Posts Tagged ‘standard’

“The definition of wealth is the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living. It’s that simple. It’s not about what you can buy. It’s about your ability to sustain your existence without working.” -Robert Kiyosaki

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“The married couple of 20 years is just a step away from financial disaster….

Millions of over-leveraged consumers – who can’t distinguish between a ‘want’ and a ‘need’, refuse to live within their means, require a certain standard of living, and use most of their available credit without knowing when or how they’ll pay it off – are a big credit risk. They live on the edge of default….

Inevitably, irresponsible lending always leads to a bust….  Credit-card debt is growing so fast, it’s even outpacing strong wage growth….

Trouble is brewing… It’s only a matter of time before this recklessness blows up.” -Bill McGilton

“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

Who Owes?

Posted: April 22, 2018 in Debt
Tags: , , , , , , , , , ,

“The dollar (since going off the gold standard) an ‘I owe you nothing’.  The euro as a ‘Who owes you nothing’?  Cryptos can accurately be described as ‘You have no idea who owes you nothing’.” -Doug Casey

“Hold yourself responsible for a higher standard than anybody expects of you.  Never excuse yourself.” -Henry Ward Beecher