The "stability in CPI" after the gold depeg in the 70s is also when wages stopped growing in real terms. Most "wealth creation" since that date is on paper.
most wealth creation being on paper is because labor stopped getting paid and capital saw all the growth
kinda like how despite all of the inflation the average person only saw a 3% increase in actual take homes while the hyperwealthy saw 300% (of much, much larger numbers).
throw0101b|11 months ago
The depeging occurred in 1971:
* https://en.wikipedia.org/wiki/Nixon_shock
the CPI didn't start going crazy until the mid- to late-1970s:
* https://en.wikipedia.org/wiki/1973_oil_crisis
* https://en.wikipedia.org/wiki/1979_oil_crisis
* https://en.wikipedia.org/wiki/Supply_shock
though there was a rising amount before any of those events:
* https://www.federalreservehistory.org/essays/great-inflation
You'll find that real wages in the US were fairly steady for most of the 1970s, falling mostly at the end, and really dropping during the 1980s:
* https://www.factcheck.org/2019/06/are-wages-rising-or-flat/
red-iron-pine|11 months ago
kinda like how despite all of the inflation the average person only saw a 3% increase in actual take homes while the hyperwealthy saw 300% (of much, much larger numbers).
it ain't gold, it's greed
john_texas|11 months ago
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