In 1950, my dad earned about $50-100 (not sure exchange rate at the time) per month and considered middle-class.
So translated; 40 cents was ~0.5% of a month's salary. Today a monthly salary is ~$3000, so 2 drinks are ~$15. Around here, that is about right, ~$9-15 each depending on place.
🇳🇱
If that were true he wouldnt be able to buy anything eith it. The fact that the value changes over long periods of time is not the same as saying its worthless..
Huh? We covered this just a day or two ago...
1910 prices/wages it would take 3 hours of factory work to earn 1 pound of butter, compare that to today where it takes only 20 minutes worth of effort to earn that same butter.
So quite the opposite the value has **increased** not decreased at all.
Where you get confusion is between about 1970 and today work place related deaths have dropped to 1/3 of what they used to be (far more so if we count from 1910). So while in 1975 it only took 12 minutes to earn 1 lbs of butter you did so with 3x the risk to your life. So today we simply pay extra for increased safety, which of course adds to cost.
As far as work place deaths go, that tends to happen when you ship all your manufacturing jobs out of the country.
> you are high sir, we haven't talked about "the ecomony" a day or two ago.
I am not talking about you and me personally, but on my feed.
> Also it doesn't really matter where the beginning of arc is, the point is that money today is not able to buy the same things it could before.
I just proved the exact opposite, not only can it buy what it could before it can buy **much** more than before. Again used to take 3 hours worth of money to buy a poiund of butter and now it only takes 20 minutes... That doesnt make money worthless.
no. no it can't. You pointed at butter and I pointed out is almost certainly of lower quality. Comparing purchase of a lower quality product with a higher quality one is not a fair comparison. Look at housing. Not only are the houses built today of much lower quality, they cost significantly more than they used to.
Anyway like I said I wasn't really looking for a debate. It was a shit post. If you love the federal reserve love them with all your heart.
Except the exact opposite is true. Butter is of hiugher quality in terms of purity, safety, and cleanliness.. it kills fewer people objectively.
I never said I love the federal reserve, I am all for changing it. But to attack all fiat is just disconnected with reality. We can do better than the reserve with an open=democratic system. But it would still be fiat based.
Remember we used to try to do non-fiat money, and thats why we had the great depression. Fiat money was intended to fix that and we have not seen anything even remotely bad as the great depression since.
The great depression literally came less than a decade after the invention of the Federal Reserve :shrug:
I Don't care if currency is "fiat based". Technically monero is fiat based, but you can't just go print yourself more when you want to give it to your friends like the USG does with the USD.
@freemo
Production efficiency goes up and prices will naturally fall over time.
Service wages; everything that is mostly priced for human effort only, prices have increased. Partly due to better living standards for everyone, but a big chunk because of taxation causing inefficiencies (I saw somewhere that ~ 1/3 of taxation is used for what it is meant for, and 2/3 are inefficiencies and bureaucracies).
All of this is independent of "value of money/currency"
@thatguyoverthere