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In 1971 Nixon effectively moved the economy off Bretton woods to fiat. The monetary system became entirely ephemeral, enabling all kinds of mathematical techniq
by uhseemsobv 3y ago
In 1971 Nixon effectively moved the economy off Bretton woods to fiat. The monetary system became entirely ephemeral, enabling all kinds of mathematical techniques for deflating the average persons buying power:
https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock
Couple that with an explosion in TV ownership, behavioral economics taking over advertising and marketing... America became a propaganda bubble.
A $200k/year salary in 1980 dollars would be equivalent to $600k/year buying power in 2023. Instead the Fed is raising rates to unemploy people, so they cannot buy assets, or even just a home.
- deleted 3y ago[deleted]
- PixyMisa 3y agoYellow journalism was a thing before television existed.
- cykros 3y agoThe thing to remember, though, is that Nixon did this while dealing with the fact that the Eurodollar system had already been pumping up the money supply; his move was mostly just to avoid handing out all the gold which was already minimal relative to overall monetary supply. Bretton Woods was doomed from the start in a world where independent offshore banks were free to create ledger money and settle up with each other however they like like, but meanwhile the Treasury had the obligation to settle in gold.