Doc Orange on Nostr: 1933 was the last time that a U.S. citizen could walk into a bank and redeem gold for ...
1933 was the last time that a U.S. citizen could walk into a bank and redeem gold for their dollars. At the time, given the average hourly wage of $0.47 and the pegged gold price of $20.67 per ounce, an ounce of gold represented about 44 hours of labor. Today, with an hourly wage of $36.30 and a gold price of $3,400 per ounce, that same ounce represents about 94 hours of labor. More than a 2x drop. If that ounce represented the same 44 hours it used to, the average hourly wage would be $77.55. That’s be a six figure annual income with 25 hours of work per week and two weeks off per year. We have no idea what we’ve lost, my friends.
Published at
2025-08-06 23:27:17 UTCEvent JSON
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"content": "1933 was the last time that a U.S. citizen could walk into a bank and redeem gold for their dollars. At the time, given the average hourly wage of $0.47 and the pegged gold price of $20.67 per ounce, an ounce of gold represented about 44 hours of labor. Today, with an hourly wage of $36.30 and a gold price of $3,400 per ounce, that same ounce represents about 94 hours of labor. More than a 2x drop. If that ounce represented the same 44 hours it used to, the average hourly wage would be $77.55. That’s be a six figure annual income with 25 hours of work per week and two weeks off per year. We have no idea what we’ve lost, my friends.",
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