Regular readers are familiar with the Great Inflation Lie. Lying about inflation is a device of deceit which governments use to pad numerous economic statistics, since most of these statistics only have relevance/legitimacy if fully “deflated” by the (real) prevailing rate of inflation.
The example with which readers are most familiar is that understating inflation can be used to exaggerate GDP, on a point-for-point basis. Understate the rate of inflation by 5%, and you overstate GDP by an equal 5%. It is thus through this Lie (which is getting larger every year) that the U.S. government has been able to pretend that it’s Greater Depression is actually an “economic recovery”.
However, readers have also previously seen another manifestation of the Great Inflation Lie: to hide the collapse in Western wages, which (in real dollars) have fallen by more than 50% over the past 40 years. The chart below illustrates this Lie perfectly.
[chart available at source]
The blue line (wages deflated with the “official” rate of inflation), shows the myth: wages which have supposedly stayed roughly flat in real dollars. The green line shows the truth: wages deflated with the real rate of inflation. As readers can see for themselves; the collapse in Western wages has dragged them all the way back (in real dollars) to Great Depression levels.
But not all Western nations (and their citizens) have bought into this Corporate mythology, and doomed the vast majority of their populations to little more than slave wages. A few Western nations have shielded their populations from this wage-destruction via (unreported) inflation, and the differences between their economies and ours are highly revealing – especially when viewed from the bottom (i.e. the “minimum wage”)...
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