Guest Post: Inflation Since The American Revolution
Via Michael Krieger of Liberty Blitzkrieg blog,
As is clear by this chart, inflation was virtually unheard of until the Creature from Jekyll Island (the Federal Reserve) took over. However, more importantly, things didn’t really start to get bad until the 1970?s right after Nixon took the nation off the gold standard in 1971. Since that time, America has seen a period of non-existent real wage growth and a huge gap grow between the rich and the poor ever since. Nothing like livin’ the debt slave dream!
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Thats one helluva Boehner!!
Essay by Carmen Reinhart & Ken Rogoff
+1
See how the inflation started to take off after 1913.
Krugman clearly believes Rogoff & Reinhart are lunatics and that the abandonment of the gold standard correlating with episodes of unprecedented inflation is an arbitrary, purely coincidental relationship.
I wonder why it starts really shooting up in 1971 ???
1- Costs of Vietnam War
2- August 1971 Nixon takes us off the gold standard
3- 1965, silver removed from OUR* coins
Just to name 3.
*That's OUR money - government/Fed only prints it, neither produce ANYTHING that results in the creation of money/wealth. But thanks to their manipulation of it (along with the wars), they've been fucking us over for way way too long.
We're all left holding sacks of paper and the Bankers own everything. Go figure.
Looks like the whole USA is a bubble ready to pop.
Stackers stated: "I wonder why it starts really shooting up in 1971?" (sarcastically, as he knows the real reason, I'm confident).
On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, "[t]he Bretton Woods system officially ended and the dollar became fully fiat currency, backed by nothing but the promise of the federal government." This action, referred to as the Nixon shock, created the situation in which the United States dollar became the sole backing of currencies and a reserve currency for the member states. At the same time, many fixed currencies also became free floating.
The Non-Federal Reserve-less Non-Bank is just the latest entity & iteration of the literal Ponzi scam that perpetuates pure fiat monetary systems (see remarks/footnotes below regarding Plaza Accord and Nixon Shock, which closed the Bretton Woods pact) that some refer to as fractional reserve banking (see Modern Monetary Theory as described and admitted to in their own publication, 'Modern Money Mechanics' - Modern Money Mechanics is a booklet produced and distributed free by the Public Information Center of the Federal Reserve Bank of Chicago; MODERN MONEY MECHANICS*) , whereby this non-bank entity and front for The Money Masters uses taxpaying slaves, many of whom ostensibly believe they are free and sovereign citizens of a sovereign "nation," as collateral, to conjure what they claim is 'money,' but that which is really debt (since there is nothing of inherent value backing it), from thin air, leveraging it up by many multitudes (money multiplier/deposit multiplier, derivative contracts and other forms of leverage can ratchet this debt up by a magnitude of a thousand times or more from the point of inception/creation), getting a nation to endorse it as monopolistic fiat (and enforce the monopolistic recognition of it as such for the payment debt, both public and private, via codified law and corollary enforcement agencies).
When was the last time you lent money to a friend and suddenly found you had more funds?
Theoretically, and just for illustration purposes, even if 95% of loans go bad (or more), the fractional reserve bankers lose nothing. They created this fiat money from nothing and received the protection of the nation in distributing fiat monopoly currency. Not only do they lose nothing, they actually gain any real assets that were pledged as collateral to securitize most of the loans that went 'bad' - Harvest.
Repeat this process of Harvest by first inflating the money supply, getting people deeply indebted (many of whom weren't indebted before), and soon enough, with enough cycles of harvest, what belonged to many will be concentrated in the hands of a few, all via the sham that is fractional reserve banking.
It's the biggest scam in the history of mankind.
Once a person grasps this basic concept, they'll understand why events have taken place as they have (Bretton Woods*; Plaza Accord; Federal Reserve Act of 1913; closing of the gold standard in 1971*, etc.), and they'll finally grasp how a select few have rigged the game to be able to harvest assets continually, and concentrate wealth and power, by doing nothing other than maintaining Deep Capture of a nation's legislative and judiciary branches (and executive, in the case of the U.S.) of government.
Tricky Dicky & his pal Hank Kissenger, opening China to the "global" market right after removing any semblance of sound money aka world reserve currency fiat exponential moonshot yaddayadda. . .
And you wonder why Precious metal prices are where they are...
public policy shift, the state allowed mass criminal Socialist invasion of millions of tax parasites. Tens of millions of tax parasites have liabilities. No nation can afford millions of tax parasites. America went from a place where everybody carried their own weight to a place where half ride for free..
Krugman only needs to look in a mirror to see a true lunatic.
Evil moron Krugman is advocating Obama's Mugabe Platinum Coin idea.
Apparently, the Tylers wre lukewarm to the idea. ;-)
Well, we all got fucked by the boys at the top.
Skull and Croosbones style.
Real good.
You gotta admit - the French did their house cleaning right during the Revolution.
One large Gillette razor stroke to the neck, and another bankster became cat food.
Oh, as for Krugman ?
He is so far up the Royal Establishment's ass, all you can see is the soles of his shoes.
Little Paul Shit Sock Puppet Krugman.
My grandfather said it best, "A WHOLE dollar..." He was exclaiming the shock at what the dollar would buy in the Seventies vs. the dollar he had been familiar with for most of his life...
No crap !
I could buy 4 candy bars and still have change in the END of the Seventies.
I should have been buying silver and gold damn it.
Stupid parents, I'll blame them. lol
Yeah because the French Revolution had such beneficial effects and after nearly 30 years the French almost did a complete 360 after the Congress of Vienna and the restoration of the French monarchy.
The Fed has done a wonderful job and the chart shows it. Up until the Fed took over there were ups and downs. See thos little squiggles. Since then it has only been up and up with no looking back. That's success.
Clearly ~ the more joobux, the better...
Millionaires have quintupled and are now the new lower middle class. All hail the Bernank as he enters the second century of repression !
Plenty of millionaires in Zimbabwe a few years back - damn near the whole population..... of course most of them couldn;t even afford the next day's food.......
A million $US now is no big deal if you're in high cost NY or CA. A 'starter house' around her is still almost $500,000 - with $20,000 a yera in property taxes. Plenty of people paid $500,000 a year are covering expenses, saving nothing (yes they SHOULD learn to cut back but am dumbfounded at how many people at theat level saved NOTHING for their kid's college). If you're pulling in 6 figures as a wage slave you're paying MAXIMUM taxes all arouund, probably workign 60-80 hours a week and don't ever take all your vacation. If smart you're saving like mad because you're gonna get fired at age 50 and replaced by a cheaper version of yourself. When I got out of college in the late 70's ten times your age was a killer income. No longer.
This may sound preposterous to those in fly over country but the US is two VERY differnt countries now. Living outside nYC, the house i paid MEDIAN price for 20 years back - just over $300,000 (with and 8 1/2% mortgage at the time) is now worth over a million (over $30,000 a year in property taxes) is comparable to my brothers place in NC which is worth $200,000 - HIS taxes are $2000 a year and he has more property. Family in NC, SC, Ohio, Nevada an AZ own places that are worth $100-200,000. A million dollars in Iowa or NC or AZ is worth a lot more than a million in NY or CA.
And don't say 'move' - I'd love to but no jobs elsewhere - the work is here. One of the reasons things are so much cheaper elsewhere.
FYI your house cost you 833 ounces of gold 20 years ago...today @ $1.1 million it is worth 647 ounces of gold. Food for thought. It is obvious that with unlimited money printing that trend will continue. Got gold and silver?
+1
... in Your FACE!
I think I might have had some - but in one of those all too common boating accidents any that I had it is now all gone - compounded by complete traumatic memory loss caused by the stress of that accident that leaves me without any memory of how or where or why that accident occurred....
I DO remember where the copper jacketed lead is though.....
I can't take it anymore with these so called experts and their G-D D--M'd essays not to mention that most everyone who has an opinion on the economy today either thinks we need to print more paper or go back to the gold standard, or are of the opinion that coming off the gold standard was the cause of our problems to day. cough..cough.co.. bulsh1t. I mean no offense to anyone accept those whose intentions are to deceive.
Most all of the gold held by the people is roughly 1 percent of all the above ground gold existing in vaults today. Who the hell has been buying the most gold is a question everyone should be exploring before committing to a gold standard. China, Russia, and many of the Central banks have been buying up the gold and you want to go to a gold standard ha. With the world population in control of a mere 1 percent while the rest is controlled by the central banks and the biggest holder of gold being the BIS, Bank of International Settlements. that sounds just wonderful don't ya think [sarc]. Now don't get me wrong I am an advocate of people buying and holding as much of the yellow and white metals as they can along with real assets.
The problem is that the government borrows every dollar from the fed at interest as the fed reserve notes are debt based currency. IT MATTERS NOT WHAT YOUR CURRENCY IS BACKED BY as long as the people agree to use whatever as a means of exchange. We the people must take back the printing and the issuing of our own DEBT FREE currency. Look into Colonial Script and as to why it worked so well. Money was never intended to cost you anything it is only meant to facilitate trade and issued by the State by the people for the people. I would urge you all to study up on Andrew Jackson and as to why he earned the nickname of Old Hickory. He knew the dangers of a of a privately owned Central Bank. This man is imo one of the greatest noble man in the history of the US of A. Please learn the truth before you go plastering crap across the airwaves. It's allready confusing enough without having us shoot our ownselves in the foot.
"IT MATTERS NOT WHAT YOUR CURRENCY IS BACKED BY as long as the people agree to use whatever as a means of exchange. We the people must take back the printing and the issuing of our own DEBT FREE currency."
Yes, Yes, Yes! Hear, hear...It's all in the Constitution. The application of that document will lead us back to sanity, if we let it. This will take a huge upheaval - maybe only happen - if we're smart - during the reset. It's going to be rough before then.
not sure how this double posted.
removed dble post
It's one to cry over!!!
August 15th, 1971. A day that will live in infamy.
Good that the various wars are noted... very relevant indeed....
Study your history more closely...
~~~
- The War of 1812 began PRECISELY when the 1ST BANK OF THE UNITED STATES (joobux) ended it's charter
- The Civil War was funded by 'greenbacks' (not joobux because Lincoln refused to fund the war under USURY terms & because Andrew Jackson had help crush the [joobux] of the 2ND BANK OF THE UNITED STATES 25 years earlier ~ dodging a bullet himself in the process)... By AMAZING coincidence, Lincoln got a bullet in his head shortly before the Civil War ended, which, by the way, he had intended to CONTINUE with 'greenbacks', much to the dismay of the jew bankers... His Treasury Secretary SEWARD, also caught a bullet...
- The US involvement in WWI began shortly after the Federal Reserve was established (for the benefit of jew banking families)... Ostensibly ~ US involvement was initiated under a false flag [Lusitania], evn though Americans were vehemently opposed to getting involved up until that point...
Don't forget how the US national debt was nearly zero for two years (under $40,000 per year) when Andrew Jackson revoked the Bank of the United States Charter.
http://suite101.com/article/andrew-jacksons-bank-war-a202709
It becomes an unpleasant & dangerous world [for politicians] when JOOBUX aren't 'legal tender'...
~~~
Edit: Oh sorry... I forgot... It was the 'Luciferians', 'Askenazi's', 'Zionists', 'Trekkies', 'Birders', & 'Zumba Enthusiasts'... Jews are 12 parsecs removed from culpability [& therefore, francis_sawyer must be junked at will for not knowing that]...
around here you get down voted for talking joobux.
try jooconfetti instead
Joogle is watching you, be careful
No fucking shit... I dropped comments in multiple threads today & the only ones JUNKED were the ones that had JOOBUX in them... [which ~ I suppose I can understand... After all, JOOBUX = 'worthless little piece of shit denomination printed on cotton paper that some 'Trekkie', 'Birder', or 'Zumba Enthusiast' wants to con you into trading your gold for']... As for me, I can hardly stand to touch them... The only purpose they serve for me is that there are idiots out there who want to give me food, lumber, & other supplies for them... SUCKAS!
Who could possibly like something like that?... I may have to take to junking myself for these comments...
~~~
@Enslave
& fuck 'Joogle'... Come get me & toss me into the gulag by order of the 'PRE-CRIME division of the 'thought police'... It'll only serve to crystalize & confirm my thesis... [the fact that you even SUGGEST so all but makes it real as we speak]...
I ain't warming up no ovens & I ain't spraypainting no swastikas on no synagogues... I just don't like JOOBUX [which ~ unfortunately for me ~ is prolly the highest form of treason]...
You mean "The Panic of 1837"?
Come on... someone step up and draw an asymptote on that chart! +/- a few years - where that put ya?
'To INFINITY - and beyond.....!'
good things most $US are electronic... no enough paper on the planet to print the physical currency. Side note - $20 US gold coins were rarely carried and not often seen in circulation - they sat in bank vaults
In 1860, (from http://www.choosingvoluntarysimplicity.com/what-did-things-cost-in-1860/) land was selling for $3 to $5 an acre, and a laborer’s wage without board was 90 cents a day.
Wheat flour — $7.14/barrel
Rice — 7 cents/pound
Granulated sugar — 8 cents/pound
Roasting beef — 11 cents/pound
Soup beef — 4 cents/pound
Cheese — 13 cents/pound
Eggs — 20 cents/dozen
Hard wood — $6.49/cord
Rent for 4 rooms — $4.45/month
Room and board for men — $2.79/month
Room and board for women — $1.79/month
Even in my youth, in 1960, $20 was a LOT of money. The house I grew up in was worth around $20,000 (up from $14,000 a dozen years earlier when my grandparents bought it - my parents would pay $28,000 for it another 9 years later).
Notice how the US has yet to print denominations larger than $100 for general circulation (am ignoring special notes for bank only use). Even the EU issued 500 Euro notes. We still have the penny and $1 bill when other nations have dumped the pence and gone to dollar/Euro/whatever coins. This is all about PERCEPTION. Start issuing $500 and $1000 bills and people start to notice inflation.
My supermarket has blue cheese for $28.00/lb.
Wonder why women were cheaper to board? I guess they didn't get drunk and bust up the parlor furniture as much, eh?
The highest denomination the $100 dollar bill was worth $2213 in todays money in 1913. In theory the average american could get paid their entire months check with one piece of paper money in 1913. This is a slow version of hyper inflation.
For Christ's sake (another Jew), lighten up Francis on the Jews. Your boogeyman of choice is as cliched as ever.
Stockholm Syndrome [the 'Doctor' suffers from]...
It makes him feel powerful.
Nope. That's what the guns are for.
I didn't realize it but all evil bankstas are pure Jews. There's no other ethnicity represented - at all! And that aint no exaggeration!! /sarc
Government would have had its own competing currency and bankers cannot have competition. One group of sociopaths against another.