i can't afford the good chicken tendies any more, i have to get the frozen ones that taste like fried lizard meat.
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Fake news. Nixon didn’t get us off of the gold standard. That was done in 1945 under the Bretton Woods pegged exchange agreement.
https://www.lietaer.com/2021/12/how-currencies-were-pegged-with-dollar-in-bretton-woods/
I just got my January heating bill. $195 this January, $58 last January. Same house. And it has NOT been 4x colder....
A sandwich at a place near the office used to cost around 6 dollars when I first joined BNY half a decade ago. By 2020 just before perma WFH it was up to 7. By now I wouldn't be surprised if it's 8 or 9 dollars.
My salary also hasn't increased since 2019 which is why I left recently. Now I can afford to add bacon to my sandwiches.
@1fzj, which just happened to be a few years after we nixoned the gold standard
Inflation = too much money going after too few goods. This is bound to happen if one is to keep printing money out of nothing.
And one more comment for anyone interested...inflation rate in 1974 was 11.04%. We are indeed creeping close to that level.
@1gos+1eKOuCjq
Well, inflation is 7% over the past year to the highest level since 1982. We are creeping to 1974 inflation prices. BTW, in 1974, the average retail price of gas was $0.53. This is equivalent to $2.99 in 2021 dollars.
1zjf, there is no fundamental reason we can't have things cheap forever. In fact, automation and productivity SHOULD be making things go down.
Love these perspectives from those who didn’t live through the 1970s. You have no idea how bad it can get. A little mild inflation after 40 years? Gas was over $5 a gallon in 1974.
@1jeo+1eKOuCjq - because inflation was waaaaay lower during those days (and in the last couple of decades).
Good and services priced in Bitcoin are down in price. No inflation to be seen.
Did you notice this happened during a pandemic?
when a large percentage of the work force worked from home?
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YES!!!
Jump in prices in 2021
Gasoline 49.6%
Fuel oil 59.1%
Natural gas 28.1%
Used autos 26.4%
Beef 20.1%
Pork 14.1%
Bacon 15.4%
Chicken 8.8%
Eggs 11.6%
Milk 4.3%
Apples 6.7%
Coffee 4.7%
Peanut butter 6%
Baby food 7.9%
Electricity 6.5%
How ?
A piece of steak was $12 last year, now it cost $19.
It was $40 to fill my gas tank, now $60.
I am getting paid the same.
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