Minimum wage in 1964.

[Anarchist420]

Min wage in 1964 was 5 silver quarters which is more than $26 today.

Thomas Jefferson said it best when he said "Paper is poverty", didn't he?

How the fuck can anyone, and I mean ANYONE, claim that paper money is advantageous to the poor?

 

[Brainonska511]

No. Minimum wage in 1964 was $1.25, payable in quarters, nickels, dimes, pennies, or small bills, which is probably more like $5-7 today. But let's not let facts get in the way of a good crazy.

For the record:
I understand that you think that they could have been payed in silver quarters, then melted them down and collected on the silver value with their time machine. I imagine it would go like this:

1) Get payed in quarters
2) Melt quarters down and take time machine to the future
3) ...
4) profit

 

[MomentsofSanity]

Min wage in 1964 was 5 silver quarters which is more than $26 today.

Thomas Jefferson said it best when he said "Paper is poverty", didn't he?

How the fuck can anyone, and I mean ANYONE, claim that paper money is advantageous to the poor?

So now you just regurgitate nonsense from Facebook spam on here?

 

[Wreckem]

No. Minimum wage in 1964 was $1.25, payable in quarters, nickels, dimes, pennies, or small bills, which is probably more like $5-7 today. But let's not let facts get in the way of a good crazy.

For the record:
I understand that you think that they could have been payed in silver quarters, then melted them down and collected on the silver value with their time machine. I imagine it would go like this:

1) Get payed in quarters
2) Melt quarters down and take time machine to the future
3) ...
4) profit

$1.25 in 1964 is equal to ~$9.35 in 2013.

 

[Brainonska511]

$1.25 in 1964 is equal to ~$9.35 in 2013.

Okay, I'm a little off. $6 is still closer to $9.35 than $26 is to $9.35.

 

[Capt Caveman]

Min wage in 1964 was 5 silver quarters which is more than $26 today.

Thomas Jefferson said it best when he said "Paper is poverty", didn't he?

How the fuck can anyone, and I mean ANYONE, claim that paper money is advantageous to the poor?

You're a fucking idiot.

 

[Spungo]

You're a fucking idiot.

We should go back to the gold standard. That way roughly 2 trillion dollars of US treasuries that are owned by China and Japan would be converted to gold and shipped out of the US. I can't remember the reasoning but this is good somehow. China's purchasing power goes way up while ours would go way down. Yay China!

 

[BudAshes]

1) Get payed in quarters
2) Melt quarters down and take time machine to the future
3) ...
4) profit

hehe

 

[JEDIYoda]

Min wage in 1964 was 5 silver quarters which is more than $26 today.

Thomas Jefferson said it best when he said "Paper is poverty", didn't he?

How the fuck can anyone, and I mean ANYONE, claim that paper money is advantageous to the poor?

hahahahahahaaaaaaa you must have no self esteem to keep posting this nonesense....

 

[DominionSeraph]

Min wage in May 2010 was 2900 bitcoins, which is over $203,000 today.

 

[Hayabusa Rider]

I could buy 5 gallons of gas with an hours wage then.

 

[ivwshane]

I think anarchist was trying to repeat Elizabeth warrens point about minimum wage which was that had minimum wage been tied to productivity starting in the 60's the minimum wage would be around $22 today.


Quite an interesting notion really. Most people say minimum wage should be tied to inflation but tying it to productivity actually sounds more fair, after all, if workers increase their productivity shouldn't they get paid more?

 

[Hayabusa Rider]

I think anarchist was trying to repeat Elizabeth warrens point about minimum wage which was that had minimum wage been tied to productivity starting in the 60's the minimum wage would be around $22 today.


Quite an interesting notion really. Most people say minimum wage should be tied to inflation but tying it to productivity actually sounds more fair, after all, if workers increase their productivity shouldn't they get paid more?

The problem is outsourcing and automation. Our economy now functions to get rid of employees as fast as they can. When the philosophy of business leaves managers looking at employees as lepers the motivation is to make things as tough as possible.

 

[DominionSeraph]

I think anarchist was trying to repeat Elizabeth warrens point about minimum wage which was that had minimum wage been tied to productivity starting in the 60's the minimum wage would be around $22 today.

No, it isn't anything that intelligent. He's a Paulbot, so his only concern is using arbitrary shiny metals as currency, and their price has nothing to do with overall US productivity.

 

[nehalem256]

Quite an interesting notion really. Most people say minimum wage should be tied to inflation but tying it to productivity actually sounds more fair, after all, if workers increase their productivity shouldn't they get paid more?

Except you are failing to take into account that they do not become more productive by themselves. Normally someone else(the evil corporation) provides them with the tools to be more productive.

 

[fskimospy]

Except you are failing to take into account that they do not become more productive by themselves. Normally someone else(the evil corporation) provides them with the tools to be more productive.

Gains in productivity factor in capital investment.

 

[Charles Kozierok]

Lost in all the responses here -- his actual point, which is that we went from coins with some intrinsic value to ones made of base metals.

I wish I had been alive back then. I would have hoarded those silver coins like they were going out of style (since they were).

 

[fskimospy]

Lost in all the responses here -- his actual point, which is that we went from coins with some intrinsic value to ones made of base metals.

I wish I had been alive back then. I would have hoarded those silver coins like they were going out of style (since they were).

Silver and gold both have pretty limited intrinsic value as for the most part (outside of some use in electronics, etc). Their value is based on the demand to possess it, not to use it for some particular purpose. You can see this pretty well by the wildly fluctuating value of an ounce of gold and to a lesser extent silver. They primarily have value because people perceive them to have value, which is really the same problem you run into with paper currencies.

You don't strike me as someone who would be an advocate for hard currency, but are you?

 

[soulcougher73]

Get a life OP

 

[Anarchist420]

I still don't get why so many people dismiss the advantage of hard money.

 

[Capt Caveman]

I still don't get why so many people dismiss the advantage of hard money.

There isn't one in today's economy, idiot. Get your head out of the dark ages.

 

[Anarchist420]

There isn't one in today's economy, idiot.

You're so cute. What do you mean by "today's economy"?

 

[Charles Kozierok]

I still don't get why so many people dismiss the advantage of hard money.

Probably the same reason people like you dismiss all of its disadvantages.

Silver and gold both have pretty limited intrinsic value as for the most part (outside of some use in electronics, etc). Their value is based on the demand to possess it, not to use it for some particular purpose. You can see this pretty well by the wildly fluctuating value of an ounce of gold and to a lesser extent silver. They primarily have value because people perceive them to have value, which is really the same problem you run into with paper currencies.

You're rather ignoring a number of uses that gold and silver have, but that's besides the point. Intrinsic value doesn't necessarily mean the item has to have a practical purpose. It simply means that people value the item because of its own characteristics, and not because there's a law insisting that they must do so.

And yes, hard currencies have problems, and I am not someone in favor of a return to a strict gold/silver standard. But they are different problems than fiat currencies have, and IMO, problems with far less downside potential than paper currencies possess.

 

[Anarchist420]

It simply means that people value the item because of its own characteristics, and not because there's a law insisting that they must do so.

+1. fiat money advocates need to realized that if there were no govt, then paper money would have no value while gold would.

Probably the same reason people like you dismiss all of its disadvantages.

Hard money may not be good for people with high time preference but it's got value because there is a finite supply of it.

 

[Spungo]

+1. fiat money advocates need to realized that if there were no govt, then paper money would have no value while gold would.

The country has existed for almost 240 years, has survived a civil war and 2 world wars, and you're betting on it failing some time soon?