boneyard bill
Member
- Joined
- Jun 20, 2010
- Messages
- 436
Have you compared 1950 with 1970? I'm going from memory, but minimum wage was about $.70 an hour. Gasoline was $.32 a gallon. An average new 3-bedroom house was probably about $10-12,000. Prices went up even when we were on the gold standard. Why? Because the Fed printed money anyway. The money printing was the reason we were forced off the gold standard in the first place. Without a domestic gold standard to enforce discipline, the international gold standard will not hold inflation in check. When our gold left for Europe, it did not reduce the money supply here at home. So the really relevant date is 1933, not 1971.
