week 4 lecture #2
DESCRIPTION
us history, lecture, populism, chad david coverTRANSCRIPT
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~ “If any will not work, neither shall he eat.”
Platform of 1892:
1. Government-owned & -managed railroads, telephones & telegraphs
2. National currency to be full legal tender for all debts
3. Subtreasury Plan
4. Free coinage of silver
5. Graduated Income Tax
6. Secret Ballot, Initiative & Referendum
7. Immigration Restriction & end of contract-labor
8. Outlaw private police forces
9. 8-hour Day
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Populists supported “bimetallism”: they called for the coinage of silver as legal tender (in addition to gold), at the rate of 16:1 ounces. This would have put more money in circulation but also would have meant inflation. So what’s the big deal with inflation?
Imagine that you have $1 at the beginning of the year, but that inflation is 10% that year. What is your dollar worth at the end of the year?
A)$.91
B)$1.00
C)$1.10
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