Wealth & Poverty Review | Page 2

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Woman holding strawberries
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Strawberries In The U.S. Grew 2,755 Percent More Abundant Since 1960

Researchers at UC Davis have documented the tremendous growth in yields for strawberries in California. Genetic gains from breeding and production advances increased yields by 2,755 percent from the early 1960s. The strawberry joins wheat, rice, and other staple crops of the Green Revolution. Read More ›
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Money Is Time and Time Flies

On April 21, 1787, the Congress of the Confederation of the United States authorized a design for an official copper penny, later referred to as the Fugio cent because of its image of the Sun and its light shining down on a sundial with the caption, Fugio. Fugio is Latin for “I flee/fly”, referring to time flying by. Read More ›
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Zimbabwe flag against orange sunset
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Zimbabwe’s Central Bank Starts Africa’s Path to a Gold Standard

This month, the Central Bank of Zimbabwe launched a new gold-based currency, the first gold-based currency from a government since Richard Nixon effectively ended the world gold standard system in 1971. As long as the Central Bank of Zimbabwe adheres to some important principles, and doesn't play politics, it should be fine. Read More ›
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American Dollars in Focus
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The U.S. Has No Choice but to Undertake Radical Economic Change

Burdened with $34.5 trillion in national debt that is currently growing by $1 trillion every 100 days, the U.S. economy is headed for disaster. It falls on the next administration to change that trajectory while also introducing policies that increase and broaden economic growth and wealth creation for everyone. Read More ›
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Old Bible in library with magnifying glass
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Easter Is the World’s Most Historically Verified Holiday

While there are skeptics of the biblical Jesus, there's far more reliable historical evidence for His life, teachings, miracles, death, and resurrection than for other leading historical figures of ancient times, such as literary greats Virgil and Horace and military kings like Alexander the Great. Read More ›
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Stack of money coins with retro alarm clock
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The Good Old Days Were Really Expensive

We buy things with money but pay for them with our time. Money prices are expressed in dollars and cents, while time prices are expressed in hours and minutes. A time price is simply the money price divided by hourly income. Read More ›
Coca-Cola Cans
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Coca-Cola Abundance

Unskilled workers are getting 214.7 percent more than their 1959 counterparts. Read More ›
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Printing US dollar bills. Concept of United States economy, buying and selling banknotes in the worldwide. Global finance and business.
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Averting Insolvency Is a Key Battle America Must Win

With all the problems America is facing, the one that gets the least attention might be the most critical. The speed at which the United States will hit the wall of an insolvency crisis and collapse is approaching very fast. 

The U.S. is currently spending more than $2 billion a day to service its debt, and that interest we pay on servicing the national debt is the fastest growing part of the federal budget. It will likely exceed the entire defense budget within a year. The constructive law of compound interest has been turned upside-down and we are now on a downward spiral of escalating compound debt and interest payments, wherein the U.S. government is locked into borrowing ever more money to pay the interest on new and previous debt obligations. 

In the context of our history this has happened extremely fast. Just two decades ago, the U.S. national debt stood at about $4 trillion, which was at that time 36% of our GDP. Today, U.S. national debt is $34.2 trillion, which is about 126.5% of U.S. GDP—an increase of 755% in just twenty years. 

What is the significance of the debt-to-GDP ratio? After the dollar was taken off the gold standard—which is to say no longer backed by gold—in 1933, it became a “fiat” currency backed only by the full faith and credit of the U.S. government and the economy of the country. GDP replaced gold as a measure of aggregate assets backing the currency. And the same is true for all countries as fiat currencies are now almost universal.

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