Keeping up with the Joneses (Cramplers)
In 1967, one could buy a helluva lot of things with $3,000. To buy the same merchandise today would cost around $90,000. Things haven’t gotten more expensive; our fiat currency, the dollar, has become less valuable due to inflationary pressures that are inherently tied to a currency system not backed by tangible assets, such as precious metals.
Today, it costs over $4,000 to buy 1 ounce of gold, whereas in 1967, it cost only $35 to buy the same amount.
Gold hasn’t become more expensive; the US dollar has become less valuable because it is being printed in greater quantities without being backed by tangible assets.
The Cost of Gold per Ounce Today Versus 1967
At one time, our US currency was as good as gold. Today, it’s barely worth the paper it’s printed on, and not for much longer as we approach a digital currency system in the coming years that will render physical cash obsolete.
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We’re all tied to the same system, Lisa, me included. Cash is being discouraged more and more these days by merchants. It’s genuinely incredible how the introduction of fiat currencies occurred, and now those physical banknotes are being replaced by electronic ones.
John
John, I mostly use my credit card for most of my purchases. Although I always carry a certain amount of physical cash along with me as well. I use it mostly for drive thru restaurants. But they always ask if you want to use your mobile app. I always say no.
I never use my phone to pay for anything. I don’t even know what that is all about. I haven’t wanted to know. So, the thought of us going all digital, and maybe being micro chipped to pay for things is quite scary to me.
I guess I’m still trying to live the old fashioned way to a certain extent. 😂
I also still write checks to pay the bills.
Lisa