Why are oil prices going up?

[xFiFtyOnE]

you know, the value of gold is also subject to market forces, just like everything else.


If you wanted a true baseline for inflation, the price of labor is what you should look at.

That is true. Both oil and gold are subject to the market. Both take time to correct. But the chart clearly shows an average for us to work off of. :P

[jabowery]

In 1960 when silver dimes were in use, gasoline was about 3 silver dimes per gallon. Now it is about 1 silver dime per gallon.

[ronpaulfollower999]

you know, the value of gold is also subject to market forces, just like everything else.


If you wanted a true baseline for inflation, the price of labor is what you should look at.

Isn't labor also subject to market forces? Supply of workers vs demand for workers.

[xFiFtyOnE]

In 1960 when silver dimes were in use, gasoline was about 3 silver dimes per gallon. Now it is about 1 silver dime per gallon.

I'd say it's closer to two silver dimes. Current melt value is $2.31.

http://www.coinflation.com/coins/194...ime-Value.html

[jabowery]

Not only is labor subject to market forces, but the advent of birth control and women's liberation has started a mining operation on human capital which has lowered wages below Ricardo's "iron law of wages" since Ricardo's real law was based on the cost of reproduction, not just the cost of survival. Since we are now mining our women's fertility for labor -- particularly the more intelligent more highly educated women -- the inelasticity of demand for labor has resulted in a plummeting labor compensation rate in terms of precious metals and anything else that matters, such as housing or healthcare -- and that plummeting labor compensation rate has been going on since the early 70s, not just since the bubbles starting in 2000 on.

There may be a sustained supply of educated labor from sexist cultures such as India and China, as the Europeans disappear.

[seraphson]

Not only is labor subject to market forces, but the advent of birth control and women's liberation has started a mining operation on human capital which has lowered wages below Ricardo's "iron law of wages" since Ricardo's real law was based on the cost of reproduction, not just the cost of survival. Since we are now mining our women's fertility for labor -- particularly the more intelligent more highly educated women -- the inelasticity of demand for labor has resulted in a plummeting labor compensation rate in terms of precious metals and anything else that matters, such as housing or healthcare -- and that plummeting labor compensation rate has been going on since the early 70s, not just since the bubbles starting in 2000 on.

There may be a sustained supply of educated labor from sexist cultures such as India and China, as the Europeans disappear.

Let me see if I got the layman's version correct: Feminism and the Women's movement has increased the production pool lowering the average worth of production across the board (higher supply, cheaper demand)? Perhaps too generalized but am I in the ballpark at least?

[jabowery]

Let me see if I got the layman's version correct: Feminism and the Women's movement has increased the production pool lowering the average worth of production across the board (higher supply, cheaper demand)? Perhaps too generalized but am I in the ballpark at least?

Yes you're in the ballpark but its more than that. Imagine a situation in which women are going into the workforce but birth control technology was the same as in Ricardo's time (basically none). The Iron Law of Wages would have a higher level because there would be those additional mouths to feed, clothe, house, educate, etc. What the economists never anticipated was a distinction between "living" and "reproduction" -- hence they always assumed continuity in the supply of labor from one generation to the next. That's now changed. It is as though the US and most of the European-derived peoples (as well as Japan btw) have undergone the greatest genocidal event in human history -- even greater than the Maoist purges -- and that genocide targeted the youngest so that there could be no replacement population.

PS: No, I'm not a Catholic. I"m just a realist about the economics of vital statistics.

[Sam I am]

Isn't labor also subject to market forces? Supply of workers vs demand for workers.

The reason I say labor, is because that's the easiest way to approximate the average price for all goods, because whenever you buy a thing, and you trace the expenses, it all eventually leads to labor.

[cheapseats]

+massive uncertainty in core supply.

THEREFORE, LOTSA SPECULATION. DUH.

THEY ARE TRADING ON UNCERTAINTY.

NOTE THE SABER-RATTLING WITH IRAN.

MAJOR USERS (AIRLINES & FREIGHT-LINES & SUCH) FILL UP THE TANKS "AS THEY GO", BUT THEY CONTRACT PRICES IN ADVANCE.

War or No War . . . whaddya think?

Romney or Obama . . . Keystone or not?

Oil or Natural Gas?

STEP RIGHT UP! BUY YER LOTTO TICKETS & ETF's RIGHT HERE!

Might as well. They ain't payin' shit on Straight Savings til AT LEAST 2014.

Unless we do something about it.

Not only is labor subject to market forces, but the advent of birth control and women's liberation has started a mining operation on human capital which has lowered wages below Ricardo's "iron law of wages" since Ricardo's real law was based on the cost of reproduction, not just the cost of survival. Since we are now mining our women's fertility for labor -- particularly the more intelligent more highly educated women -- the inelasticity of demand for labor has resulted in a plummeting labor compensation rate in terms of precious metals and anything else that matters, such as housing or healthcare -- and that plummeting labor compensation rate has been going on since the early 70s, not just since the bubbles starting in 2000 on.

There may be a sustained supply of educated labor from sexist cultures such as India and China, as the Europeans disappear.

Let me see if I got the layman's version correct: Feminism and the Women's movement has increased the production pool lowering the average worth of production across the board (higher supply, cheaper demand)? Perhaps too generalized but am I in the ballpark at least?

YEAH, 'cuz women just entered the labor pool last week, or last month, or last year, or last decade, or last quarter-century. You wouldn't know it by our having incorporated the LESSONS from it, but America entered World War II SEVENTY YEARS AGO. Men went overseas and Women went to work. Or Men would have had their ASSES HANDED TO THEM by the Third Reich.

This kinda (YESTERYEAR) EAGERNESS to pin the lion's share of the blame on the lesser (in your minds, literally and figuratively) factor in the equation, BECAUSE IT ALLOWS YOU TO BLAME WOMEN RATHER THAN BIG SWINGING DICKS, is the kinda blatant #Sexism that turns Moderates/Independents/Enlightened and even Disillusioned/Disenfranchised AWAY from Ron Paul and BACK to the unrighteous-and-unreliable-but-less-frightening "Left".

At my own notable expense (which obviously did not offend machismo sensibilities), I TWICE traveled to meet with one Gun Toter Board Member who proceeded to inform me the he, fellow Freedom Fighter, believes Women ought NOT be allowed in the workplace.

WHAT SHALL WE DO WITH OVER 50 MILLION SINGLE WOMEN? LINE 'EM UP & MOW 'EM DOWN?

"No, but..." He was stickin' to his guns.

A RELIEF, TO BE SURE, THAT HE DOES NOT THINK NON-HEIRESS SINGLE WOMEN SHOULD BE DROWNED LIKE RUNTS. BUT DOES THIS THINKING "NATURALLY" SEQUE TO #POLYGAMY? INDENTURED SERVANTS? WHAT?!?!

[Len Larson]

@cheapseats: FYI, you have an extra "s" in the middle of your blog's URL.