The U.S. abandoned gold in 1933, after which its dramatic recovery immediately began. The same happened after Italy dropped the gold standard in 1934, and for Belgium when it went off in 1935. On the other hand, the three countries that stuck with gold through 1936 (France, Netherlands, and Poland) saw a 6% drop in industrial production in 1935, while the rest of the world was experiencing solid growth
Ah, things just aren't like they used to be. That car in the '50s didn't have air conditioning, power steering, power brakes, and turn signals were an option. In 1956 our family took its first trip to the Rockies. Every car had a canvas bag of water straped to the radiator so that water could be added when the car overheated, and you didn't drive far without seeing many cars stopped with their hood up. Tires lasted 15,000 to 20,000 miles.
The house that was so cheap was probably 1,000 square feet with one bathroom, no garage, yada yada.
In 1964 consumables comprised 43% of personal consumption expenditures compared to 29% last quarter. This is the cost of food, clothing and energy. The cost of durables (vehicles, appliances and furniture) totaled 14% of personal consumption expenditures in 1964 versus 12% now.
If you want to buy a vehicle for $12,000 it is both available, and better than most of the 1950's vehicles.
in 1967 I received a bonus of a month's salary. I used the entire month's salary to buy our first color TV. Want to compare that to my new High Def -
Get real - Enjoy life.
Americans own assets of $62 Trillion Dollars, owe $11 Trillion in debts to leave a net worth of $51 Trillion. This net worth increased by $4 Trillion Dollars in the past 4 quarters. Household savings is $4.7 Trillion and Consumer debt is $3 Trillion.
In the face of real economic progress, folks sit around talking about standards of living going down because college tuition has gone up. Do you think that maybe college tuition has gone up because millions more are willing to pay for this luxury?
the possibility that some other technology will increase the gold supply is real enough.
"Young is the one that plunges in the future and never looks back." -Milan Kundera