3 ms·
The 1970s seem to be a place where many different indicators diverge. https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/
by droffel 6y ago
The 1970s seem to be a place where many different indicators diverge.
https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/
- losteric 6y agoPerhaps a consequence of cold war domestic "anti-communist" culture warfare?
- mcguire 6y agoThat was much stronger in the 50s and possibly in the 80s.
- averros 6y agoThe most important structural thing which happened in 70s was going off the gold standard. This resulted in financialization of economy and thus skyrocketing inequality (asset holders benefit from rampant inflation while labor loses). Inequality results in growing tensions between rich and poor (urban tech/financial elites and rural deplorables these days).
- ardy42 6y ago> https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ Correct me if I'm wrong, but that seems like a gold bug website, advocating for "hard" money (e.g. gold or bitcoin). I'm pretty sure the answer they want you to find is that in 1971 the US ended convertibility of the dollar to gold: https://en.wikipedia.org/wiki/Bretton_Woods_system https://en.wikipedia.org/wiki/Bretton_Woods_system. It's actually a pretty clever persuasive trick (ask a question designed to lead someone down a specific research path and "self-discover" your true message (a trick thats's coincidentally also used by QAnon: https://www.axios.com/qanon-video-game-cbbacb1e-969c-4f07-93cd-69e41bc6feeb.html https://www.axios.com/qanon-video-game-cbbacb1e-969c-4f07-93...). However, the argument of those graphs is pretty much correlation = causation. I'm not economist or historian, but I do know that a lot was going on starting in the 70s (recession followed by the rise of neoliberal economics, among others), that may offer a better causal explanation than gold.