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Message
re: Powell no longer believes inflation will reduce
Posted on 5/14/24 at 11:23 am to RaoulDuke504
Posted on 5/14/24 at 11:23 am to RaoulDuke504
So, you can’t pull water out of just one end of the pool? Shocker.
When Nixon announced that the USA was no longer redeeming gold for dollars on 15 August, 1971, the government had been exchanging gold for dollars at $35.00 an ounce and the LBMA price of gold was approximately $43.00. As of 11 May, 2024, the current market price of gold is approximately $2,365.00 an ounce.
Over this period using the LBMA price of gold, it has compounded annually at a rate of :
(2,365÷43.00)^(1÷52.737704918) = 1.0789475903 or compounded at approximately 7.89% per annum for approximately 52.74 years as of 11 May, 2024, or to state it another way, the dollar has lost (1-(43.00÷2,365.00)) = .9818181818 or approximately 98.18% of its value against gold.
I suspect that the dollar will lose that remaining 1.82% in the next 5 years against gold.
A compounded annual rate of approximately 7.89% for approximately 52.74 years is not too bad for a pet rock or a barbarous relic and if the a BRICS currency is eventually backed by gold then I suspect the compounding rate could exceed 9.00% compounding. Time will tell.
The website: LINK
indicates that it takes $7.71 to have the equivalency of $1.00 in 1971 or approximately 3.93 % compounding. Using the compounding rate for gold of approximately 7.89% you would have approximately $55.00 or approximately 7.13 times the $7.71 for the same time period. You would have beaten inflation by approximately 613%.
In our current climate of massive government fiscal irresponsibility with a debt of over $34,000,000,000,000 which does not include other liabilities like Social Security is approximately $101,190.00 for every man, woman and child in the USA and now adding $1,000,000,000,000 every 100 days which is an additional $10,863 per annum and being on the eve of WW III,
When Nixon announced that the USA was no longer redeeming gold for dollars on 15 August, 1971, the government had been exchanging gold for dollars at $35.00 an ounce and the LBMA price of gold was approximately $43.00. As of 11 May, 2024, the current market price of gold is approximately $2,365.00 an ounce.
Over this period using the LBMA price of gold, it has compounded annually at a rate of :
(2,365÷43.00)^(1÷52.737704918) = 1.0789475903 or compounded at approximately 7.89% per annum for approximately 52.74 years as of 11 May, 2024, or to state it another way, the dollar has lost (1-(43.00÷2,365.00)) = .9818181818 or approximately 98.18% of its value against gold.
I suspect that the dollar will lose that remaining 1.82% in the next 5 years against gold.
A compounded annual rate of approximately 7.89% for approximately 52.74 years is not too bad for a pet rock or a barbarous relic and if the a BRICS currency is eventually backed by gold then I suspect the compounding rate could exceed 9.00% compounding. Time will tell.
The website: LINK
indicates that it takes $7.71 to have the equivalency of $1.00 in 1971 or approximately 3.93 % compounding. Using the compounding rate for gold of approximately 7.89% you would have approximately $55.00 or approximately 7.13 times the $7.71 for the same time period. You would have beaten inflation by approximately 613%.
In our current climate of massive government fiscal irresponsibility with a debt of over $34,000,000,000,000 which does not include other liabilities like Social Security is approximately $101,190.00 for every man, woman and child in the USA and now adding $1,000,000,000,000 every 100 days which is an additional $10,863 per annum and being on the eve of WW III,
This post was edited on 5/14/24 at 11:24 am
1
Posted on 5/14/24 at 11:23 am to Antonio Moss
quote:
It spiraled out of control in 2020
It did? Inflation was at 1.4% in Jan. 2021 when Biden took office. The last 4 years is on him. Nice try though.
Posted on 5/14/24 at 11:24 am to Bunk Moreland
It’s going to be a devastating crash when the snap hits the fan
Posted on 5/14/24 at 11:28 am to Timeoday
How much did QE affect inflation from November of 2008 through December of 2019? 
Your Vox buddy's study is meaningless becauase it doesn't address the mechanics of QE and only observes a spurious relationship with QE and inflation post-covid. As if nothing else in the real economy happened during that time period.
Your Vox buddy's study is meaningless becauase it doesn't address the mechanics of QE and only observes a spurious relationship with QE and inflation post-covid. As if nothing else in the real economy happened during that time period.
Posted on 5/14/24 at 11:29 am to RaoulDuke504
They've never intended to lower inflation. Ever.
Posted on 5/14/24 at 11:29 am to OccamsStubble
Powell can’t fix inflation through just monetary policies alone and he is beginning to realize that. Unfortunately, no one in Congress seems to care and Biden certainly doesn’t. He thinks lowering credit card fees will lol. It would take drastic spending cuts at the federal level and a reduction in future promised spending levels
Posted on 5/14/24 at 11:37 am to BearCrocs
They can’t make it on 50k. These days 50k won’t get you very far
Posted on 5/14/24 at 11:42 am to scottydoesntknow
quote:
Every GOP "conservative" out there was all in on pressuring Trump to shut down the country while he was resisting it...and now we blame it all on him.
So you're saying Trump was an inept leader that couldn't make his own decisions? Basically a pawn of the Deep State. Got it. You should vote for him again.
Posted on 5/14/24 at 11:47 am to Aubie Spr96
quote:
So you're saying Trump was an inept leader that couldn't make his own decisions? Basically a pawn of the Deep State. Got it. You should vote for him again
No I think he was saying stupid people on here don't put the decision making in context. Congress wrote a veto proof spending bill. Even if Ttump had rejected it, it would have passed anyway. What was he suppose to do? Sieze power?
Posted on 5/14/24 at 11:54 am to RaoulDuke504
quote:
They also refuse to retire or bring in young people to learn their career and trades in fear of being replaced.
This is ridiculously way off base. Kids don't want to learn a skill or trade. That means having to wake up and be at work at 7. They want to program a computer or do come kind of content creation (Youtube, TikTok). I know. I'm a small business owner and there aren't any kids that want to learn how to fit and weld something without making $30.00/hr off the bat.
Posted on 5/14/24 at 11:54 am to Revelator
quote:
So please tell me why the average Joe citizen is still spending and traveling like they are fine?
Credit card debt and optimism that their financial situation will improve is my best bet
Posted on 5/14/24 at 11:57 am to RaoulDuke504
quote:
They also refuse to retire or bring in young people to learn their career and trades in fear of being replaced.
This is something that is rarely talked about.
Boomers are holding positions well into their 70's.
Bottlenecks promotions and while I respect all of the hard work they've done over the years, past retirement age, they are eating up a ton of money in payroll by collecting a ridiculous paycheck while contributing nothing of value (while everyone actually carrying the water is unable to move up). That and they are incredibly difficult to work with and rarely adapt to their work environment.
It's why I laugh when boomers call other generations entitled.
Posted on 5/14/24 at 11:59 am to Lg
quote:
This is ridiculously way off base. Kids don't want to learn a skill or trade. That means having to wake up and be at work at 7. They want to program a computer or do come kind of content creation (Youtube, TikTok). I know. I'm a small business owner and there aren't any kids that want to learn how to fit and weld something without making $30.00/hr off the bat.
Word of advice stop looking for someone with some experience. Look for character anything can be taught by someone willing to work. People with some experience don’t want to be paid McDonald wages because they don’t have 10 years under their belt yet.
Find a good character individual and see if they have responsibilities or ambitions. Offer them the standard pay but explain it’s a pathway where they would eventually start making that much. Teach them the craft and how to work and you have to be patient. Have them do small things around the shop as they learn. You will have no trouble finding someone at that point.
Posted on 5/14/24 at 11:59 am to Lg
quote:
They want to program a computer or do come kind of content creation (Youtube, TikTok).
Are you 90 years old? The entirety of younger generations are not ONLY wanting to do this.
quote:
I know. I'm a small business owner and there aren't any kids that want to learn how to fit and weld something without making $30.00/hr off the bat.
Well that settles it then. Because a handful of people didn't like your pay rate in a specific field at your specific business, that means millions of us are just lazy pieces of shite who don't work hard.
Posted on 5/14/24 at 12:00 pm to RaoulDuke504
Depression.
Posted on 5/14/24 at 12:01 pm to dcrews
quote:
This is something that is rarely talked about. Boomers are holding positions well into their 70's. Bottlenecks promotions and while I respect all of the hard work they've done over the years, past retirement age, they are eating up a ton of money in payroll by collecting a ridiculous paycheck while contributing nothing of value (while everyone actually carrying the water is unable to move up). That and they are incredibly difficult to work with and rarely adapt to their work environment. It's why I laugh when boomers call other generations entitled.
Yep every blue collar I job I had they did half the work, double the pay, no one could tell them anything, the manager who wasn’t around as long as them was scared of them, and they didn’t want to work with anyone but complained all day. All of this plus people who do replace them don’t get nearly the same pay or benefits they received while having to do more work for less
Posted on 5/14/24 at 12:06 pm to RaoulDuke504
In other news
Water is discovered to be liquid and could get you wet.
Details from the EyeTeam Investigation tonight at 11
Water is discovered to be liquid and could get you wet.
Details from the EyeTeam Investigation tonight at 11
Posted on 5/14/24 at 12:15 pm to CreoleTigerEsq
Because we never really had a choice
Posted on 5/14/24 at 12:18 pm to RaoulDuke504
You realize about 3/4 of the truth about the economy. Baby Boomers are screwing every other generational cohort down the line. Also realize that because they were so large and living longer that the benefit payouts will start to put pressure on other generations to pay for them as they stay in jobs longer AND suck off the benefits like Social Security and Medicare while still working.
Posted on 5/14/24 at 12:50 pm to ragincajun03
quote:
So we should have had negative inflation?
I’m talking about her confidence level.
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