Posts Tagged ‘creates’

“The desire to work less is not a vice, but a fundamental aspect of emotional intelligence. When combined with commitment, persistence, and common sense, it creates economic efficiency, an essential component of building great wealth.” -Mark Ford

“Americans feel squeezed because the cost of rent, medical insurance, and tuition – as well as other basic living expenses – is rising much faster than their wages. This creates very real problems for ordinary people.

By every measure – including stagnating wages and rising costs – things have been going downhill for the American middle class since the early 1970s. August 15, 1971, to be exact. This is the date President Nixon killed the last remnants of the gold standard. Since then, the dollar has been a pure fiat currency.

The rejection of sound money is the primary reason why inflation has eaten up wage growth since the early 1970s – and the primary reason why the cost of living has exploded.

Measured in gold, wages in the U.S. have fallen over 84% since 1971…. Priced in gold, the minimum wage has fallen 87% since 1968. Note that the federal minimum hourly wage was $1.60 in 1968. It’s $7.25 today, or 353% higher in dollar terms. But that $7.25 buys 87% less than $1.60 did back in 1968. That’s the story you won’t hear from the mainstream press.

Inflation follows a clear a pattern of corruption:  In a fiat currency system, the government will invariably print an ever-increasing amount of currency. This makes prices and the cost of living rise faster than wages. The average person feels the pain, but doesn’t understand what’s happening. More people support politicians who promise freebies. In order to pay for the ‘freebies,’ the government prints more money. This creates even more inflation, and the cycle repeats.”

-Nick Giambruno

“What’s the difference between chance and luck?  Luck almost implies like a leprechaun is, sort of somebody is making this happen.  In many ways, it seems like certain people are luckier than others.  I think what that really means is that when they were given chances, they elected to pursue them, as opposed to step away from them.  And that kind of creates the illusion of luck.” -Chuck Klosterman

“Luck is an open door.  Chance is the willingness to step through.”