3 ms·

Weren't there a bunch of discussions about what happened in other years, or is it all 1971's fault?

• PittleyDunkin 2y ago
  I doubt that it's a single action that sustained four+ decades of impacts. More likely this is the concerted effort of capital to continually reign in threats.
  • ratg13 2y ago
    Why not? From Wikipedia: >In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for government expenditure on the military and social programs. In the first six months of 1971, assets for $22 billion fled the U.S. In response, on 15 August 1971, Nixon issued Executive Order 11615 pursuant to the Economic Stabilization Act of 1970, unilaterally imposing 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window", making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even his own State Department and was soon dubbed the "Nixon Shock". https://en.m.wikipedia.org/wiki/Bretton_Woods_system https://en.m.wikipedia.org/wiki/Bretton_Woods_system
    • PittleyDunkin 2y ago
      Why not the Volcker shock? I think there's stronger evidence for persistent effects there. Regardless, I see systems analysis as more productive here than root cause analysis.
• geor9e 2y ago
  Part of the population believes one of the other, with a split somewhat correlated to the market cap of bitcoin. The article is an advertisement for bitcoin as the solution to fiat, the cause of all the world's problems (sic).
  • f1shy 2y ago
    This comment should be pinned at the beginning of the thread
• deleted 2y ago
  [deleted]