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Wow - what happened in 1974? Something that has to do with the gold standard?
by sedeki 7y ago
Wow - what happened in 1974? Something that has to do with the gold standard?
- tonyedgecombe 7y agoThe oil crisis? Followed by Thatcher and Reagan? Arrival of the shipping container?
- sedeki 7y agoNixon famously took the US, and thus the world, off the gold standard in 1971, effectively giving the Fed a carte blanche to print money. To me this alone would explain the flatness. I sense some sarcasm in your comment - maybe it doesn’t to you.
- tonyedgecombe 7y agoI sense some sarcasm in your comment That wasn't my intention.
- phaemon 7y agoOh, right, you think you know the answer already. Coincidentally, in the collection of essays "In Praise of Idleness" the fourth one is called, "The Modern Midas", written in 1932. You might enjoy it.
- sedeki 7y agoMy first post to start this whole discussion was me genuinely asking. I am not claiming I know the answer. I am not a native English speaker. Do you mind giving me a link to the essay?
- phaemon 7y agoMy apologies then; I thought you sounded like one of these gold standard fanatics that are all over. I couldn't find the essay on the web, but it's in the book https://www.amazon.com/Praise-Idleness-Other-Essays/dp/0043040020 https://www.amazon.com/Praise-Idleness-Other-Essays/dp/00430... which is well worth reading.
- phaemon 7y agoNope, oil. It was the 1973 oil crisis, which led to prices quadrupling. See https://en.wikipedia.org/wiki/1973_oil_crisis https://en.wikipedia.org/wiki/1973_oil_crisis