by Jim Quinn, The Burning Platform:
The chart below reveals much about what has happened since Nixon closed the gold window in 1971, allowing politicians, controlled by the Wall Street banking cabal, to spend our country into $33 trillion of debt, while accumulating another $200 trillion of unfunded pension and welfare obligations. The age of the growing middle class ended in the early 1970’s after a couple decades of progress. Eisenhower and Kennedy were moderates, while the Fed was run by William McChesney Martin, who wasn’t afraid to pull away the punch bowl before the party got out of hand.
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We began our spiral when LBJ inflicted his Great Society upon us, while waging a nonsensical costly war in Vietnam, choosing guns, butter and encouraging the indolent to go on the dole. Nixon picked the spineless Arthur Burns as his Fed chairman and unleashed the inflationary genie from its bottle by unlinking the USD from its gold peg. The USD has lost 87% of its purchasing power since 1971, and the middle class was obliterated.
I was seven years old in 1970. We were a lower middle class family of five, living in a three bedroom, one bath row home in the inner suburbs of Philly. We lived in relative comfort on a truck driver’s salary, with a mom who stayed home. This arrangement is no longer possible in America, after fifty years of willfully generated inflation, averaging 3.9% annually. The wealth of the middle class was absconded by the banking cartel and the parasites which feed off this vile bloated corporate fascist creation.
The 1970 price chart says it all. The average household income of $9,400 in 1970 has risen to about $75,000 today, an 8 fold increase in fifty three years. Meanwhile, the average cost of a new home has risen from $23,450 in 1970 to $513,000 today, a 22 fold increase. A new car has risen from $3,450 in 1970 to $48,000 today, a 14 fold increase. Gasoline was 36 cents per gallon in 1970 and I paid $3.96 a gallon this week, an 11 fold increase. And the same goes for most other living expenses. Of course today’s youth can’t buy houses or in many cases even rent an apartment. Living in their parent’s basement is their only option.
Decisions made in the mid-1960’s and early 1970’s by politicians, central bankers, and the billionaires behind the scenes truly running the show have turned a nation of savers into a nation of debtors. The credit card wasn’t even a concept until the late 1960’s, and now Americans owe over $1 trillion on these cards, paying 20% interest. There are very few who have benefited from turning America into Financialization Nation. Bankers, politicians, and the blood suckers who orbit these greedy bastards have reaped and continue to reap ungodly riches, while utilizing these riches to ensure their system rigging never ends. The system is completely captured, and thinking you can vote yourself out of this mess is a fool’s errand.
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