After the US unpegged the dollar from gold in 1971, worker's compensation has not kept up with productivity.
Productivity has risen 80.9%, yet hourly pay has only risen 29.4%... a 2.7x difference.
Disconnecting money from physical reality has had dire consequences.
It was however an excellent move for the bankers, they got extremely wealthy and powerful, controlling the world. Bitcoin hopefully is that momentum where we all are waiting for 😉
It didn’t just kill wage growth, it killed growth. Compared with the changes in the first half of the 20th century, things haven’t improved much since 1971. Planes, cars, homes, appliances and so on are basically the same or worse. There’s simply no incentive to do the hard work of risk taking and innovation, when you can make much more money by kissing ass.
Wow!
