4 ms·

Nice page, but it doesn't seem to try very hard to create a framework to answer the question it asks. It ends with a Hayak quote which is interesting, even tho

Nice page, but it doesn't seem to try very hard to create a framework to answer the question it asks. It ends with a Hayak quote which is interesting, even though it's taken out of context. You could argue taking the dollar off the gold standard is the reason metrics go wonky starting in '71. But some of the metrics go wonky slightly later after the NYC credit crisis. The suez canal was more or less blocked from '67 through '75, at a time when oil might have been more important economically than gold. And the US had to start paying it's VietNam debt during a period of high inflation. I guess what I'm saying is there's probably no one factor that made '71 special, but a collection of factors; a "perfect storm" of economic sadness.

legitster 3y ago
'71 was the end of the gold standard in the US. Given the Hayek quote and the crypto promotions that link to this site, the page is trying to heavily imply a goldbug argument.
tivert 3y ago
> Nice page, but it doesn't seem to try very hard to create a framework to answer the question it asks. It ends with a Hayak quote which is interesting, even though it's taken out of context. My assumption has been this page is part of a two-part propaganda trick: the first part is to use all these charts to raise a question, the second part is to provide a oversimple but satisfying propaganda-answer (either a return to the gold standard or cryptocurrency). The second part may be meant to be an exercise for the reader (e.g. raise the question, and then prime them to search for the answer in a way that will lead them to material advocating the oversimple but satisfying propaganda-answer). The stereotypical form of propaganda (yelling an answer forcefully at your face) isn't very effective because it's obvious and elicits resistance, so actually-effective propaganda has to have a trick to disarm that response.

legitster 3y ago

'71 was the end of the gold standard in the US. Given the Hayek quote and the crypto promotions that link to this site, the page is trying to heavily imply a goldbug argument.

tivert 3y ago

> Nice page, but it doesn't seem to try very hard to create a framework to answer the question it asks. It ends with a Hayak quote which is interesting, even though it's taken out of context. My assumption has been this page is part of a two-part propaganda trick: the first part is to use all these charts to raise a question, the second part is to provide a oversimple but satisfying propaganda-answer (either a return to the gold standard or cryptocurrency). The second part may be meant to be an exercise for the reader (e.g. raise the question, and then prime them to search for the answer in a way that will lead them to material advocating the oversimple but satisfying propaganda-answer). The stereotypical form of propaganda (yelling an answer forcefully at your face) isn't very effective because it's obvious and elicits resistance, so actually-effective propaganda has to have a trick to disarm that response.