4T? What 4T?

[Kinser79]

(05-30-2016, 11:30 PM)Galen Wrote:

(05-30-2016, 11:12 PM)Kinser79 Wrote: That being said, one has to recognize that there hasn't been silver coinage in this country since 1964.  I find it interesting though that if one takes the minimum wage from 1964 ($1.25 per hour) or 5 silver quarters, one would come out with just slightly less than a troy ounce of silver (all silver coinage is debased with some content of copper for wear purposes).  Furthermore that this would be in the 15 dollar range, the very wage so many seem to be demanding for minimum wage workers.

I have always found it interesting that those who are so public about supporting the poor will not recognize the harm that inflation does.  Then again, a commodity money would limit government spending and it is inconceivable that anyone would want to starve the god of liberals and progressives.  It is more important to them then any consequences to the poor.

I would also say that the very same people think that capital materializes from thin air, when capital is derivative from savings. Inflation not only harms the poor by preventing their consumption through the erosion of the currency's value but it also disincentiveizes savings for those who are not poor making capital harder to accumulate and eventually leading to economic stagnation which also harms the poor.

In short, it seems to me that if one wants to actually help the poor the first step is to abandon funny money and adopt either hard currency or a currency that is defined and convertible into specie.