Loading ...Back in the 1970s, after the ’71 gold de-peg, prices started skyrocketing, and Adolf Paul Volker raised interest rates from 6% to 21% to kill the “inflationary psychology”. Meanwhile, low rates were not the cause of higher prices.
The bozos also were blaming the Arab Oil embargo they called it. More baloney. The dollar dropped because nobody knew what they were worth anymore. Originally I think the agreement or standard was 1 ounce of gold equal to 15 barrels, and one ounce of silver equal to 1 bbl.
I remember, oil went from $2 to $42, and gold went from $35 ($140 black market) to $800. They also had the nerve to blame high wages of the US Auto builder Workers for inflation, called by the bums, “wage price spiral”. They actually said…”The United Auto Workers Union was ruining the country.
One by one they busted private sector tax paying unions to get labor costs lower. Not gov’t employment tax absorbing unions. They were exempt from bashing. Obviously.
Then to make things even WORSE for taxpayer wages, they started using foreign labor, importing MATHEMATICALLY cheaper consumer products to get inflation numbers lower.
As the USA lost wealth creating tax paying manufacturing jobs, the idiots in charge built up gov’t employment with new rules and new bureaucracies. Hence budget deficits, bigger debt limits, negative balance of trade on and on and here we are.
The effin BOZOS now know the country needs higher paying jobs to get more tax income, to pay for or support thier bloated gov’t.
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