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The "stability in CPI" after the gold depeg in the 70s is also when wages stopped growing in real terms. Most "wealth creation" since that date is on paper.
by john_texas 2y ago
The "stability in CPI" after the gold depeg in the 70s is also when wages stopped growing in real terms. Most "wealth creation" since that date is on paper.
- throw0101b 2y ago> The "stability in CPI" after the gold depeg in the 70s is also when wages stopped growing in real terms. The depeging occurred in 1971: * https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock the CPI didn't start going crazy until the mid- to late-1970s: * https://en.wikipedia.org/wiki/1973_oil_crisis https://en.wikipedia.org/wiki/1973_oil_crisis * https://en.wikipedia.org/wiki/1979_oil_crisis https://en.wikipedia.org/wiki/1979_oil_crisis * https://en.wikipedia.org/wiki/Supply_shock https://en.wikipedia.org/wiki/Supply_shock though there was a rising amount before any of those events: * https://www.federalreservehistory.org/essays/great-inflation https://www.federalreservehistory.org/essays/great-inflation You'll find that real wages in the US were fairly steady for most of the 1970s, falling mostly at the end, and really dropping during the 1980s: * https://www.factcheck.org/2019/06/are-wages-rising-or-flat/ https://www.factcheck.org/2019/06/are-wages-rising-or-flat/
- red-iron-pine 2y agomost wealth creation being on paper is because labor stopped getting paid and capital saw all the growth kinda like how despite all of the inflation the average person only saw a 3% increase in actual take homes while the hyperwealthy saw 300% (of much, much larger numbers). it ain't gold, it's greed
- john_texas 2y ago[dead]