Forget everything you ever learned about money.

Money is labor.

Period, the end.

Remove every human from planet Earth and money would instantly become meaningless.

A basement full of gold bars would be worth nothing.

And you can’t eat gold bars.

Without people there is no labor.

Without labor there is no productivity.

Without productivity there is no exchange of value.

Without exchange of value there is no need for a medium of exchange.

We call the medium of exchange money.

Summarized: people > labor > productivity > value > exchange > money.

Throughout recorded history money has been beaver pelts, tally sticks, gold and silver coins, paper and—more recently—electrons.

We look at the stock market and remark that it’s still going higher.

Priced in what?

Dollars.

We look at the real estate market and remark that it’s still going higher.

Priced in what?

Dollars.

And what is the dollar?

It is a depreciating asset, like a used car, that becomes worth less with every passing year until it’s worthless.

Experts say the average used car loses about 15% of its value each year.

The dollar has been losing a real 6% of its value ever year.

Would you save up for retirement in used cars?

Then why would you save up for retirement in dollars?

Here’s a new way to think about money.

We’ll use gold to anchor our discussion since element 79 hasn’t changed one iota over the entire age of the Earth, whereas (fiat) paper money bearing pictures of great leaders typically lasts just a few lifetimes.

According to the Social Security Administration in 1968 the average wage in America was $2.79.

In that same year you could buy an ounce of gold for $42.

So it took about 15 working hours to buy one ounce of gold.

In 2022 the average wage in America was $30.29 an hour and an ounce of gold cost $1,824.

It now took 64 working hours—about 4.3 times longer—to buy that same one ounce of gold.

Had an ounce of gold changed one iota over the previous 54 years?

No, what changed is that it now takes over 4 times as many working hours to buy the same ounce.

What does this tell us?

It says that if we think of gold as real money, then the paper dollars in which you would buy gold today are worth 1/ 4 as much as they were 54 years ago, which is why you would have to work 4 times longer to earn the same amount of real purchasing power.

This helps to explain why today’s families are struggling 4 times harder to acquire the same degree of financial security as their grandparents did, just a few generations ago.

Getting the picture?

If it strikes you as reasonable to move some depreciating dollars into an asset class that continues to appreciate against the dollar, get in touch.

You’ll have lots of questions and I’ll look forward to answering them.

The first ZOOM is always on the house.

Gordon

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