11-07-2010, 05:54 AM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Quote:
Originally Posted by Ethersync
[We] were on a gold standard until 1971 so printing money was not an option like it is now. If money was needed taxes went up. We were also a creditor nation. We were lending money to other countries and not borrowing like now. Also, our actual tax rate is not entirely accurate because we are taxed through inflation now more so than ever. $1 in 2010 (was worth $0.18 in 1970.) is worth $0.18 in 1970 dollars ...
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Flashback:
Nixon's declaratory devaluation of the dollar, twice, started this long term inflation that is sill with us today. This was done for reason of a large war debt, the war in Vietnam. And now there is a new war debt, that of Iraq and Afghanistan, and history is repeating itself.
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