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Interesting about the inflation here. In 1931 mean wages in the UK are reckoned to have been 1s (£0.05) per hour [1]. Currently mean wages in the UK are £617
by sgt101 3y ago
Interesting about the inflation here.
In 1931 mean wages in the UK are reckoned to have been 1s (£0.05) per hour [1].
Currently mean wages in the UK are £617 per week (40hrs) or £15.42 per hour [2].
So a half sov in 1931 was worth 10hrs of work, while today it's worth 12.60hrs of work. Quite interesting that it's value has risen (in real terms) even while it's stopped being a currency (more or less). Perhaps because it's actually useful in electronics now (not so much in 1931).
So gold has had real
[1] https://www.pocketpence.co.uk/wages-1930s-12269131.html https://www.pocketpence.co.uk/wages-1930s-12269131.html
[2] https://www.forbes.com/uk/advisor/business/average-uk-salary-by-age/ https://www.forbes.com/uk/advisor/business/average-uk-salary...
- eru 3y agoYes, it's somewhat interesting that gold is now more expensive (in terms of worth in hours worked) than when countries where on the gold standard.
- mikhailfranco 3y agoNothing to do with industrial use of gold, which is negligible, compared to mine supply (~3,000t/yr) and jewelry consumption. Labor in UK (and wider western world) has lost out compared to gold, due to globalization (net benefit to the world). That is irreversible. Gold has lost out to tech and speculative risky investments, for now. That is certainly reversible. Watch this space 2024-5.
- sgt101 3y agoI think globalisation is very much reversable and in fact is being reversed at a rate of knots by things like Biden's green deal