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In 1964 the minimum wage was $1.25 and that's enough for me. I think it might be enough for you, too…
When the Seattle City Council approved a new ordinance that will raise the minimum wage in the city to $15 per hour, making it the highest in the United States, a trend was born…Who's next? San Francisco? Portland? A victory for democracy, some shouted, while others were happy to have earned the "right" to earn a decent wage.
Reducing poverty was the bottom line for the activists, experts, and local officials who had traveled to Seattle to attend the symposium. But what was really won?
Seattle won not a "$15 dollar" minimum wage but, instead, a "15 Federal Reserve Note" minimum wage. In 1913, the US Dollar was replaced by the Federal Reserve's solution to the nation's monetary system: money controlled by private interests that hold monopoly control over the system and governmental laws that force people to use it.
Slowly, since 1913, the currency has been debased including coinage. In 1964 the nation's coinage was stripped of its silver content. Later, in 1971, President Richard Nixon made it so dollars could not be exchanged for gold, effectively ending the gold standard. Acknowledging that $1.25 in 1964 quarters is worth nearly $20 today it is clear that the problems those who receive low wages have are not due to a government enforced minimum wage law but due to currency debasement by the Federal Reserve.
Minimum wage laws make things worse for those living on the fringe. An employer who could afford to employ 20 people when they were making $10/hour can likely only afford to employ about 13 if they make $15/hour. No government law can actually increase the economy to the benefit of all. In this case, some people will earn more, some people will not earn anything at all, many businesses will be downsized or put out of business and prices for the consumer will rise. That is ALL that forcing a minimum wage increase does.
A past guest on Anarchast, Mike Rogers (see his Anarchast interview here) just did a video showing from where he lives in Tokyo showing the future for many fast food employees in Seattle now that the minimum wage has been increased.
McDonald's appears to already be a step ahead of him, "McDonald's hires 7,000 touchscreen cashiers."
Regards,
Justin O'Connell
Comments? Join the discussion at The Dollar Vigilante
Justin is the Head Researcher at Dollar Vigilante and Chief Executive Officer of GoldSilverBitcoin. He is also the author of the first full-length bitcoin book, Bitcoinomics, and administrator of the Bitcoinomics website. Justin is also a co-host at Our Very Own Special Show, a lifestyle podcast about music, news, life and other topics. He lives in San Diego, California.
First, in last week's HomeGrown, Justin O’Connell had a look at marijuana-related domain names. Then, Jeff Berwick opened our eyes to a Truman Show-like naivete. Next and as he does in all of our subscriber publications, Jeff rounded up absurdities of statism from around the globe.
Sinn Hooper got us healthier as she breaks down how to best manage our diets. Following that, Justin interviewed New Hampshire-based freedom fighter, Carla Gericke. Then, we finished off with TDV’s resident advice columnist, Dear Slavey.
If you’re interested in receiving articles beyond what you read here everyday, consider our weekly subscriber-only publications, like our Issue, Dispatches, and Homegrown. You may subscribe here.
On to the review…
Monday June 2
Christopher P. Casey on combating inflation with corn.
“US farmland values have been growing. Since 2009, the nationwide per-acre value has risen almost 40% while prime farmland properties have sold for record prices. This appreciation derives from legitimate suppl- and-demand trends in agricultural commodities. These developments include: an increasing world population, continued limitations on arable land, fresh-water constraints, declining growth in crop yields, and increasing caloric consumption in developing countries. These trends are powerful, likely to continue, and carry a worldwide impact. But there is a far more important reason to invest in farmland today – one that is not reflected in current values.”
Tuesday June 3
IS THE FED'S GOLD PONZI SCHEME ABOUT TO POP?
Wendy McElroy on the dollar.
“The US Dollar could crash at a finger snap under at least one circumstance: if the gold holdings at the Federal Reserve Bank of New York (NY Fed) are revealed to be missing. An event last week made that circumstance edge a bit closer. Austria wants to audit the 150 tons of gold it stores in the UK (some sources say 280 tons.) According to Austrian Trend magazine, ‘there is a rising disbelief among Austrians about the existence of the gold.’”
Wednesday June 4
BREAKING NEWS: US EXPATS IN MEXICO LEFT STRANDED IN LATEST FATCA ESCALATION
Berwick with more on FATCA.
“As the first set of Foreign Account Tax Compliance Act (FATCA) compliance issues for banks worldwide is set to come into effect on July 1 we have seen a flurry of banks around the world advising US citizens that they will be immediately closing their accounts.
None has been so far reaching as this notice sent to US citizens who have accounts at Banamex USA in Mexico this week, however.”
Thursday June 5
US FOREIGN WEALTH CONFISCATION BEGINS UNDER THE CODE NAMES FINCEN, FATCA AND FBAR
Jeff with more on the US government taking your money, no matter where it is.
“We have been reporting on how the US government is using very nefarious and egregious methods on tracking its own citizen's financial information, fining them and even instituting the Foreign Account Tax Compliance Act (FATCA) as a form of subterfuge capital controls which is closing off international banking to Americans (as we reported yesterday in Mexico).”
Friday June 6
EBAY, PAYPAL, APPLE & DISH APPROVE OF BITCOIN. IS GOOGLE NEXT?
Justin O’Connell on bitcoin’s slow rise in cyberspace.
“Bitcoin has proven itself as an established payments system, with some of the world's most influential people commenting on its utility and innovation. Stephen Colbert called it ‘gold for nerds,’ and Joe Rogan has been fascinated by the technology, having Andreas Antonopoulos on as a guest to the Joe Rogan Experience twice now. Some political figures have expressed concerns over the currency's potential non-crime of ‘money laundering’, but overall the sentiment has focused on the technology and its goundbreaking nature. And so its really no surprise that many companies have adopted bitcoin. Bitcoin has now surpassed Western Union in total transaction volume and looks set to pass Paypal this year.”
TDV VIDEO
Our feature video has Jeff Berwick is interviewed on This Week in Money by Jim Goddard, topics include: the end of the monetary system as we know it, the end of the silver price fix, gold price manipulation law suits, gold repatriation, money printing and the markets, how governments manipulate economic statistics, US dollar hegemony ending, taxation is theft, central banks are communist and destroy economies, having more but smaller governments far preferable to one big one.
Have a look at our wide array of informative videos featuring interviews, opinions, and analysis on TDV’s media page.
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