For a long time, gold bugs were referencing the above image. In the last decade, they were joined by crypto evangelists. The presented loss of purchasing power is a foundational narrative to recommend alternative stores of value. Despite being factually correct, it misses a boat in what really matters. It's a manipulation by omission.
In an economy, labor sells its skills for money, to trade them for all the things it needs and wants. The money is an abstraction. Goods and services we buy are not. Our well-being, and our standards of living, in a materialistic sense, depend not on how many dollars it takes to buy X, but on how many hours of labor it takes to buy X. Dollars are just an exchange medium.
Additionally, these images don't show the variety of goods and services created over time. We have improvements in medicine, computers, the internet, better housing, airplanes, the list goes on and on. The average folk can buy more today than in the past with fewer hours of labor. Most of these things didn't even exist back then.
That's the true measure of progress and standards of living. Don't be fooled! Don't confuse money and wealth.
For a long time, gold bugs were referencing the above image. In the last decade, they were joined by crypto evangelists. The presented loss of purchasing power is a foundational narrative to recommend alternative stores of value. Despite being factually correct, it misses a boat in what really matters. It's a manipulation by omission.
In an economy, labor sells its skills for money, to trade them for all the things it needs and wants. The money is an abstraction. Goods and services we buy are not. Our well-being, and our standards of living, in a materialistic sense, depend not on how many dollars it takes to buy X, but on how many hours of labor it takes to buy X. Dollars are just an exchange medium.
Additionally, these images don't show the variety of goods and services created over time. We have improvements in medicine, computers, the internet, better housing, airplanes, the list goes on and on. The average folk can buy more today than in the past with fewer hours of labor. Most of these things didn't even exist back then.
That's the true measure of progress and standards of living. Don't be fooled! Don't confuse money and wealth.
Two days after Russia invaded Ukraine, an account on the Telegram messaging platform posing as President Volodymyr Zelenskiy urged his armed forces to surrender. Just days after Russia invaded Ukraine, Durov wrote that Telegram was "increasingly becoming a source of unverified information," and he worried about the app being used to "incite ethnic hatred." In view of this, the regulator has cautioned investors not to rely on such investment tips / advice received through social media platforms. It has also said investors should exercise utmost caution while taking investment decisions while dealing in the securities market. The fake Zelenskiy account reached 20,000 followers on Telegram before it was shut down, a remedial action that experts say is all too rare. The War on Fakes channel has repeatedly attempted to push conspiracies that footage from Ukraine is somehow being falsified. One post on the channel from February 24 claimed without evidence that a widely viewed photo of a Ukrainian woman injured in an airstrike in the city of Chuhuiv was doctored and that the woman was seen in a different photo days later without injuries. The post, which has over 600,000 views, also baselessly claimed that the woman's blood was actually makeup or grape juice.
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