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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 lo
by jmclnx 7y ago
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.
- k26dr 7y agoA version of the gold standard with the dollar pegged to gold for international trade partners was reintroduced in 1945 post WWII and that's what's Nixon suspended. Just like a true gold standard, it put a check on how much dollars the government could print