Happy Nixon Shock anniversary! On this date 54 years ago, the US "temporarily" went off the gold standard. Median income in 1971 was $10k/yr, and gold was $35/oz. Yearly earnings paid in gold was 286 oz. How about 2025? Median income is $62k/year, and is gold $3.3k/oz. Yearly earnings paid in gold is 19 oz. Our median earnings, the average of what our scarce time is worth, dropped 93% in those "temporary" years. Cheers! 🍻

WTF Happened In 1971?

WTF Happened In 1971?

https://inflationdata.com/articles/2022/08/10/u-s-cumulative-inflation-since-1913/ "I don't believe we shall ever have a good money again befo...