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Title: Money and inflation
Source: YouTube
URL Source: http://www.youtube.com/watch?v=r0mOTJR_1Lo
Published: Jul 5, 2011
Author: Thomas Selgas
Post Date: 2013-07-21 23:16:10 by GreyLmist
Keywords: Money, Inflation, Labor Cost, Material Cost
Views: 597
Comments: 12

Description: A look at the insidiousness nature of inflation caused by the use of unconstitutional paper legal tender (Federal Reserve Bank Notes) rather than lawful money coin defined in Title 31 United States Code sec. 5112(a)(7)-(10) and (e).

Poster Comment:

inflation: "Why Play Leap Frog?" 1949 Harding College Economics Cartoon - YouTube

Description: Cold War-era cartoon aimed at convincing workers that increased productivity brings about greater purchasing power. Public domain film from the Library of Congress Prelinger Archive, slightly cropped to remove uneven edges, with the aspect ratio corrected, and mild video noise reduction applied.

This video basically suggests that the way to control inflation is to play Leap Frog faster -- keep increasing production as the way to lower the cost of products...depend on Exporting, maybe, to sustain that method. If Demand doesn't increase enough here or elsewhere for the extra Supply produced to lower the selling price, that's a possible business failure problem as a result of the overproduction and an increased unemployment problem -- not an inflation problem remedy, imo.

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#1. To: GreyLmist (#0)

Generally, the first vid is right on and the second on is pure propaganda in that it blames price increases on wage "inflation" not taking into account the feds increasing the money supply and the taxes taken. In the 100 years before the fed money supply (gold & silver) increased slower than productivity so wages were up and prices were down (at least relatively). In the 100 years since the fed the money supply has risen faster than production, the FRN has lost 98% of its value measured in prices, productivity is up and wages are falling.

The premise that I have to continually produce more to maintain purchasing power while the fed skims all the increases by charging interest on the increased money supply is obscene. Oh and unconstitutional.

Hmmmmm  posted on  2013-07-22   0:55:25 ET  Reply   Untrace   Trace   Private Reply  

Generally, the first vid is right on and the second on is pure propaganda in that it blames price increases on wage "inflation" not taking into account the feds increasing the money supply and the taxes taken.

Great points.

The premise that I have to continually produce more to maintain purchasing power while the fed skims all the increases by charging interest on the increased money supply is obscene. Oh and unconstitutional.

Very succinct. :) I was trying to write something to explain the senselessness of the premise that we have to continually produce more to lower costs in order to maintain our purchasing power. When it's posted here, I'd appreciate your input and others on where I might be getting something wrong and what can be done in the non-governmental sector to curb inflation.

GreyLmist  posted on  2013-07-22   2:06:53 ET  Reply   Untrace   Trace   Private Reply  

Me to Hmmmmm: I was trying to write something to explain the senselessness of the premise that we have to continually produce more to lower costs in order to maintain our purchasing power. When it's posted here, I'd appreciate your input and others on where I might be getting something wrong and what can be done in the non-governmental sector to curb inflation.

Besides the guv problems of taxes and increasing the money supply, the inflation problem seems to be largely about markup overpricing by retailers above a product's material value, which is the same amount of material ratiowise whether they order 1 item to sell or more of that item. The labor for services rendered to produce the material value of an item has already been dealt with separately at various points of transaction along the routes of the manufacturing process.

For example, the material value of a homemade quilt is essentially the same whether someone spends 40 hours in a workweek sewing by hand to make one, or uses a sewing machine to make two or more (instead of working more hours and faster to increase their production or paying for an assistant). Either way, they would have worked 40 hours and the material value of a quilt is the same whether they made one by hand or more with a machine.

The quilter would make more money from their labor if they could sell 2 or more quilts per week instead of one. What's being marketed by retailers is a misperception of increased value due to "scarcity" if they only have one of the quilts to sell there instead of a surplus. Also, the concept that the material value of the quilts is somehow changed depending on how many are made -- worth less when more are made. Whether they're made by hand at the rate of one produced per week, or someone works extra hours faster to make two per week by hand, or if they can manage to work less tiringly to make two or more per week by using a machine to increase supply for retailers -- the material value of each quilt is the same.

The product cost to a customer at a store shouldn't go down because more than one was made to boost economic conditions or up if a store doesn't happen to have as many in stock as they could sell if they did. The quilter should not have to market the input of their weekly labor-time to a retailer along with the material value of their product. Their worktime should be a separate issue that accrues to them in an account as 40 hours of pay for societal benefit in a Service-based Economy -- apart from the material cost of the finished product that they market to a retailer, which should be considered a different Retail-based Economy. Products could be bought at the store at their material value price with Service-based dollars and with a small transaction fee added that is a set percentage rate applied to the total amount for purchases. That fee would be considered the retailer's productivity.

Like the quilter, the retailer and the store employees would be part of the Service-based Economy, not the Retail-Economy of goods bought or sold. With no labor costs being a factor in the store's overhead expenses, if the retailer tried at the point of sale to attach a huge markup cost as their transaction fee over and above the material value of the products bought, people would likely choose to shop somewhere else. If the quilts are a popularly selling item, good for the quilter and good for the retailer. The quilter might then get paid a bonus -- a percentage from the increase in transactions at the store for their product.

This is a rough outline. Input welcome.

GreyLmist  posted on  2013-07-22   4:37:03 ET  Reply   Untrace   Trace   Private Reply  

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