An Anniversary

[Desertrat]

Today is the 30th anniversary of an event that changed the world as we know it. Or knew it...

October 17, 1973 was the day the Arab oil countries announced their oil embargo.

The ensuing price hikes, coupled with the August de-connection of the US dollar with gold, started us even more seriously on the inflationary road we've travelled, these last 30 years.

Gary North posed the question, "Are you better off than your parents were in 1973?" and for most in the economic middle class, I'd bet the answer is "No."

'Rat

[wwworry]

It's their oil. They can price it how they would like, just low enough to keep us hooked, not unlike everything else.

The major cause of lower middle class economic health is the loss of manufacturing jobs. Just go to any city and view the reams of empty factory buildings surrounded by delapidated factory housing. Whole cities have been hit. It's sad really. Save a few cents on that Tommy Hilfiger shirt - see your brother lose his job. Cheap consumer goods give us the illusion of mobility. Meanwhile a few at the top keep the real profits.

Schools are underfunded. Two people need to work to afford a house. We are working more hours and more productive per hour worked yet still in the same relative place or worse off.

The gold standard is a joke.

[frescies]

Originally posted by Desertrat
.........coupled with the August de-connection of the US dollar with gold, started us even more seriously on the inflationary road we've travelled, these last 30 years............

'Rat


Yes.... That was convenient way for the certain people to make easy exploitations. :(