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Thankful For Inflation? Turkey Day Dinner Is Up 6,000% Since 1909
While not hyperinflating, the slow and insidious diminishment of the fiat US Dollar's purchasing power (and thus the living standards of lower- and middle-class Americans - who are not balls deep invested in the US stock 'market') is nowhere more evident than in the soaring costs of Thanksgiving Day dinner during the Fed's 100 year reign...
In 1909... Thanksgiving Day Dinner cost $0.50...
In 2014... Thanksgiving Day Dinner costs $30.00
This works out at 3.98% annual inflation rate - almost double the Fed's proposed price stability optimum of 2%... over a century...
Be careful what inflation you wish for.
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Of course these are hotel prices - the cost at home is considerably less:
According to the American Farm Bureau Federation's (AFBF) latest price survey, the average cost of a classic Thanksgiving dinner for 10 people this year -- with all the fixings - will come to $49.41, or up 37 cents from last year.
Suggesting labor costs have soared? But even eat-at-home Thanksgiving Day Dinner costs have soared since 1986...
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We are thankful for the increasing numbers of US citizens disillusioned with The Fed's grand theft...
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My turkeys are free and my arrows are re-usable
Fuck the fed and steroid birds too
Something very satisfying about archery.
Especially if you make your own equipment ;-)
So, for you, zero inflation since 1621. For the turkey, anyway. Happy Thanksgiving.
"... by putting forward discussion of ‘inflation’ framed as a relationship between ‘real’ prices and employment the mainstream has supported the banker economics of the Federal Reserve in regularly and needlessly increasing unemployment and it has directed attention away from the role of bank money, leverage and financial asset price inflation in the massive concentration of ‘wealth’ that has taken place since the 1970s."
http://failedevolution.blogspot.gr/2014/05/feds-artificial-crises.html
loss of purchasing power
The more relevant comparison is how many man/hours of labor are required for a turkey dinner.
Excellent point. But quite obvious FED manipulation in the last mere 40 years when Dad could work a job and take care of his stay at home wife and family of four.
Try to do that now.
2% inflation is not price stability, it is a stable (and exponential) loss of purchasing power.
Too bad they stopped requiring 'murican children to learn math, some of them grew up to be Congress critters and FED officials.
Thanks for the Turkey Day inflation perspective on a long enough timeline.
Yep. One of the things you have to teach children (and adults for that matter) is the importance of absolute values in interest and interest rates. 2% or 3.98% seems like a tiny percentage so it is easily ignored, but when you figure it in terms of compounded interest rates, the sums become very interesting.
2% of a dollar is just 2 cents. So people hardly ever take notice of these seemingly tiny interest figures.
Taking the article as an example:
Annual rate of 2% in 105 years is an increase of 800%
Annual rate of 3.98% in 105 years is an increase of 6022%
It gets more frightening thereafter especially when you start to look at the figures touted as the unemployment rate. Thought exercise: Right now there are little over 146 million people out of 316 million who are employed in the US. Assuming both that ratio and population remain stable, at the current rate of unemployment of 5.9% per annum (Sept 2014), in 105 years there will be just 246,186 people who will be in employment to support a population of 316 million. Makes you think. :)
You forgot to subtract 1 after doing the exponentiation. Should be 700% and 5922% increases.
:). Using percentage increase is a sloppy way to describe increases in value. Let's say it has grown 8 fold and 60 fold respectively. But to answer your post:
I'm not questioning your math skills, but if you change i to 0 and get a FV of 1, that's a zero % increase. A FV of 2 would be a 100% increase, etc.
how much inflation since 1492 ?
Gold up 6271% since 1909
I was just going to comment that
Which basically proves that gold is a wealth protector over long periods of time. Not so much a wealth creator unless you buy before a big spike.
Still the best financial insurance around.
Turkeys are in a 6000 year bubble
you mericans might need a few of these soon...
http://www.trademe.co.nz/Browse/Listing.aspx?id=809145961
Going through family records left after my parents died (the generation born in the late 1920's)
The inflation over this time has n=been insane with the 1970's being crippling...... people don't realize how bad it's been. The crap 2 family house my grandparents paid $12,000 for in 1948 went for $29,000 in 1969 and finally sold for well over $500,000 in the mid 2000's - before the crash. Still would sell for almost $600,000 now.
F'in insane. ONe year of college for my kids costs 50% more than what my whole degree cost.
If salaries went up at the same rate as prices it might be a wash except that the increase in wages push people into higher tax brackets so the government would be the ones who would see an increase in income in real terms. In any event salaries most definitely are not going up as fast as prices are, leading to an additional reduction of income in real terms in adition to the tax bite.
But IPHONES have beomce more affordable with APPS- SARC.
FORWAAAAARD !!!!!!!!1111111111111111
BTW: US higher ed. is in a bubble, supported by gov't.-backed student loans. This will self-limit.
Here are some relevant quotes. Nothing really new here.
"The last duty of a central banker is to tell the public the truth." - Alan Blinder, former Vice Chairman of the Federal Reserve
"Permit me to issue and control the money of a nation, and I care not who makes its laws." - Mayer Amschel Rothschild, International Banker
“’The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again... Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit’.” - Sir Josiah Stamp Director, Bank of England 1928-1941 (reputed to be the 2nd richest man in Britain at the time)
“Whoever controls the volume of money in our country is absolute master of all industry and commerce...and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” - James A. Garfield, assassinated president of the United States
“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, that there is no human relation between master and slave.” - Leo Tolstoy
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." – Lord Acton
Congress is supposed to reglate and coin money which is supposed to be based on gold and silver. It is much easier to fund all manner of deficit spending with fiat and the bankers get their cut to boot. The American public gets the shaft, but do not seem to be concerned. Bread and circuses. History repeats.
Gravity has been increasing too. I weghed hardly nothing back in 1909. Now I'm at 165. On Q99X2 we weigh about the same.
20 lb turkey 40 bucks. 12 pound spiral cut ham 30 bucks. 2 case beer 60 bucks. potates turnip salad desert. 20 bucks. wine 30 bucks. i cooked it and served it. fed 24 people with leftovers. 180 devided by 24. 8 bucks and happy faces all around. cook your own fucking food daily.
The 2014 menu doesn't have turkey with giblets either.
In Brazil police never act alone or in pairs, are five or more.
In some blitz counted to 25 police!
Restrict streets or avenues with cones narrowing the pass routes so that only one vehicle at a time, using interesting logistics.
Choose the cars that want to check and send pull over, there are always different treatment if you are apparently honest.
The conversation is always the same:
- Lord, your documents and the vehicle, please exit the car.
Check the card, the licensing, the validity of the qualification.
I am biker, my motorcycle has a huge trunk, never asked to open.
When car had sometimes asked to open the trunk to check the spare tire, tools, first aid box, sometimes asked for my wife to get out of the vehicle to check the validity of the fire extinguisher.
It was an old, old car.
After the check, return of the documents, a 'put your seat belt, drive carefully "and good trip!
That's it!
I have worked "the other side" in blitz as environmental agent, there is insight.
When the guy blinks or acts differently of which owe nothing, always suspicious.
As fighters, always have a partner to give you coverage, so always acted and that is how I see the Brazilian police act.
When a bandit dies in Brazil, believe the police was not alone.
Here the Security does not act individually are teams.
Some very well trained others do not, there exceptions as everywhere in the world.
I watched with my own eyes two police teams with automatic .40 face strong car robbers who had AR-15 rifles on a highway in the interio of.
I take my hat to the officer who hit the bandit who was on the armored car shooting down trying to kill the guards.
The assault was frustrated, that's a long story that I witnessed, any day I will.
The text is getting too long.
I hope what I said above put flea behind the ear on you guys in the US.
Perhaps the mood of the security agents are extremely wrong.
In Brazil Safety is focused on prevention, then in the US believe that focused on coercion.
It is not the way to do public security in a nation.
Regards.
Alexandre.
What's that huge rising blip in cost around 2009? Oh yes. That's when Obummer got into power. He's a true banker's son (of a bitch).
Those figures of a 6000% increase for the dinner is more or less correct.
This data was from 1909
http://www.city-data.com/forum/other-topics/583217-only-100-years-ago-1909-a-2.html
examples: average wage per hour 22 cents
average salary per year $200-400
Dentist would make around $2500/year
Accountant would make $2000/year
Sugar was 4 cents a pound
Eggs 14 for a dozen
Coffee 15 cents a pound
And server made what per hour back then?
Could be worse. They are eating rats in the Crimea.
http://www.dailymail.co.uk/news/article-2848959/Teenagers-murdered-grann...
A William Burroughs Thanksgiving.
https://www.youtube.com/watch?v=sLSveRGmpIE
To adjust through hedonics for the GMO laden crap factor and actually look at EQUIVALENT nutritious food from that time, the dinner price is much, much higher.
How high? Multiply today's cost noted above by 2x - 3.5 x.
That's the equivalent food (or as close as possible not accounting for the soil erosion and resulting loss in nutritional value) and the actual inflation rate.
This version of Tyler Durden is the one that loves posting nonsense articles. In 1909 the average wage was 22 centes per hour. Today it is 24.57 dollars. So as per his graphs above it is cheaper to have a thanksgivin dinner today than 100 years ago. What is your point? What you want to prove Brad Pitt?
I agree with you that the article does not count the wage inflation. Kudos to you for recognizing this. I am using the figure of 27.92/hr as per:
http://www.measuringworth.com/datasets/uswage/result.php
With those numbers the story changes.
Yep....ZH used to be a sort of serious site, but now days with the lack of a big crisis to keep them going, they resort to this kind of sensationalist articles to feed the herd. Last time they came up with a list of stuff from the 40s busting about 1000% inflation. I proved all items in the list to be cheaper today. One thing that is expensive in wages terms, is real state. So either, wages have to climb or prices go down, or both. In my opinion wages will climb due to inflation and real state will fall because of higher interest rates.
The menu from 1909 includes oysters and prime rib. Try and buy a Thanksgiving meal including those items now and you will pay a hell of a lot more than $30!!
It is not that the price of the dinner has gone up. It is that the dollar has gone down.
In gold: around 0.025 oz in both years.
Must be a coincidence :-/
I bought Prime NY Strip steaks. Two if those puppies cost $50.00 alone. Toss in the King Crab legs and all the other shit, and the Thanksgiving tab for myself and Mrs. Silencer was kinda hefty.