terms of gold, is it true the stock market is down 20% in terms of gold in the last year?

Thu, 10/25/2012 - 10:41 | Link to Comment ebworthen
ebworthen's picture

http://www.macrotrends.org/1378/dow-to-gold-ratio-100-year-historical-chart

(click and drag on chart to narrow range, opens in new window)

Thu, 10/25/2012 - 10:38 | Link to Comment Flakmeister
Flakmeister's picture

The US peaking in oil production in 1970 has had profund implications that many are only beginning to realize...

If the US had been able to increase production ad infinitum then Nixon would not have had to renege on BW... At the time US oil demand was growing at ~7% p.a....  Over the  course of the next 8 years, US oil imports increased from ~2 to 10 mmbopd, an astounding increase that dwarfs other countries recent increases....

Thu, 10/25/2012 - 10:42 | Link to Comment ebworthen
ebworthen's picture

"Swing low, sweet chariot..."

Thu, 10/25/2012 - 10:56 | Link to Comment Badabing
Badabing's picture

Sing us a nice nigger work song!

Blazing Saddles

Thu, 10/25/2012 - 10:44 | Link to Comment adr
adr's picture

I prefer to look at it by the minimum it takes to make it through a day. Outside debt obligations like rent, mortgage, etc. You used to be able to get by on $20 pretty easily. Even during the last decade. By 2010 that number jumped to about $30-35.

After four years of Obama it is hard to just get by on $50 a day if you have to pay for everything yourself. Sometimes I find myself spending $30 or so, but it is very hard. $1500 a month for basic stuff like driving and eating is a lot of cash. Beyond an average $8 an hour job.

Cheap decent meals are $10 now. I guess you could eat McDouble meals at McDonald's for $3 for every meal. But you'll probably die a few years later.

Point is life is getting too expensive for 90% of the available jobs out there.

Thu, 10/25/2012 - 12:22 | Link to Comment Jugdish
Jugdish's picture

I heard elderly folk are simply switching to dog and cat food. Delicious and nutritious. I'm thinking of heading down to The Villages FL, and opening a few Alpo stands and Ol' Roy stands around the place.

Thu, 10/25/2012 - 10:54 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

Yeah! Bring back the eighties! I miss that time so much.

Thu, 10/25/2012 - 10:54 | Link to Comment Dr. Gonzo
Dr. Gonzo's picture

Feels so good not to owe money and have gold and silver. Sleeping so well these days.

Thu, 10/25/2012 - 11:04 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

nwo elite: we take a % off the top then redistrubute the rest to the poor nations of the world. just doing the lords work is reward enough..remember that as they off shore your jobs and you take the hit as standard of living drops across the western world..kill em all.

Thu, 10/25/2012 - 11:15 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Then hell, let's just boost minimum wage to $100/hr.

Thu, 10/25/2012 - 11:17 | Link to Comment machinegear
machinegear's picture

When I worked at ING a salaried coworker of mine told me how he was able to make more money on a weekly, sometimes even daily basis. In effect, increasing his hourly earnings. How the hell I thought. His scheme was simple. He didn't work 8hrs a day or 40hrs a week. He spent a fair amount of "work" time doing other non-work tasks reducing his actual hours worked to 30 per week thereby artificially inflating his hourly earnings.

I think Government and some European workers have been doing this for years.

Thu, 10/25/2012 - 11:28 | Link to Comment hustler etiquette
hustler etiquette's picture

I wonder ifanyone has reported the bernake to the nypd.  his suspicious helicopter is on par with wonder woman's jet.  it cannot be seen but its effects sure are felt.

Thu, 10/25/2012 - 11:55 | Link to Comment mendigo
mendigo's picture

They need to beef up security at our southern border.
Do not let those guys get out!

Thu, 10/25/2012 - 11:58 | Link to Comment AldoHux_IV
AldoHux_IV's picture

Globalization = [re]hypothecating wealth/value

Developed world = raped and debt laden country where democracy is an illusion more so than reality

Economists = con men using hocus bullshit models (outputs only as good as your inputs ie a lot of math that says what you want to say but have no bearing on the real world) to back up the econonmic terrorists we call our bankers and politicians.

Funny how it takes less than a year (depending upon how willing one is to find the truth) to realize that years of institutionalized lies are all bullshit.  

Thu, 10/25/2012 - 12:14 | Link to Comment silverserfer
silverserfer's picture

its gross but i have this feeling silver is getting dragged down to high teens when said shitstorm hits. Gold just doesnt move opposite USD index like it used to.

Thu, 10/25/2012 - 12:23 | Link to Comment fuu
fuu's picture

We're going to need a bigger truck.

Thu, 10/25/2012 - 13:53 | Link to Comment dolph9
dolph9's picture

You want the truth...you can't handle the truth!

The truth is that there are 7 billion people around the world, all plugged in to modern media, all watching images of shiny people in nice houses and cars, and doing amazing things and traveling all over the place.

Every one of these 7 billion people thinks they will earn enough to get to that place, and every one of these 7 billion people thinks they will live forever.

Meanwhile, the actual physical stuff available in the world...the oil, the gold, the land, the minerals, the water...is finite.  And much of it, like fossil fuels, is rapidly used up, never to return again.

You do the math.

Thu, 10/25/2012 - 13:53 | Link to Comment kevinearick
kevinearick's picture

Revolution:  Explicit Incremental & Implicit Quantum Democracy

When the empire dismisses you, it is denying implicit democracy, with explicit democracy, because you do not exist as an individual, but as the product of many, compounded by time. Backlash is inevitable. The empire is yesterday. You are tomorrow, so long as you do not accept the self-fulfilling assumptions of empire. Empire necessarily places itself and its adherents on a shrinking island of scarcity, by design.

Thus, the empire rewards stupidity as intelligence and punishes intelligence as stupidity, measuring its own potential in the process, until it can’t, and its politicians are professionally spoiled children, seeing how far they can go, until they can’t, with constituents all seeking something for nothing, until there is no more. The empire is a lottery machine, of, by and for oppression, with lots and lots of squeaky wheels, all cutting in line for a chance to win reparations.

Drake:

Study of such men…coupled with evidence of their writings had circulated widely among scholars, first in manuscript and later in printed form, suggested that modern science was not suddenly born with Galileo, but rather emerged about that time after a long period of incubation.

The principle sources of Galileo’s effectiveness as I see them were intimately related to the temper of the time. It was Galileo who, by consistently applying mathematics to physics and physics to astronomy…brought mathematics, physics, and astronomy together.

Astronomers were drawn to his physics by his eminence in astronomy; mathematicians took up his mechanics because he was a respected professor of mathematics. It is interesting that most of Galileo’s scientific contemporaries tended to fret over details. Galileo, however, even in his earliest studies, defied Aristotle.

“You are not the first to feel a great repugnance toward recognizing this nonoperative quality of motion among those which share it in common.” Galileo (classic)

McMullen:

[I]t gave no predictive power; indeed, there was a rather shocking disharmony between the ‘scientific’ astronomy of Aristotle and Ptolemy’s highly effective ‘saving of appearances.’ The former might be nearer to ‘science,’ but it was of no service to navigators or to others interested in concrete applications.

All he can show is that the Aristotelian-Ptolemaic model does not fit the appearances and must therefore be rejected. He cannot prove that his own alternative, the Copernican one, is the only other possibility, and so he realizes that HE CANNOT PROVE IT TO BE ‘TRUE NATURE.’

Newton frequently tended to define his approach by an implicit contrast with that of Descartes, just as his predecessors (including Descartes) had done fifty years before …with a paralyzing fear of exposing his thoughts, his beliefs, his discoveries, in all nakedness to the inspection and criticism of the world.

[T]he formulation of hypotheses on the basis of empirical data sufficiently exactly stated to allow the hypothesis to be stringently tested…It had been foreshadowed by many writers, from Plato onward, but not until Newton were the data which could operate sufficiently exact to allow it to be used with any great success. It was this 'method' that ultimately detached natural science from its parent philosophy…

“It is possible, however, in this way to establish a probability which is little short of certainty.” Newton

Yates:

Was the magically animated universe of Bruno, so close to the magnetic universe of Gilbert, a better guess about the nature of reality than these seemingly so much more rational universes of the mechanistic philosophers?

(that’s your connection to Egyptian weeding of astronomy and astrology, origins of the Bible, and masons, if you want to go there. From the perspective of labor, the lizards are just a constant, a derivative, of gravity, until polarity is swapped at threshold.)

Clagett:

[A]side from the extraordinary increase in scientific material, there is a perfect explosion of philosophical speculation beyond the confines of Aristotelian philosophy, with its unique cosmos, as the only possible natural explanation of the way things are. In part, this may be associated with the check put by the Condemnations of 1277 at Paris.

BRING OUT THE (solid state) LAZER [mini-me]!

Thu, 10/25/2012 - 15:17 | Link to Comment Heyoka Bianco
Heyoka Bianco's picture

On the positive side, this means all the time we spend on ZH isn't that big a waste after all.

Thu, 10/25/2012 - 15:40 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Wages are down 50% in the last 4 years from currency debasement.  Dollars in your paycheck buy half what they did in 2008.

You can thank Bennie for that.   Printing trillions of dollars to bail out banks (and keep the government going) has debased the dollar 50% in 4 years. 

Btw I'm self employed and I've raised my rates 100% in the last 4 years, so I'm staying even on purchasing power.

Bet you haven't gotten 100% pay raise in the last 4 years.  You're lucky to still have a job.

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