chem1st Posted February 21, 2011 Share Posted February 21, 2011 Inflation is fast destroying the value of labour, which is at an all time low. Pretty soon the $ will fail, and also the £. A new time backed currency will be required. Labour must be rewarded. The gross inequality of wealth and wages cannot continue. Link to comment Share on other sites More sharing options...
Mutts Nutts Posted February 21, 2011 Share Posted February 21, 2011 Just to be clear...which Labour are you referring to ? Link to comment Share on other sites More sharing options...
chem1st Posted February 21, 2011 Author Share Posted February 21, 2011 Just to be clear...which Labour are you referring to ? An hours work. Link to comment Share on other sites More sharing options...
Mutts Nutts Posted February 21, 2011 Share Posted February 21, 2011 Well I know mine doesn't go aywhere near as far as it did so I'd agree with you...fed up of being nearly skint at the end of the month. Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted February 22, 2011 Share Posted February 22, 2011 We already have a 'time backed' currency. - The hourly wage. It's been devalued because the last government insisted on spending more than it earned. Link to comment Share on other sites More sharing options...
anywebsite Posted February 22, 2011 Share Posted February 22, 2011 You can either have more people in work earning less money, or more unemployed with the ones that still have jobs making slightly more. You can't have it both ways without coming up with a very good plan on how to achieve that. Put another way, if the currency hadn't been devalued we'd be in an even worse state. It'd be even harder to export anything. The pound was overvalued before, I think around $1.60 us = £1 is about right. Inflation is 5%, historically that's quite low, it's been well over double that in the past & the sky didn't fall. Link to comment Share on other sites More sharing options...
shortcrust Posted February 22, 2011 Share Posted February 22, 2011 So we don't need to work hard anymore, just work long? Link to comment Share on other sites More sharing options...
Vague_Boy Posted February 22, 2011 Share Posted February 22, 2011 When the UK was on the gold standard (up to 1914) inflation barely existed (link). The pound recovered a bit in the 1920s (when Churchill tried to put us back on a gold standard). However, since the 1930s, when the pound became a totally fiat currency, its value (purchasing power) has plummeted like a stone. That is inflation in its purest form. Why has the pound lost value? Simple, printy printy. There's a lot of talk about a new gold backed currency at the moment. New World Reserve Currency Backed By Gold In a recent quote featured in Financial Times, the former U.S. trade representative and current president of the World Bank, Robert Zoellick, said that "gold should be part of a new monetary system along with a basket full of currencies". The new world currency would replace the dollar as the international medium of exchange. In a later interview on CNBC, Mr. Zoellick stated that "the dollar will not be the sole reserve currency". LINK If this were to occur, the price of gold would go ballistic. Something to think about if you're one of those who've recently sold their gold for 30% of it's true value to one of these "Sell Your Gold" scam sites in exchange for rapidly depreciating paper rubbish. Link to comment Share on other sites More sharing options...
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