''The cost of going to Yale in 1900 is almost identical to what it costs today...in gold terms''
COFFEE, GAS, COLLEGE TUITION: Here's A Look At Everything Priced In Gold
http://www.businessinsider.com/everything-priced-…
Take that you keynesians big governement loving inflation worshipping paper bugs.
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I'm all for the arguments in "End the Fed" by the economist/doctor/politician. But the statistics you just stated actually don't mean anything. The thesis in "End the Fed" was that when our currency isn't tied to a finite resource (gold) rampant inflation, moral hazard, and limitless spending are the end result (basically saying that even though taxes are not raised, our living wages are cheapened by the Feds limitless ability to print money)... By saying that the price of goods are the same in terms of gold, it's like saying that the price of goods in terms of any other finite resource is the same (this is more or less the definition of a finite resource, you can't make more gold, so... it would be weird if it didn't hold it's value, despite not being a useful economic resource). A better argument would be to look at the real prices of natural resources and goods (not nominal, since we thankfully don't make the same amount of money that we did in the 50's) and determine whether real prices have fallen or risen over the years. The statistics you mentioned become even more meaningless when you take into account the recent run up in the value of gold (for a variety of reasons: fear, "End the Fed", belief that we will stop using fiat money and return to gold, fear of inflation and the need to hold something tangible). If we compared the prices of goods to gold from 1900 to 2000 we may see a completely different story. Anyway, the point of End the Fed wasn't to single out gold as the necessary mineral but was more to say that the Fed holds too much power on monetary policy and that our currency needs to be based on something finite so that the govt has no other option but to stay frugal.
As it should be. Technological innovation and an increase in production yield should drive the price of goods down over time. As measured in gold, it appears that is the case.
That reminds me of the Ron Paul thread where that douchebag (not RP) said the Dollar hasn't lost 97% of it's value since the advent of the Fed.
from my uncle:
I think this is the result of the fact that in general, production workers don't offer as much marginal benefit as they used to. Because more and more people are working in the service sector and are specialized and transportaion costs of building overseas have been dramatically reduced, production workers in America don't add as much value as they did in the early 20th century when the country specialized in assembly lines.
The data series is for the "AVERAGE HOURLY EARNINGS OF PRODUCTION AND NONSUPERVISORY EMPLOYEES."
However, the graph title may be misleading because the data is for the total private sector (manufacturing and services). Whoever created the graph may not have intended for the confusion, but the data should have been more clearly presented.
...Or it could just be that gold is just an arbitrary line in the sand that shouldn't mean so much to people. The price of gold is not the proof that Ron Paul is saying should dictate our fiscal policy and the end of fiat currency. How the fuck is this not getting through to you fucking gold diggers? Look at the wages in gold at 2000, if BB is correct then why the fuck were people in production making so much (in terms of gold) in the year 2000 compared to now?? Was that a good fucking period for production workers?? No. The point isn't that the price of gold is the proof in Ron Paul's pudding. He said it himself, the currency could be tied to silver or nickel or whatever other finite resource is out there, just as long as it's tied to something tangible that the government can't make more of. This is so basic.
I'm not saying that Ron Paul is correct at all, but I do think it's interesting that when you look at a trend line for most items, over 50 to 100 years they've had their ups and downs but it's very striking that many of them end up at almost exactly the same point as they were before. I don't think that gold is some magical asset either, like you said, it's something the government can't make more of just like any other precious metal. Also, calm down dude, no need to get so worked up.
Hahaha... I know, were you visualizing me jumping up and down in my boxers and yelling obscenities while pounding the keyboard (I always imagine this when people get all hyper on the internet, but don't worry I'm fully clothed). Anyway, I think Ron Paul is the closest thing we have in the political realm that really thinks through his economic ideals and positions. It's sad, in many ways, that he will never be taken serious (other than by groupies) or elected to the highest office. He had so many good debate moments (like when the moderator asked what he would say to Raul Castro and he responded with "why'd you call?" Classic)
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