The Historical case for $960 oz silver

[AGCoinHunter]

This might have been posted here before but I just saw it over on survivalblog. Found it interesting...

[kidman232]

someone come mow my yard, i got a silver dime for u. quite the deal

[jasmatk]

good video,best Quote in it was "this paper ponzi scheme" and thats exactlly what the US finacial system is.

[SilverEye]

That was very interesting. Definitely worth a watch if you haven't already.

[mishra142]

must... stack.... more....

[blackrabbit]

Makes sense to me!

[nero12345]

i've got three months of work then for sale over in the buy it now

[Beau]

.

someone come mow my yard, i got a silver dime for u. quite the deal

. GET OFF MY LAWN


.

[avidbrandy]

the dime is not a tenth of a ounce of silver. and the average soldier doesn't make minimum wage, he makes at least 3 times that even at low rank, plus significantly more if he's deployed.

[68Camaro]

the dime is not a tenth of a ounce of silver. and the average soldier doesn't make minimum wage, he makes at least 3 times that even at low rank, plus significantly more if he's deployed.

The video says "about" an ounce - and does this for several things that aren't actually an ounce. It's a comparison to make a point, not a definition.

And a starting private makes < $1200/month. At a nominal 160 hour month, that is - give or take - minimum wage.

http://www.us-army-info.com/pages/ranks.html

[RichardPenny43]

Does this mean Cu cents should be worth $9.60 !

[Aqualung48]

The video comparison of ten cents a day for wages at the turn of the century is not accurate. At the time, factory workers were being paid about ten cents to twenty five cents an hour. In 1914, Henry Ford offered $5.00 a day to factory workers to build cars. This was about double the going rate. It was such a good offer, he had to hose down applicants storming the gates with fire hoses. He never predicted his offer to work for $5.00 a day in his smelly noisy factories would produce such a unruly crowd. So saying a days labor is a dime or 1/10 ounce of silver (actually closer 1/14th ounce of silver in a dime) is a stretch. A more accurate statement is that a day's labor was worth an ounce of silver at the time or two ounces if you worked in a factory; 3.5 ounces if you worked for Henry Ford in Highland Park. (Ford also paid for the schooling and medical care. In fact, the Henry Ford Hospitals were started as a private care facility for Ford's family and workers. Now they are open to the public.) Now, with the current minimum wage of $7.25 an hour, a days labor is still worth close to 2 ounces of silver. While the value of a days labor in terms of silver has remained the same, this guy is way off in his statement that you could get it for 1/10th ounce of silver. If you believe that you can feed a family on 1/10th ounce of silver per day, I have a good used car for sale, only driven once a week by a grandmother to go to church. Also, would anyone like to buy the Brooklyn Bridge?

[Engineer]

I remember my grandfather talking about pushing a wheelbarrow for a dime ($2.45 of today's dollars) an hour during the depression. Comparing that with today's minimum wage laws, we either need to debase our currency by 2/3 or drop minimum wage by 2/3 to get back to the same levels.

Since it would be career suicide for politicians to drop the minimum wage to $2.45/hr, I expect them to keep debasing the dollar until we get back into line with the rest of the world. Of course that will mean $10/gallon gas...but it'll be ok because we'll all be driving hybrids...and they'll blame the increased prices on the conflicts in the middle east. By the time its all said and done, I'm expecting that today's average house will be selling for half a million, and we'll be telling our grandchildren stories about how they used to cost less than $100K.

[beauanderos]

I liked his usage of film bits as an adjunct for a narrative background. Alot better than some guy staring into a camera, like most youtube vids are. Guy gets an A for production, B+ for message, C for accuracy. All in all, a fresh approach to an old topic. I liked it.

[OneBiteAtATime]

I think this may have hooked my father. If I'm right about that, thank you AGCoinHunter for the post, and thanks to whomever it was that put it together.

I sent it to him and I think it had an effect. He liked the idea of skipping a coffee and trading it for a day of hard labor in the form of a silver dime. At the end of our last phone convo - he told me to keep selling (primary business) and keep collecting (Dad's term for stacking.)

Thanks guys.

[BamaJoe]

Just a sidenote - one of my grandfathers was a dentist. During the depression his normal fee to pull a tooth was a quarter.

[snappy]

the dime is not a tenth of a ounce of silver. and the average soldier doesn't make minimum wage, he makes at least 3 times that even at low rank, plus significantly more if he's deployed.

In 2011 an E1 gets with under 2 years in service gets 1467 a month (before taxes). yes income tax is not paid when in a war zone plus you get hazard pay combat pay. ect in war zones so I will not caculate that in lets assume this pvt is on work ups getting ready to deploy he will be working 12/7 with 4 extra hours each 2-3 days (watch rotation) plus the 30 minutes on each side of shift for breefing/de so more like 13/31 month = 403 hours normal for the watch we will go with 3 days but could be more often 31/3=10ish 10x4=40 or 443 hours of work a month. at 1467 a month it comes to $3.31 an hour oh and don't forget he is on workups so he does not get the extra pay for being in a war zone and he still has to pay taxes on it.
but he is new who cares l

ets check an E4 with 4 years in just starting his 2nd tour. 450 hours a month a little more because he must make sure the lowers are doing what they should.
2231/month comes to 4.95 an hour. not min wage. these are the work horse of the military.

now lets see an E7 getting ready to retire after 20 years he is the boss and does not work as hard but still does (no watch/guard hours) 350 hours a month with $4189 comes to a wopping 11.97/hour don't forget to take out the taxes.


totals come from

http://www.navycs.com/2011-military-pay-chart.html

that is not 3x minimum wage.


edit I was in navy 4 years army 12 years I did not get my 20 because I became disabled when I rolled a jeep. I currently get a va disability free medical, free pills, free hole to toss my rotting corps into when the time comes. I did not caculate this or other benifits in but when it comes to the hours YES they do work that many sure there are some that have cushy jobs maybe the AF or recruters or who ever is shagging the genral that don't but the true fighting men do. I

[Engineer]

443 hours of work a month. at 1467 a month it comes to $3.31 an hour

So an E1 still makes about 1/10oz of silver an hour.

[Aqualung48]

As I stated above, the video is not accurate about the value of a dime. Or perhaps he confused an hour with a day.

Another consideration: Historically, the use of silver has seen major demand drops. The drop for demand for coinage in the 60s. After that photography was the biggest user of Silver and now, thanks to the digital camera (invented by a kodak employee), the demand for silver from photography has dropped. The laws of supply and demand have thus slowed down the increased cost of silver.

Silver still has many demands in electronics, medicine, and jewelry. However, who knows what the future will bring. Will there be a further drop in demand from new technologies and medicine that do not use silver? Your guess is as good as mine. Historically, we have seen the demand drop big time, at least twice. Whether we get the third shoe is unknown. Keep stacking, but do not get unreal expectations.

[Engineer]

Silver still has many demands in electronics, medicine, and jewelry.

Don't forget military uses. Cruise missiles vaporize 500oz every time they shoot one.