cross-posted from: https://lemmy.world/post/23882375
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Jp morgan and all the other wall street legacy family military and prison industry profiteers manipulate the economy by whatever means possible but I have a rather long argument about the price of gold and its relation to inflation he didn't agree with it but i shut him up.
I believe they devalued the us dollar intentionally to eradicate the progress made by the labor and civil rights movments in the 40โs 50โs and 60โs while they adequately adjusted their salary to compensate for this discrepancy.
For the first 172 years of the history of the us dollar the price of gold only fluctuated 80% from $19 to $35 but since nixon ended the gold standard 53-54 years ago the price of gold has risen 7500% and its fluctuation is in tandem directly with the increase in printing of the usd and the increase in circulating currency. But wall street the world bank and imf feed us skewed inflation statistics based on consumer price index which is inadequate since CPI does not account for the devaluation of a currency due to the increase in circulating currency supply. Since 1972 minimum wage has only increased between 450-1300% while executive pay has risen from 30-60 times the median worker salary in the 40โs 50โs and 60โs to 1000-5000 times that same metric today so percentage wise thats 1,666% to 16,665%
This is why 75-40 years ago one adult could support a family of four with enough left to send their kids to college, go on a modest yearly family vacation and save for retirement if they didnโt have a pension which 50% of workers did till the 80โs at the time minimum wage was rising from 75ยข to $1 to $1.60 an hour which produced 45 ounces, 60 ounces and 95 ounces of gold annually at a full time schedule. In todays money that is equivalent to $120,000 (75ยข/hr)$160,000 ($1/hr) and $250,000 ($1.60/hr) i always get similar push back when i voice these ideas his was the most lame brained push back ive ever recieved.