Outside the Box: Money: How the Destruction of the Dollar Threatens the Global Economy
“They consider us infidels so they are killing us and taking away the women,” says Vian Dakhil, a Yazedi member of parliament, her eyes filling with tears after taking a call from a Yzedi man who told her three of his five children had died on the mountain. She says she spoke this weekwith one of several hundred women and children held in an IS-runprison near the city of Tel Afar who told her taht small groups of women were being taken away in vehicles. On TuesdayDakhil broke down in tears in a parliamentary session in Baghdad as she appealed for help for her community. RELIEF EFFORTS FLOUNDER The US State Department says it is “actively monitoring the situation in Sinjar. Whileplans for expanded military support to Iraq contingent on a new Iraqi government being formed, the US is exploring ways to get aid todisplaced Yazidis including the possibility ofUS military air drops to the mountainside. Iraqi relief efforts to the mountain have fared poorly:Many of the packets of food and water dropped from Iraqi helicopters this week broke when they hit the ground. With the water in plastic bottles not cushioned by wooden pallets normally used for air drops, the bottles exploded upon impact.
Read More: Islamic State persecution of Yazidi minority amounts to genocide, UN says – Yahoo News
What a dollar could buy in 1971 costs $5.78 in 2014. In other words, you need almost six times more money today than you did 40 years ago to buy the equivalent goods and services. Say you had a 2014 dollar and traveled back in time to 1971. That dollar would be worth, according to the CPI calculator, a mere 17 cents. What has this meant for salaries? According to statistics from the U.S. Census Bureau, a man in his thirties or forties who earned $54,163 in 1972 today earns around $45,224 in inflation adjusted dollars a 17% cut in pay. Women have entered the workforce in much larger numbers since then, and womens incomes have made up the difference for families. As Mark Gimein of Bloomberg.com points out, The bottom line is that as two-income families have replaced single-earner ones, the median family has barely moved forward. And the single-earner family has fallen behind. Increased Volatility and Currency Crises The 2014 currency turmoil in emerging countries is just the latest in a succession of needless crises that have occurred over the past several decades as a consequence of unstable money.
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