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Did You Know: The original US currency was called a Fugio? Instead of the phrase “In God We Trust”, it said “Mind Your Business”.
The word Fugio is Latin for ‘I Fly’
More from wikipedia:
On April 21, 1787, the Continental Congress of the United States authorized a design for an official penny, later referred to as the Fugio cent because of its image of the sun shining down on a sundial with the caption, “Fugio” (Latin: I flee/fly). This coin was reportedly designed by Benjamin Franklin; as a reminder to its holders, he put at its bottom the message, “Mind Your Business”. The image and the words form a rebus meaning that time flies, do your work. This design was also used on the “Continental dollar” (issued as coins of unknown real denomination, and in paper notes of different fractional denominations) in February 1776.
Some historians believe that the word “business” was intended literally here, as Franklin was an influential and successful businessman. Given Franklin’s history publishing aphorisms, it may have been intended to mean both monetary and social business.
The reverse side of both the 1776 coins and paper notes, and the 1787 coins, bore the third motto “We Are One” (in English) surrounded by thirteen chain links, representing the original thirteen colonial states.
Following the reform of the central government with the 1789 ratification of the 1787 Constitution, gold and silver coins transitioned to the motto ”E pluribus unum” from the Great Seal of the United States.
The minimum wage in 1955 was $1.00/hr.
That would be four quarters, back when quarters were made with silver. The melt value of those four quarters (in today’s money) is about $20.
gee I wish this had a source..you can literally google every aspect of this post.
1995 minimum wage, silver content in US quarters pre-1964, spot price of silver
These are not hard pieces of information to find. Not everything needs to be injected directly into your thick skull from somebody else in order for you to know about it.
I mean honestly. Are you that fucking dumb?
I hate lazy people who want a source for everything as if Google doesn’t exist on your computer, phone, playstation and tv.
All of the info in the world, right there at your fingertips and you are too lazy to search or to comfortable with your skepticism that you refuse to do so.
Someone yesterday asked me “If IP law hurts individuals, why isn’t there anything written about it?” I wanted to cut my neck with a pencil, pull my brains out with a toothpick and jam them down my throat so I could suffocate to death.
Minimum Wage in 1955 to 1956: $1/hour (via Dept of Labor)
Price of an ounce of Silver in 1955: $0.95/ounce (via The Silver Institute)
What $1 in 1955 is worth in 2013 dollars: $8.23 (via Bureau of Labor Statistics)
Price of an ounce of Silver in 2013 (3/28/13): $28.82 (via MonEx)
The US dollar literally lost $20.59 or 71.4% of it’s value since 1955 due to inflation.
Next time don’t be so damn lazy.
You’re welcome,
Sha
The U.S. will win the global currency race to the bottom but decimate its economy in the process, economist Peter Schiff said.
With global central banks using currency manipulation to spur growth, capital markets have been awash in talk of what the fallout will be for investing strategies and consumers who may have to bear the weight of inflation.
LongtimeFederal Reservecritic Schiff said the central bank is being forced to prop up an ailing U.S. economy and the only way it can is by weakening the dollar.
“There is a currency war going on,” Schiff said at the Inside ETFs conference presented by Index Universe. “The irony of a currency war which makes it different from other wars is the object is to kill itself. Unfortunately, I think the U.S. is going to win the currency war.”
The CEO of Euro Pacific Capital in New York has been one of the market’s most outspoken supporters of gold as a hedge against inflation specifically and global turmoil in general.
He believes the metal will be a prime beneficiary of the currency war, while consumers will be its main victim.
“Anybody who believes there is no inflation isn’t shopping,” he said.
Government cost-of-living indexes such as theconsumer price indexare a “total fraud. Consumer prices in the U.S. are moving up much faster than indicated by the CPI. It is manipulated. It is deliberately designed to mask inflation, not report it,” he said.
As for U.S. economic prospects, Schiff believes they are gloomy.
Gross domestic productindicated a slight contraction in the fourth quarter, though most economists expect that to change in future revisions and growth to be steady but modest through the year. In the meantime, the European sovereign debt crisis is beginning to return to the news as well, though the stock market hasn’t seemed to mind any of it.
But that could change quickly.
“We’re broke. We owe trillions. Look at our budget deficit, look at the debt to GDP (ratio), the unfunded liabilities,” Schiff said. “If we were in the euro zone they would kick us out.”
For Schiff, such talk, though incendiary, is fairly routine.
He found a good deal of interest at the conference, though, with attendees crowding him after his panel discussion even as some other participants were beginning to catch flights out.
“The Fed knows that the U.S. economy is not recovering,” he said. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”
Sometimes the consistent propagation of doom & gloom, especially from a well known and trusted source, causes the doom & gloom to come into fruition.
Even if I didn’t believe the US dollar was ready to collapse, which I do, I’d still bet that it would due to so much talk and preparation of it. The sell-offs will come and the investments will shift and it will all happen very quickly by those that have large sums of capital and the sophisticated machinery to detect and move said capital, leaving the unsophisticated investors at the bottom of the leftover rubble.
My advice to small time players is to get out and never come back in or know how hot of a fire they are playing with.
Have you ever read Confessions of an Economic Hitman?
Did it change your political beliefs? Did it flip your world view upside down and inside out?
Yes, to our benefit. Most certainly to the benefit of banks, corporations and politicians, but the people have seen benefits from the fiat currency, as well.
Simply put, we’ve printed, borrowed and spent money that literally didn’t exist. That’s paid for your infrastructure, our imports, our monetary advantage, our defense, our technological developments. Everything.
You think we just had money to blow on things like a space race or nuclear arms development because we were awesome? No. It was because we built a system, got the rest of the world to buy into it and then reaped the benefits.
Do we have hell to pay for what we did? Yes. The people of America will be fucked for decades. But for a century of development, we’ve had the luxury of trillions of dollars of printed or borrowed funds. No denying this.
You’re missing the point. This all came at the expense of something. Since magic isn’t real, when this money printing happens, it happens by devaluing the money that does exist. Some of that “payment” is deferred, obviously. But that doesn’t mean it’s free. So on net, no real benefit unless you are among the connected. Secondly, because that money was spent on things that the connected favored, resources were misallocated. Our money that was stolen was spent poorly. Did good things come out of that wasted money? Sure. But just because I can buy a delicious in-n-out double-double cheeseburger for $200, doesn’t mean that my “benefit” of the cheeseburger can by looked at without considering the cost.
I absolutely understand that. I’m too lazy to get into this now so Ill just leave it at “I don’t agree with all of that but i agree with some of your point”.
I mean Bernanke isn’t the Keynesian that Krugman is.
If anything, I’d put him up there with Mankiw and honestly Mankiw isn’t as insufferable as Krugman is.
But yeah I…
The average US citizen benefits from the reserve currency system in the same way that a group of wild animals benefit from an 85 year old terminally-ill cancer patient feeding them every night.
I’m not sure I understand that metaphor but the US Citizens do benefit from the Fed and the Fiat Currency we push as well as the wars we fight.
All of it has been to our benefit.
The problem is that the system is unsustainable. Eventually, you run out of willing trade partners and you run out of confidence in your currency.
The good part about our money is that everything associated with it is deferred.
The bad part about our money is that everything associated with it is deferred.
That’s the underlying philosophy of Keynes and his General Theory. “In the long run, we’re all dead”.
The theory is that we can, if we are actually careful and diligent and near perfect with our monetary policy, we can always put off the debts and virtually no one will notice and we can keep this up for as long as others are willing to believe that we are strong and capable and wealthy.
The problem is that when it catches up with you, the entire system crumbles onto our heads.
The citizens of America haven’t really had to bear the burden of our own flawed system. We are just coming under attack because of it from both abroad and within. But, until now, we’ve all benefited from it. No need to lie about that.
“our” benefit? “we’ve all benefited”?
No.
“they” benefit. Those who get the fake money first. And at our expense, especially those of us who are responsible and save (and are thus those who actually help grow the economy). All we get is price inflation and less power with regards to how resources are allocated since the market is tampered and resources are funneled where this fake money goes.
“we need a fed” says L&S. lol.
Yes, to our benefit. Most certainly to the benefit of banks, corporations and politicians, but the people have seen benefits from the fiat currency, as well.
Simply put, we’ve printed, borrowed and spent money that literally didn’t exist. That’s paid for your infrastructure, our imports, our monetary advantage, our defense, our technological developments. Everything.
You think we just had money to blow on things like a space race or nuclear arms development because we were awesome? No. It was because we built a system, got the rest of the world to buy into it and then reaped the benefits.
Do we have hell to pay for what we did? Yes. The people of America will be fucked for decades. But for a century of development, we’ve had the luxury of trillions of dollars of printed or borrowed funds. No denying this.
I mean Bernanke isn’t the Keynesian that Krugman is.
If anything, I’d put him up there with Mankiw and honestly Mankiw isn’t as insufferable as Krugman is.
But yeah I…
The average US citizen benefits from the reserve currency system in the same way that a group of wild animals benefit from an 85 year old terminally-ill cancer patient feeding them every night.
I’m not sure I understand that metaphor but the US Citizens do benefit from the Fed and the Fiat Currency we push as well as the wars we fight.
All of it has been to our benefit.
The problem is that the system is unsustainable. Eventually, you run out of willing trade partners and you run out of confidence in your currency.
The good part about our money is that everything associated with it is deferred.
The bad part about our money is that everything associated with it is deferred.
That’s the underlying philosophy of Keynes and his General Theory. “In the long run, we’re all dead”.
The theory is that we can, if we are actually careful and diligent and near perfect with our monetary policy, we can always put off the debts and virtually no one will notice and we can keep this up for as long as others are willing to believe that we are strong and capable and wealthy.
The problem is that when it catches up with you, the entire system crumbles onto our heads.
The citizens of America haven’t really had to bear the burden of our own flawed system. We are just coming under attack because of it from both abroad and within. But, until now, we’ve all benefited from it. No need to lie about that.
(via libertyandfitnessforall)
I mean Bernanke isn’t the Keynesian that Krugman is.
If anything, I’d put him up there with Mankiw and honestly Mankiw isn’t as insufferable as Krugman is.
But yeah I mean Bernanke is just mainstream. It’d be wrong to say he’s as Keynesian as other popular economists are.
Bernanke is a typical consumption-and-debt based Keynesian. Borrow money, spend money, don’t save too much, manipulate rates to get desired results.
Krugman is borderline insane. Create bubbles to off-set previous bubbles? Economic impact of natural disasters is good? We need to prepare for an alien invasion that doesn’t exist in order to revive the economy?
Krugman probably drives around smashing windows and slashing tires just to try and raise the GDP. The dude’s a radical.
Bernanke is the first academic to be the head of the Fed in a long time. That alone is a plus.
Interest rate targeting is basically what you do with central banks anymore. You can’t target the money supply and inflation expectations can be held nearly constant so long as no one fucks up (oops QE2,3,4).
Yeah, Krugman is insane. He also gets paid by the NYTimes to spread his lunacy, which is worse.
Yea, I agree. I don’t think Bernanke is the evil tyrant of the world as so many libertarians see him as. He just does what his job is supposed to be, control rates and drive different financial actions via asset purchases and liquidity changes.
Now, the existence of the fed, that’s an issue for me. But as far as what Bernanke has done while at the helm, it’s no different than what any other knowledgeable Keynesian would do.
I mean, ending the Fed isn’t that high on my priority list as a libertarian. The world we live in right now means we need a Fed, and we certainly benefit greatly from having the US Dollar.
I don’t think I agree.
If you think about the inter-connectivity of the Fed, the fiat dollar, the world’s reserve currency, the petrodollars and the wars we fight to maintain the hierarchy and value of the dollar, you realize that all of it is connected right back to how the dollar and it’s valuation is the foundation of our imperialism.
But I agree that as American citizens, we do, somewhat, benefit from the US Dollar.
CNBC article regarding a 43 Trillion Lawsuit has been taken down; that same day, two children of CNBC staff are found dead.
The article discussed the largest financial laundering scheme in U.S. history.The article was taken down that I wrote about yesterday. I got the screen shots of it on CNBC and so there is proof that it was there and a lawsuit was filed against the banksters and top government officials.
The original link to CNBC is here: http://www.cnbc.com/id/49555671/ (you can still see the comments left from the article at the bottom of the page and that the article was about the lawsuit. (Until they make the page a “404” error)
Here is my article about it with the screenshots:
http://sherriequestioningall.blogspot.com/2012/10/43-trillion-dollar-suit-against-us-govt.html
What gives this more of a twist is the horrendous murder of two young children in NYC. An anonymous/Alison left a comment on the above article, saying that the CNBC Sr. V.P. executive of digital (internet) had his children murdered the same day/hours after the article came out.
Here is the comment:Hi Sherrie,
Of course the following could just be a coincidence….
You might also find it interesting to note that the chief exec of CNBC digital Kevin Krim’s children were murdered (2 of them) on the VERY same day this article went live.
Supposidly their nanny killed them but I guess we’ll never know seeing as she apparently slit her own throat and wrists and is now in critical condition in hospital. I doubt very much she’ll make it!
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/9635446/Two-children-stabbed-to-death-in-luxury-New-York-apartment.html
Reads like an episode on Damages…
Alison
I found more articles about the murder of the children online. Here is one from CNN that has been updated and proclaims the nanny stabbed herself when she heard the mother come in the apartment.
Is it all coincidence that it happened hours after CNBC put the 43 trillion lawsuit online?The children’s father, Kevin Krim, a senior vice president for CNBC Digital and former Yahoo executive, was en route back home from the West Coast. Police broke the news to him at John F. Kennedy International Airport.
I feel for the family. I simply can’t imagine the most horrendous nightmare of having your children murdered.
Now CNBC has taken down the article/information about the lawsuit, I figured that would happen and that is why I captured every bit of it on the CNBC website. I captured it compared to reproducing for three reasons.
One: It says “copyrighted” at the bottom
Two: To show and prove it was on CNBC and not made up (which can appear to be when just copying material)
Three: To have a record of it, when it disappeared off the net.
FYI: It does seem they are erasing the whole page, now only 2 comments are left on the page. There were many more comments yesterday about the lawsuit on CNBC.
I found that Marketwatch has the same information up about the lawsuit at this time. Here is the screenshot of it on their page:
Question is: How long will it stay up on Marketwatch and will something happen to an executive or their family there of a horrendous nature or accident?Here is the Marketwatch (Wall Street Journal) report on the 43 trillion dollar lawsuit.
Here’s more on that CNBC murder case.
