Minimum Wage and the spot price of Silver

[paeidovyn]

Since 1964 the United States has introduced cupronickel into coinage, rather than silver. In 1960 the minimum wage was one dollar per hour. This indicates that the minimum wage must be one ounce of silver, as the silver dollar was the common mint when minimum wage was one dollar.

During the eighties the silver coins disappeared from circulation, which means that the minimum wage has not kept pace with the economy. If you make $75/hr now you are only making about $3/hr in silver.

There is no need to mint new silver coins nor recirculate the existing sets.
Logically, the conclusion would be to network businesses together where their minimum wage is the spot price of silver.

You may have noticed with news released over the last decade that silver fell from the 2011 high of $50/oz to a low of $12/oz in 2020, now resting around $25/oz in 2023.
During this time the cost of goods has doubled. This means if you were holding silver over the last decade your purchasing power was quartered: halfed in falling silver and halfed again with rising costs.

Obviously the answer to improve the world economy is not to hold silver.

To network businesses together where their minimum wage is the spot price of silver, invite business owners to buy gold then wait for everyone else to catch up to you and keep your head down.

The targets are: Gold $800; Silver $40; 3-bed 2-bath rent + utilities is $1,600/month, which makes Gold and Silver 20:1 and cost for a single-family home is one week of wages at silver spot.

[franky1]

silver is $24/oz so min wage should be $24/h

[adaseb]

During 2011 the spot price of silver had an average of $35 and rose to a high of nearly $50/oz.
Bitcoin had a high of $32 that same year.

Yeah I remember that silver bubble.

Everyone was crazy for silver. On the street people would talk about silver going to $100 or so. So it quickly spiked to $50 and then started to crash.

There was articles about China buying unlimited amounts of silver and one month later this bubble popped.

[stompix]

Since 1964 the United States has intoduced cupronickel into coinage, rather than silver. In 1960 the minimum wage was one dollar per hour. This indicates that the minimum wage must be one ounce of silver, as the silver dollar was the common mint when minimum wage was one dollar.

And in 1980 the minimum wage was $3.10 and silver was at $35.
So by your logic the minimum wage now should be $2 per hour.

During the eighties the silver coins disappeared from circulation, which means that the minimum wage has not kept pace with the economy.

And in 50 BC you would get paid 225 denarii a year for being a legionnaire so that's 767 grams of silver a year, so that's $589.12.
We're still doing better with fiat paid wages.

See how stupid it is to pick random dates and claim something?

[paeidovyn]

By this logic the minimim wage would reasonably be the spot price of silver, fluctuating with the market, since there are no longer silver coins in circulation.

Considering there were still silver coins in circulation in 1980, the minimum wage of $3.10 was reasonable when you were to save some silver coins, especially if you knew the silver spot was $20+.

Neither the dates selected nor their pertinence to the numisma are stupid nor random.

[Alpha Marine]

In today's economy, minimum wage can't be dependent on the price of silver because the price of silver is unstable. It won't be right if the minimum wage just fluctuates up and down during a year.
That would cause problems for the employees and the employers of labor.

Silver started this year around $23, this same year it has gone as low as $20 and now it closing the year with $23+. So you see how unstable it is?
That aside, what if for some reason, the price of silver skyrockets to about $100? How do you expect employers to pay their workers $100/hr? That would only cause businesses to close down and increase unemployment. Then there would be inflation also.