For 138 years, consumer prices in America slightly declined. After The Federal Reserve was created, things changed…
The ‘scheme’ exposed…
Source: VisualizingEconomics.com
But, not satisfied with that shift, in 1971, Nixon unhooked American economics from any rationality, because – as we detailed previously – ‘The 1%’ hate the Gold Standard… between 1930 and 1970, it was only the “bottom 90%” that saw their incomes rise, as can be seen on the next chart.
In other words, the ascent of the non-1% peaked when the Deep State forced Nixon to depart from the gold standard’s constraint on largesse.
Which should also clarify just why to the “1%”, including their protectors in the “developed market” central banking system, their tenured economist lackeys, their purchased politicians and their captured media outlets, the topic of a return to a gold standard is the biggest threat conceivable.
A gold standard is not needed .In 1934 when Hitler took over the issuance of money he didn’t have any gold.He issued the currency( mark ) as value( debt free ,interest free and in limited supply ) backed by the labor of the Germany people. Between 1934- 40 Germany became a world super power.
The Sofa King strikes again. bb, you are sofa king retarded.
Where does the chart showing the growth of the 1 percent come from?
I believe ZH created that chart. I’ve seen them use it before.
That chart is very compelling
First time I have seen it
Having a reputable source would be helpful
Even if 75 percent accurate it tells a meaningful story
It appears to come from this data:
http://eml.berkeley.edu//~saez/saez-UStopincomes-2012.pdf
Thanks
I look forward to reading this
Thanks for the citation
I’m convinced that the Money Masters get a lion’s share of the money (from under the table) they create out of air.
It is impossible to create tables out of thin air
Yea … well …… ummm ………. there are TWO charts in the article, and not ONE as stated in the headline!!!
At least I can fucken count to five.
@ Stucky….”At least I can fucken count to five.”
Congrats! You are eligible to run for Congress!
The S&P index topped 2135 this morning.
This is a reset. TEOTWAWKI is indefinitely postponed. It is business as usual, moving on from here.
In wave terms, this is most likely the third wave of the first wave up — a strong upward move, with more positive mood, actions and outcomes. Fourth Turning activities may recede into the background — events like the BREXIT will be the exception, not the rule. This is also most likely the fifth and final wave of a much larger fifth wave, which is why things seem so shaky. Progress in many areas has been stretched thin, and remains quite spotty.
For some perspective on what to expect, the large third wave in this sequence ran from the late 1930’s to 2000 — it was probably the longest in the series. Wave four of this sequence ran from 2000 to March 2009. We are looking at a run of about 10 years in growth from here. I believe we will see a lot of this in the form of the global economy steadily re-flating. Perhaps the next big correction will resolve the over-inflation that results.
It does appear that the global economy has achieved escape velocity from the black hole of deflation. Bernanke deserves a lot of credit for that.
Nixon had no choice but to decouple the dollar from gold. Foreign governments were taking the U.S. up on its offer to exchange paper for gold and had depleted the gold reserves by two-thirds. There would have been no gold to exchange for dollars in a short time. The 1% understood what would happen to the dollar’s value and simply played it to their own advantage. Not likely a conspiracy.
It really started with LBJ of doing the guns and butter thing of not balancing the budget. Had Vietnam and the War on Poverty going on, and the french sending over excess cash and asking for gold in return. Of course Nixon said it was only temporary, Right!!!!!!!
Hey Ed , I am the sofa king today. Sitting here in hotel room doing some good drugs. Hydrocodone for pain plus a muscle relaxant.Problem is I can’t sleep.It takes away the pain but keeps me wide awake. Been up all day and last night. Still awake.I was sitting here at 5 am Pacific time wondering when admin was going to get up and start posting.
Fed reserve = POCB
Any questions?
I read through the article you provided
Very compelling info showing the discrepancy between the 1 percent and 99 percent since the early 1970s
Nixon should not be blamed for taking us off the gold standard, the Federal Reserve system should be. The Fed printed far more dollars that there was gold to back them. Those dollars were used, largely, to buy stuff from other countries – countries filled with people who believed, baselessly, that those dollars were backed by gold.
Eventually, foreign governments had accumulated vast piles of dollars, siting in vaults, collecting dust – and some of those governments decided they would ship those dollars back to the US, and trade them in for gold. The problem was, of course, that the gold backing those dollars did not exist in nearly the quantity which would have been needed. The entire post-war US ‘economic miracle’ was based on fraud, which is hardly surprising in retrospect, as the Federal Reserve system was involved. It’s a bit more complicated than outlined here, but this is essentially what happened.
Someone explained this to Nixon, and he ended dollar-gold convertibility – which was good. He didn’t execute the bankers, which was bad.