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The Nixon Shock is the end of the Bretton Woods system (the post-war economic system) which is how "the post-war economic boom ended". So that paragraph reads
by 29athrowaway 3y ago
The Nixon Shock is the end of the Bretton Woods system (the post-war economic system) which is how "the post-war economic boom ended".
So that paragraph reads like "You are wrong because [essentially the same thing you said phrased differently]".
- cmrdporcupine 3y agoNonsense, the boom didn't end because of the end of the gold standard, it was in decline long before that. Sounds like cryptobros politics.
- 29athrowaway 3y agoThe real question here is: what causes what? The US was living beyond its means throughout the entire time, subsidized by the other members of that system. The end of the Bretton Woods system affirmed that. How it ended? by Nixon preventing a bank run on the system because he didn't have the equivalent gold for all the currency he issued. The US was clever enough to use its economic advantage to invest in its military to a point in which that move could be tolerated by the rest of the countries. Any further replies from you will be read out loud in chicken voice.
- cmrdporcupine 3y agoIt's ok, I'm already reading your comments out loud in a mock Lyndon LaRouche voice, and it's hilarious.
- 29athrowaway 3y agoJust so that you know, I did read that out loud in chicken voice.