Breaking $2 trillion
September 14th, 2020 at 1:47:53 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Federal reserve notes in circulation at the end of 1971 were $51.305 billion. As of September 9, 2020, there was $1.98 trillion worth of Federal Reserve notes in circulation. |
September 15th, 2020 at 2:29:48 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 154 Posts: 5097 | I've been predicting hyper-inflation now for decades. That the economists are puzzled as well makes me feel a little better. I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |
September 15th, 2020 at 2:34:02 AM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18203 |
Many of us have. IMHO what is saving us is so many dollars leave the USA never to return. Eventually it will collapse. And the world with it. The President is a fink. |
September 15th, 2020 at 6:10:07 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Federal Reserve Notes (increased by 19.04% from 1950 to 1960) $22,760,285,000 1950 $27,093,693,000 1960 $47,626,751,000 1970 Population of US (increased by 18.50% from 1950 to 1960) 151,325,798 1950 179,323,175 1960 203,392,031 1970 Federal Reserve Notes per inhabitant (increased by 0.45% from 1950 to 1960) 1950 $150.41 1960 $151.09 1970 $265.75 It was a long way until "It's All About the Benjamins" which was released by Puff Daddy on August 12, 1997. I doubt many people ever saw a $100 bill in the 1950s.
It's interesting to note that in the 1950s even though we had robust GDP growth, the number of banknotes increased at roughly the same rate as the population. This was in a time when credit cards were very rare and we had virtually no wire transfers or any other means of conducting transactions. Of course, the amount of cash in circulation was tied to our gold reserves. Now, of course, the circulation value of banknotes is increasing at a rate of about 10x population growth and we have an explosion of credit cards, paypal, venmo, zelle, along with the big bears like quantitative easing. People talk about impending cashless society, but in reality the odds of us returning to a point where cash grows at the same rate as population (like it did in the 1950s) is almost unthinkable. Federal Reserve Notes per inhabitant 1950 $150.41 1960 $151.09 1970 $266 1980 $572 1990 $1,092 2000 $2,285 2010 $3,347 2020 $6,000 + |
September 15th, 2020 at 9:19:30 AM permalink | |
terapined Member since: Aug 6, 2014 Threads: 73 Posts: 11791 | I'm very scared of inflation Surprised it has not happened I have some of my money in an Inflation Protected Bond acct called PRIPX Sometimes we live no particular way but our own - Grateful Dead "Eyes of the World" |
September 15th, 2020 at 11:10:41 AM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
Germany had hyper inflation after WWI because there was no infrastructure left to back up the currency. We have a ton of it, there might not ever be an inflation problem of any consequence. If you take a risk, you may lose. If you never take a risk, you will always lose. |
September 15th, 2020 at 8:27:32 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
In finance the US is still the biggest dog in the world. Until China and Japan cooperate on an Asian currency that is unlikely to change. List of countries by nominal GDP using official exchange rates(World bank 2019) United States $21,427,700 China $14,342,903 Japan $5,081,770 India $2,875,142 List of countries by GDP using Purchasing Power Parity (World bank 2019) China $23,460,170 United States $21,427,700 European Union $20,794,743 India $9,611,679 Japan $5,459,155 Although the ECB was for several years circulating more currency than the Federal Reserve, that is true no longer $1.980 Trillion in Federal Reserve banknotes in circulation as of September 9, 2020 €1.378 Trillion in EURO banknotes as of August 1, 2020 €0.030 Trillion in EURO coins as of August 1, 2020 |
September 16th, 2020 at 5:01:30 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 154 Posts: 5097 | infrastructure? I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |
September 16th, 2020 at 5:47:21 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
The mother of all infrastructure projects (up to that time) began in 1956 when production of money was about the same as population growth. I don't know if there is a connection between grand infrastructure projects and money supply. It seems like some of our greatest infrastructure projects were completed before WWII or before money began to grow at incredible rates in the 1960s and shed its historical connection to precious metal. |
September 16th, 2020 at 11:30:37 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 154 Posts: 5097 | inflation becoming a problem, explained simply, is that too much money is chasing too few goods so infrastructure as I understand it doesn't instantly come to mind for me I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |