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WTF Happened in 1971? (2019)

wtfhappenedin1971.com

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Re: WTF Happened in 1971? (2019)

#6
“The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard.”

These graphs are why I invest in Bitcoin.

I see so many similarities to assignats and the lead up to the French Revolution, from the wiki-

“The economy did poorly in 1790–96 as industrial and agricultural output dropped, foreign trade plunged, and prices soared. The government decided not to repudiate old debts. Instead it issued more and more paper money (assignats) supposedly backed by seized lands. The result was escalating inflation. The government imposed price controls and persecuted speculators and traders in the black market. People increasingly refused to pay taxes and the annual government deficit increased from 10% of gross national product in 1789 to 64% in 1793. By 1795, after the bad harvest of 1794 and the removal of price controls, inflation reached a level of 3500%. The assignats were withdrawn in 1796 but their replacements also fuelled inflation. Inflation was finally ended by Napoleon in 1803 with the franc as the new currency.”

Https://www.usdebtclock.org

I don’t mean to be alarmist, but the US Dollar is a devalued currency and you need to leave it any way you can. More than 23% of all USD ever created were created in 2020 to prop up the sham we call the stock market, which is at all time highs amidst a pandemic.

Re: WTF Happened in 1971? (2019)

#7

I guess that explains the unending poverty and economic decline we've faced for the last 50 years.

except we've had unambiguously massive economic growth the unending poverty (that I'd remind you has always been worse historically it's just below the poor back then were slaves or indentured servants) is a policy consequence of increasing the share of income paid to the wealthiest (by reducing their taxes and globalization undermining labor power).

Re: WTF Happened in 1971? (2019)

#10
Amazed that the site does not call out Nixon completely abandoning the gold standard in 1971. Financial investments thusly did not need to be backed by actual assets anymore, to the point of today where the whole of money is loans against loans against loans.
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