Thanks to global inflation and stagnant wages, more people in poverty despite rise in standards

As a former Treasury Secretary to Richard Nixon once said to the rest of the world after the dollar was removed from the gold standard, “The dollar is our currency, but it is your problem.”  And in the years following the dollar morphing into a purely fiat form of money, the world has experienced this omen in great measure as the U.S. has exported its inflation to other locations as it expanded the money supply to astronomical levels.

And it is because of this inflation factor, coupled with a global wage stagnation that facilitated a decline in purchasing power, that has helped create more poverty around the world, despite the fact that the World Bank just raised the bar on what it considers poverty wages.  On Sept. 24, the World Bank modeled a new raising of the bar from $1.25 earned per day to $1.90, which would increase the categorized number of poor people around the world by hundreds of millions.

The World Bank has dramatically revised its definition of poverty for the first time in 25 years, the Financial Times reports. Anyone earning less than $1.90 a day will be classified as poor, which will greatly increase the number living in poverty.
The last time the World Bank raised the poverty line by 25 cents to the current $1.25 per day was in 1990. The leading countries are meeting on Friday to adopt 17 new so-called “sustainable development goals” that will define global development policy up to 2030.
It’s difficult to predict how many people will be affected by the change, according to the FT, but when the World Bank tested a $1.92 bar, the outcome was as many as 148 million people. – Russia Today

Perhaps it is ironic that this report came out this week at the same time the Pope was in the United States to address both Congress, and the United Nations on climate change, wealth inequality, and a push for Agenda 21 type initiatives.  Because more than ever, the global financial bodies are attempting to move towards full out communism where the majority of people have the same incomes no matter what, and live in the same declined lifestyles modeled after the initiatives outlined in the now infamous conference in Rio back in 1992.  (Just two years after the World Bank last raised the bar for those designated as poor)


It has been long known that fascist and oligarchical cabals that run the global financial system and most government like to use the Hegelian dialectic to bring about their agendas for change, first by creating a problem, and then rushing forward with a solution that benefits them, not the majority of people.  And when the world went to a strictly fiat currency model, where central banks could then print money at will to create an inflationary landscape where a select few would accumulate most of the wealth, and the vast majority would filter down into the realms of the poor, it is slowly coming to fruition where propaganda and the offer of welfare under the guise of fairness is almost ready to bring about their goals of a new world order.

Kenneth Schortgen Jr is a writer for,, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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