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How crazy would it be if the final departure from the gold standard in 1971 meant that the average person with little financial or other education just totally
by mothballed 1y ago
How crazy would it be if the final departure from the gold standard in 1971 meant that the average person with little financial or other education just totally lost their most meaningful 1 dimension metric of how much their wage goes up so it became way easier to pull the wool over their eyes.
Not that it was totally accurate before, but the ability to use USD value alone as a measure of your Y/Y wage changes really went off the rails about 50 years ago.
It's not the only factor, of course.