11–20 of 46 posts
I'm not against the gold standard per se but I have come to believe that money supply controlled by credit expansion is simply not efficient. It distorts who gets the first bite at money in circulation. It also keeps everyone forever in debt.
Humans are not supposed to be indebted forever. Money as credit has monetary system backwards af.
Congressional votes became "transparent" in 1970. Such that a lobbyist buying a vote could check and make sure they got the vote they bought.
Article points out one thing (moving away from the gold standard) that happened in 1971, but ignores all other cultural and social changes. If you believe the economy takes time to change, then you might as well blame the voting rights act in 1965, or Loving vs Virginia in '67, or the proliferation of terminals in mainframe computers in the early 70s. Very incomplete analysis, and lots of graphs with questionable pre…
A priori, one wouldn't expect those things to have such a dramatic and sudden effect. If you start from the mysterious graphs of many different financial metrics all going berserk at virtually the same instant - like someone snapping their fingers - you start to ask yourself "what seismic shift happened in the financial world at this point? What fundamental change was made here?" And if you ask this question in good…
I'm genuinely curious. Seems like there are different arguments below-the-surface in this thread.
He seems to be using data to point to the gold standard, but in reality the gold was eliminated by FDR in 1933, not Nixon in 1971. There is one shock people love to ignore, cheap energy. In the early 70s energy prices skyrocked due to well documented reasons. So, companies had to pay more for and maybe discovered they could keep pay low once prices stabilized.
Earlier quoted context omitted.
A priori, one wouldn't expect those things to have such a dramatic and sudden effect. If you start from the mysterious graphs of many different financial metrics all going berserk at virtually the same instant - like someone snapping their fingers - you start to ask yourself "what seismic shift happened in the financial world at this point? What fundamental change was made here?" And if you ask this question in good…
Removing the gold standard caused more people to get divorced?
Forbes summary: https://www.forbes.com/sites/lisaquast/2011/02/14/causes-and...
Article points out one thing (moving away from the gold standard) that happened in 1971, but ignores all other cultural and social changes. If you believe the economy takes time to change, then you might as well blame the voting rights act in 1965, or Loving vs Virginia in '67, or the proliferation of terminals in mainframe computers in the early 70s. Very incomplete analysis, and lots of graphs with questionable pre…
Also, plays with the x-axis as convenient. And selective sourcing.
Talking about income inequality? Cut it off around WWI. Chart showing banking crises? No source showing how they're counting crises. (Surprising lack of them in the 19th century, given multiple empires collapsed in that period.) Savings rate? Post-GI bill only.
To say nothing of the liberal mis-use of nominal versus real dollars, et cetera.
Could also have been this: http://history.house.gov/Historical-Highlights/1951-2000/The... Congressional votes became "transparent" in 1970. Such that a lobbyist buying a vote could check and make sure they got the vote they bought.