Inflation of the Federal Reserve Note

Inflation of the Federal Reserve Note | u.s.-dollar | Economy & Business Federal Reserve Bank Sleuth Journal Special Interests

What if the United States maintained a silver backing for the dollar, which it abandoned in 1964?

How much things cost in 1933 vs today if we still had a silver backed dollar ($21.60 price conversation).

Average Cost of new house $5,750.00
Today $124,200

Average wages per year $1,550.00
Today $33,480

Cost of a gallon of Gas 10 cents
Today $2.16

Average Cost for house rent $18.00 per month
Today $388.80

A loaf of Bread 7 cents
Today $1.51

A LB of Hamburger Meat 11 cents
Today $2.37

Plymouth 6 Car $445.00
Today $9,612

Campbells Vegetable Soup 10 cents
Today $2.16

Average Laborers Wage $20.00 per week
Today $432.00

Inflation of the Federal Reserve Note | 25435489030_cacaa6670d_b-751x1024 | Economy & Business Federal Reserve Bank Sleuth Journal Special Interests

Inflation of the Federal Reserve Note | a5e5555493ab3d2852a64bc0cd5865e4 | Economy & Business Federal Reserve Bank Sleuth Journal Special Interests

Of course this doesn’t take into account technology reducing prices over the years, which would make this comparison even more stark.

By the mid-1960s inflation of everyday goods and services is notable yet still restrained.

Inflation of the Federal Reserve Note | cost-of-living-768x1024 | Economy & Business Federal Reserve Bank Sleuth Journal Special Interests

If we were still backing the dollar with silver, does anyone doubt that we would have a higher standard of living in this country today?

H/t Michael Gray


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About The Author

James F. Tracy's work on media history, politics and culture has appeared in a wide variety of academic journals, edited volumes, and alternative news and opinion outlets. James is editor of Union for Democratic Communication’s Journal Democratic Communiqué and a contributor to Project Censored’s forthcoming publication Censored 2013: The Top Censored Stories and Media Analysis of 2011-2012. Additional writings and information are accessible at memoryholeblog.com.

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