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  • Money (was: Sure isi quiet...)

    From JOE MACKEY@1:135/392 to AUGUST ABOLINS on Thu Jul 22 06:47:28 2021
    Aug wrote --

    While things cost more today, people have higher
    incomes. Its a circle. Higher wages mean high prices
    since the companies have to pay their people more, etc.

    It really doesn't *have* to be that way. Except for the extra
    bills that the mint my print, all we're doing is pushing the
    same money around.

    At one time paper money was backed by gold. That was replaced in the
    '30s with silver, and that was replaced in the '70s by "faith". Faith that the money you held in your hand was worth more than the paper its printed on. ==sigh==
    Of course using gold or silver the value of the dollar was based on the
    value of gold/silver at the time.
    Joe
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