Silver – The Original World Currency

By Rory Hall – Re-Blogged From http://www.Silver-Phoenix500.com

Silver has been money, and currency, longer than gold. The word “silver” actually translates to “money” or vice-versa in many countries around the world. Any true Christian knows that Judas sold out Jesus Christ for silver. Some theologians have reached the conclusion that Judas sold out Christ for approximately 30 pieces of silver. What would the value of 30 pieces of silver been in time of Christ?

The word used in Matthew 26:15 (argyria) simply means “silver coins”

There were a few type of coins that may have been used. Tetradrachms of Tyre, usually referred to as Tyrian shekels (14 grams of 94% silver) Continue reading

Turkish President Erdogan Vows To Recapture All Lands Once Held By The Ottoman Empire

By Robert Spencer – Re-Blogged From Freedom Outpost

“We say at every opportunity we have that Syria, Iraq and other places in the geography [map] in our hearts are no different from our own homeland. We are struggling so that a foreign flag will not be waved anywhere where adhan [Islamic call to prayer in mosques] is recited.”

Apparently, Erdogan means at the very least the recapture of all the lands once held by the Ottoman Empire.

That’s not just Greece, as in the article title below. That’s also Bulgaria, Romania, Yugoslavia, Algeria, Syria, Iraq, Israel, Egypt, Algeria, Tunisia, Morocco, and more.

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Climate-Related Deaths and Insecurity

By Andy May – Re-Blogged From http://www.WattsUpWithThat.com

In this post we will discuss the assertion that there will be more climate-related deaths due to man-made global warming. This is the fifth post in a series of seven.

There will be more heat-related deaths

The IPCC AR5 report does not have much to say regarding climate-related mortality, they do mention that heat-related deaths will increase in several places, the following is from page 49 of the WG2 technical summary:

“At present the worldwide burden of human ill-health from climate change is relatively small compared with effects of other stressors and is not well quantified. However, there has been increased heat-related mortality and decreased cold-related mortality in some regions as a result of warming (medium confidence).”

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3,700-Year-Old Babylonian Tablet Rewrites the History of Math and Shows the Greeks Did Not Develop Trigonometry

By Sarah Knapton – Re-Blogged From http://www.telegraph.co.uk

A 3,700-year-old clay tablet has proven that the Babylonians developed trigonometry 1,500 years before the Greeks and were using a sophisticated method of mathematics which could change how we calculate today.

The tablet, known as Plimpton 332, was discovered in the early 1900s in Southern Iraq by the American archaeologist and diplomat Edgar Banks, who was the inspiration for Indiana Jones.

The true meaning of the tablet has eluded experts until now but new research by the University of New South Wales, Australia, has shown it is the world’s oldest and most accurate trigonometric table, which was probably used by ancient architects to construct temples, palaces and canals.

However unlike today’s trigonometry, Babylonian mathematics used a base 60, or sexagesimal system, rather than the 10 which is used today. Because 60 is far easier to divide by three, experts studying the tablet, found that the calculations are far more accurate.

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Italy Looms on the Eurozone’s Horizon

By Adriano Bosoni – Re-Blogged From Stratfor

The skies may not be clear, but these days Europe’s leaders are more relaxed than they were when the year began under foreboding clouds. Economic growth is gaining momentum and unemployment is slowly going down. More important, voters in France rejected candidates opposed to the European Union, and moderate forces will remain in power after September’s general elections in Germany. But while things are relatively calm in the eurozone’s two main economies, the next big challenge for the currency area will come from its third-largest member, Italy. The country has to hold general elections by May, and the vote will take place amid discontent with the status quo, which in many cases includes skepticism about the euro. Given the size of the Italian economy and the depth of its problems, the country’s politics could have consequences far beyond Italy’s borders.

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The Dangers of Temporary Employment

Re-Blogged From Stratfor

The Dangers of Temporary Employment

About six in ten jobs in the European Union today are full-time permanent positions. But jobs offered under part-time and temporary contracts account for an increasing share of total employment. In 2003, well before Europe’s economic crisis, 15 percent of workers in the European Union were employed under part-time contracts. By 2015, that had risen to 19 percent. During the same period, temporary contracts rose from 9 percent of total employment to 11 percent. Temporary jobs offer less security than even part-time permanent ones. They often come with lower salaries and fewer training and career advancement opportunities, making it harder for workers to access credit, plan their consumption decisions or qualify for unemployment benefits.

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Silver Price Massively Undervalued From Historic Perspective

By Mark O’Byrne – Re-Blogged From http://www.Silver-Phoenix500.com

– What wages in ancient Athens can tell us about the silver price today

– Wages paid in silver in ancient Athens compared to wages today

– Silver massively undervalued compared to the past few thousand years

The cost of building the Parthenon was 469 silver talents, or about £5.6m.

by Dominic Frisby

Today we look at the wages paid to oarsmen on warships in ancient Athens in 450BC.

I bet you’ve never read a Money Morning that began like that before.

Why on earth would I want to do such a thing?

Because it tells us a great deal about the silver price today…

How Wages In Ancient Athens Compare To Today

In The Economy of Ancient Greece, historian Darel Engen describes how the Athenian unit of money – the talent (about 26kg of silver) – could purchase nine years of a skilled man’s labour. If we assume 250 working days in a year, that works out at about 11.5g of silver per day – a little under 0.3 of a troy ounce.

A kilo of silver today is about £460, so nine years’ skilled labour would amount to about £12,000 in today’s money. That makes a year’s skilled labour about £1,333, and a day’s £5.29.

Fast forward to today. The average wage in the UK construction industry, which I’ll use as an equivalent, is about £30,000 per annum, or £120 per day. It seems that today’s British labourer is earning considerably more than his ancient Athenian counterpart.

We must, however, factor taxation into our calculations in order to appreciate what the worker actually took home with him. Enlightened souls that they were, there was no direct taxation on income in ancient Greece. The large part of the expenses of the city were shouldered by the rich, who made their donations voluntarily – sort of – through the system of liturgy.

In the UK today, on the other hand, somewhere between 40% and 55% of the average worker’s income is taken, one way or the other, to pay for the state, depending on whose figures you use (and that’s before you factor in inflation taxes).

For the sake of simplicity, let’s use a 40% figure and go with an after-tax income of £72 per day – or £18,000 per annum. So even after taxes, the modern labourer would seem to be earning considerably more than the ancient – over ten times as much.

As Greece was the most advanced civilisation in 450BC, perhaps we should only be comparing it to the developed world. But even if we factor in less developed nations, the modern worker appears to be earning more than the ancient.

Globally, according to the United Nations International Labour Organisation (ILO), the average salary is $18,000 – say £14,000, or £56 per day. That would be £34 after 40% taxes.

An Athenian warship, the trireme, cost about a talent to build (£12,000). A trireme’s unskilled oarsman would be paid 4.3g of silver each per day (£2). The cost of building the Parthenon was 469 talents, according to Professor Thomas Sakoulas. That works out, according to my maths (469 x 26 x 460) at about £5.6m. The cost of building the Shard, by way of comparison, seems to have been around £435m.

Silver Price Is Dirt Cheap Compared To The Past Few Thousand Years

To compare modern and ancient prices might seem like a ridiculous and redundant exercise – the two worlds are so different – but there is a point to all this. Measured in silver, salaries actually remained fairly constant until the 20th century.

The Babylonian worker might have been looking at 2g of silver (92p). The Roman unskilled worker, like the Greek, might have been on around 4.2gs of silver, at least until Romans started chipping their coins.

The wages of the medieval English worker seemed to have fallen back towards Babylonian levels by 1300. He got 2.8g, while a skilled city craftsman might have expected 5.6g – about half what an Athenian was paid.

That would grow, however, over the next 500 years, until by the 19thcentury the skilled labourer might be looking at around 24g of silver per day, according to author David Zucherman, and an unskilled between a third and half that. The labourer in the 19th century was getting around double the pay of his 450BC Athenian counterpart. It’s more, but it’s not that much more.

Compare that to today. I used the figure of £30,000 earlier – the average wage of a construction worker – £120 per day. That amounts to 260g of silver, compared to 11.5g for that Athenian worker. Today’s pay dwarfs that of any pre-20th century worker in history.

Wages have risen, of course they have – but not by this much relative to the cost of living, status and so on within a society.

The issue is not that wages have soared. It’s that silver – now that it no longer has any monetary role – has fallen to absurdly cheap (on a historical basis) levels. (It’s also absurdly cheap on a geological basis, as I argued here

If today’s wages of £120 were to equal the Athenian equivalent of 11.5g (say 12g for simplicity’s sake), you could make the argument that silvershould be £10 per gramme (currently 46p per gramme). That’s over 20 times higher than today’s silver price of $18.50 an ounce – more like $400 per ounce.

At $400 per ounce, not only do wages correspond, but so does the cost of building a ship or a landmark city building.

One day we will get some kind of silver reversion to its historical mean. Does that mean we should all go out and buy shedloads of silver with the expectation of making 20 times our money?

Not really. That day of historical mean reversion probably won’t come in our lifetime and most of us invest within three to five year time frames. But you should all own a little bit, just in case it does.

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