Inflation and the Federal Reserve

[zdreg]

A third class ticket on the Titanic cost around £7 in 1912, which is equivalent to about £852 or $1,071 in today's money. That price included food and accommodation on board the ship. Titanic's third class was considered to be as good as second class on other ships of that time.

 

[murray t turtle]

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NO it was not a mistake to create the FED;
much better than many 50 state banks like went bust in 1929-30s

 

[mervyn]

a further question is whether it was a good idea to be independent from the brits? canada didn’t do it.

 

[ETJ]

Inflation. That example is around 1% compounded inflation. What did a third-class cabin attendant earn? What about the farmers that harvested the food - many by hand?

 

[Drawdown Addict]

The Fed is still trying to fix the so called Reagonomics, assuming that they act in the best interest of US citizens. Because sometimes they look like they don't.

https://en.wikipedia.org/wiki/Reaganomics

 

[notagain]

Inflation = theft
Monopoly = theft
Fascism = theft
Market benefits from all forms of thievery.

 

[mervyn]

A third class ticket on the Titanic cost around £7 in 1912, which is equivalent to about £852 or $1,071 in today's money. That price included food and accommodation on board the ship. Titanic's third class was considered to be as good as second class on other ships of that time.

just google for fun, 1912 avergae annual income was $750, So even the thidrd class ticket was insanely expensive.

https://alookthrutime.wordpress.com... amazed at how,average yearly income was $750.

 

[BKR88]

#1 cause of the current inflation is Congress IMO.
Congress created crazy spending bills (FREE $$$$ ... PPP forgivable loans, etc..) during covid so even though the Fed left rates too low for too long, it wouldn't have done much good to raise earlier as there was far too much FREE $$$$ floating around. No need to borrow money.

 

[mervyn]

#1 cause of the current inflation is Congress IMO.
Congress created crazy spending bills (FREE $$$$ ... PPP forgivable loans, etc..) during covid so even though the Fed left rates too low for too long, it wouldn't have done much good to raise earlier as there was far too much FREE $$$$ floating around. No need to borrow money.

You should blame the US style elective democracy, when neither party is willing to make a hard decision to get half of the population unemployed. But of course, we are a hegemony, the world shares our overprinting problem. None of other countries can print as much.

 

[murray t turtle]

just google for fun, 1912 avergae annual income was $750, So even the thidrd class ticket was insanely expensive.

https://alookthrutime.wordpress.com/tag/1912-annual-income/#:~:text=Prices in 1912&text=I was amazed at how,average yearly income was $750.

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WOW/gold was $ 20 an oz /1912Insanely expensive