OohPooPahDoo
Gold Member
- Thread starter
- #41
I understand it quite well...You have absolutely no fucking idea because you can't even wrap your head around a simple concept like determining how much of X someone -anyone- could buy with $1.00 in 1912, versus what they could purchase today.
You mewl about deflation, without so much of a passing thought as to how inflated, nearly to the point of total worthlessness, the FRN has become over the last 100 years, nor why this is so.
Now, STFU and watch the video...Then, maybe you could *gaaaaasp* read the absolutely pivotal book on the subject.
Creature from Jekyll Island (softbound book)
Who gives a shit what the nominal purchasing power of an Federal Reserve Note was in 1912? That 1912 FRN would buy more, but everyone had far, far fewer FRN's. It's just a medium of exchange. I'll agree to return the FRN to 1912 purchasing power if you agree to work for 1912 wages.
A small point - Federal Reserve Notes did not exist in 1912.
BUT - that being said, and replacing FRN with "one dollar in U.S. currency", I make oddball the same offer - we'll return to 1912 dollar value AND 1912 wages. Around $500 a year