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WTF Happened in 1971? “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.”. – F.A. Hayek 1984. "I don't believe we shall ...
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- So What Did Happen in 1971?
- Yeah, But It Was A Good Thing
- No, Leaving The Gold Standard Was A Disaster
- Rising Inequality The Result
- But Maybe They’Re Wrong
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The WTF Happened in 1971websitesuggests that all of these disparate effects are connected to President Richard Nixon calling time on the Bretton Woods financial system which tied the value of the world’s reserve currency — the U.S. dollar — to gold. The ‘gold standard’ as it is known, underpinned global finance from 1944, when the World War II Alli...
The effects of this are contested to say the least. The International Monetary Fund(IMF) for example suggests that fears at the time that the move away from gold would bring the era of rapid growth to an end were misplaced. “In fact, the transition to floating exchange rates was relatively smooth, and it was certainly timely: flexible exchange rate...
But WTF 1971 tells a different story. It showcases various graphs highlighting that from 1971 onwards productivity increased while wages flatlined; GDP surged but the share going to workers plummeted; and house prices went through the roof leading to Americans’ ‘savings’ becoming inextricably tied to home values. It suggests that around the world e...
The most obvious effect of moving away from the gold standard, was the ability for governments to print as much money as their hearts desired. As Collin puts it: To illustrate how this harms individuals, Prentice uses the analogy of a pie as representing the economy, with the slices representing the money in circulation. “As we’re printing more mon...
Collin and Prentice sound pretty convincing, but economics is a frustratingly complex area and even the world’s best economists are frequently way off. In December 2007 the Wall Street Journal asked 51 economists to predict what would happen in 2008. Not a single economist predicted a recession, much less the dramatic events of the Global Financial...
Prentice says the pair are well aware their ideas are outside of conventional economic thinking, but say that’s because they’ve attempted to approach things from first principles and “expose the errors that other economists make.” “We’ve seen their arguments, and we constantly question ourselves,” he says. “It’s like at the end of Marty Bent’s podc...
On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency.
15 de ago. de 2022 · No dia 15 de agosto de 1971, o presidente Nixon dos EUA colocou fim ao padrão dólar-ouro, no que pode ter sido um dos maiores golpes financeiros da história. Entenda o que aconteceu 51 anos atrás e como as decisões econômicas afetam até hoje a economia global e norte-americana. O padrão ouro e o sistema Bretton Woods.
Saiba como o fim da conversibilidade do dólar em ouro mudou o mundo e criou as condições para o Bitcoin. Entenda o contexto histórico, os resultados econômicos e as alternativas monetárias.
30 de nov. de 2022 · WTF 1971 is a newsletter that explores the economic history and analysis of the United States since 1971. It covers topics such as the end of laissez-faire, the Bretton Woods system, the gold standard, and the current financial crisis.
WTF Happened in 1971 | The Year The World Changed - YouTube. 41,956 views. 4.7K. 🔥 READY TO BUILD THE WORLD AND THE FUTURE YOU WANT? FOLLOW THE DECENTRALIZED COLLECTIVE TO LEARN HOW YOU...
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