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WTF Happened in 1971? “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.”
- So What Did Happen in 1971?
- Yeah, But It Was A Good Thing
- No, Leaving The Gold Standard Was A Disaster
- Rising Inequality The Result
- But Maybe They’Re Wrong
- Economics Backgrounds
The WTF Happened in 1971websitesuggests that all of these disparate effects are connected to President Richard Nixon calling time on the Bretton Woods financial system which tied the value of the world’s reserve currency — the U.S. dollar — to gold. The ‘gold standard’ as it is known, underpinned global finance from 1944, when the World War II Alli...
The effects of this are contested to say the least. The International Monetary Fund(IMF) for example suggests that fears at the time that the move away from gold would bring the era of rapid growth to an end were misplaced. “In fact, the transition to floating exchange rates was relatively smooth, and it was certainly timely: flexible exchange rate...
But WTF 1971 tells a different story. It showcases various graphs highlighting that from 1971 onwards productivity increased while wages flatlined; GDP surged but the share going to workers plummeted; and house prices went through the roof leading to Americans’ ‘savings’ becoming inextricably tied to home values. It suggests that around the world e...
The most obvious effect of moving away from the gold standard, was the ability for governments to print as much money as their hearts desired. As Collin puts it: To illustrate how this harms individuals, Prentice uses the analogy of a pie as representing the economy, with the slices representing the money in circulation. “As we’re printing more mon...
Collin and Prentice sound pretty convincing, but economics is a frustratingly complex area and even the world’s best economists are frequently way off. In December 2007 the Wall Street Journal asked 51 economists to predict what would happen in 2008. Not a single economist predicted a recession, much less the dramatic events of the Global Financial...
Prentice says the pair are well aware their ideas are outside of conventional economic thinking, but say that’s because they’ve attempted to approach things from first principles and “expose the errors that other economists make.” “We’ve seen their arguments, and we constantly question ourselves,” he says. “It’s like at the end of Marty Bent’s podc...
Jul 3, 2020 · An interview with the gentlemen behind the website “WTF Happened in 1971?” The last remnants of the gold standard were abandoned in August 1971, when President of the United States Richard...
Approved Answers. There is this website titled WTF happened in 1971 which is on the one hand a compilation of economic and related charts showing what can be inferred as a massive change for the worse, while on the other hand basically an ad for crypto.
03/21 – Reader Q&A Why Did You Create Wtf Happened in 1971? February 2023. 02/24 – Issue #86 The Fall of Jay Cooke (The End of Laissez-Faire Part 9) November 2022. 11/30 – Issue #85 The Railroading of America (The End of Laissez-Faire Part 8) 11/25 – Issue #84 A Question of Land (The End of Laissez-Faire Part 7) October 2022
Jul 1, 2020 · If you don’t know WTF Happened in 1971, make sure to have a look. On the homepage you will find a collection of charts that all show a remarkable change around 1971.
