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    • What are important things happened 1971?

      • What Happened in 1971 Important News and Events, Key Technology and Popular Culture 1971. 1971 This could well be the year that marked the start of the digital age when the Microprocessor was invented. 26th Amendment. ... Border battles between India and Pakistan. ... Disney World Opens. ... Qatar. ... United States - Apollo 14. ... Soviet Union - First Space Station. ... Mariner 9. ... Pentagon Papers. ... United Arab Emirates - UAE Established. ...
    • Pentagon Papers. The New York Times begins to publish sections of the Pentagon Papers starting on June 13th showing the US Government had been lying to the American People.
    • 26th Amendment. The Voting Age in the United States is lowered to 18 yrs old when the 26th Amendment to the US Constitution is ratified. More Information and Timeline for 26th Amendment.
    • Border battles between India and Pakistan. Border battles between India and Pakistan erupt into full-scale war when India invades East Pakistan ( Now Bangladesh ) in support of the independence movement.
    • Disney World Opens. The Walt Disney World Theme Park is opened. More Information for Disney World 1. Walt Disney begins secretly purchasing large tracts of land in central Florida in 1965.
  1. Jan 25, 2021 · What happened and who was famous in 1971? Browse important and historic events, world leaders, famous birthdays and notable deaths from the year 1971.

    • WTF Happened in 1971?
    • FDR, Nixon, and The Gold Standard
    • So What About Nixon?
    • That’S What Happened in 1971

    For those who aren’t aware, there is an entire website dedicated to that question: wtfhappenedin1971.com/. The first thing that becomes apparent is that something happened in 1971. This fact is made clear by a series of charts, all based on government data, that show various odd economic trends began in that year. Income inequality, for example, began to get much worse. Wages, which had tracked closely with productivity and GDP growth for decades, began to lag productivity and economic growth (badly). Inflationsoared, growing at a faster rate than at any period in the previous century. The income gap between black and white Americans, which had been closing rapidly since 1950, all but stopped closing. These are just a few of the economic graphs one will find on wtfhappenedin1971.com. So the question remains: what the heck happened?

    For years, I was always bored to death when I'd hear discussions about the gold standard. Monetary policy wasn’t just dull, but confusing. Some people blamed Nixon for taking the US off the gold standard; others would say, “No, no. It was FDR.” So who was it? And what is “the gold standard,” anyway? The gold standard is simply a monetary system that links the value of paper money to gold. The system, which was implemented in the US in 1834, set the price of gold at $20.67 per ounce, where it stayed until the early 1930s. In the 1870s, other countries followed suit, ushering in the Golden Age of gold (pardon the pun) and a period of great prosperity. “The period from 1880 to 1914 is known as the classical gold standard. During that time, the majority of countries adhered (in varying degrees) to gold,” writes Michael D. Bordo at EconLib. “It was also a period of unprecedented economic growth with relatively free trade in goods, labor, and capital.” The period’s end—1914—came with the...

    So it was FDR that moved the US off the gold standard? Not quite. From 1946 to 1971, nations operated under a new monetary system: the Bretton Woods Agreement. “The Bretton Woods system was designed by the Allied nations, led by the United States, near the end of World War II as a postwar international monetary order,” explainseconomist Jonathan Newman. “The US dollar would become the world’s reserve currency, which foreign governments could redeem for gold, even though US citizens could not.” Did you catch that last part? Though citizens couldn’t exchange paper money for gold, foreign governments could. So the US dollar was still tethered to gold, which the US promised to redeem at an exchange rate of $35 per ounce. This meant the US couldn’t inflate the money supply without depleting its gold reserves. Unfortunately, however, the US did inflate its currency, in large part to finance the escalating costs of the Vietnam War and LBJ’s Great Society. This is one reason, Newman explain...

    So now you know what happened in 1971. The US became what is known as a fiat currency system, one in which paper is legal tender backed not by gold, silver or some other commodity, but by government decree. The economist Thorsten Polleit described three thingsall fiat monies have in common: 1. the government (or its central bank) has the monopoly on production. 2. It is created by way of bank credit expansion (i.e. out of thin air). 3. It has no inherent value, it is simply brightly colored paper (or digital bytes) that can be produced whenever those in power deem it politically expedient. This is why those in control like a fiat money system. It allows them to finance all the programs and agendas they otherwise couldn’t afford, from the War in Afghanistan to the Affordable Care Act to really expensive weapons systems. Unfortunately, all that spending comes at a cost. Sure, the federal debt ballooned from $398 billion in 1971 ($2.7 trillion 2021 dollars) to $28.8 trillion today. But...

  2. Swiss Women Got The Right To Vote The Same Year The U.S. Drove A Buggy On The Moon (1971) Switzerland is often seen as one of the, if not the, most progressive nations on Earth. It comes as a surprise then that women weren't granted the right to vote until 1971, 65 years after Finland become the first European country to do so.

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  4. Jul 27, 2017 · The following are just a few important dates in psychology that mark significant events and milestones. On February 24, 1913, John B. Watson delivered his lecture, Psychology as the Behaviorist Views It, at a meeting of the American Psychological Association (APA). On February 26, 1907, psychologist John Bowlby was born.

  5. Jun 04, 2015 · 25 historians pick a surprising list. By Michele Anderson. The Triangle Shirtwaist Company’s fire resulted in the tragic loss of nearly 150 young women and girls on March 25, 1911, in New York City.

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