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WTF Happened In 1971?
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https://wtfhappenedin1971.com/
Just done a quick look and in the UK in 1982, the average wage was between 7 and 8,000 pounds and the average house price was 23,000 pounds. Roughly three times the salary. Damn I wish I was born earlier!
Wasn’t this around the time we detached from the gold standard?? Hmmmm…
House prices over the lasy fifty uears have been flat . . . in ounces of gold. Wages have halved in real terms. Taxes have gone up massively. It’s no wonder Gen Zs feel hopeless.
Petrodollar happened
This was the moment that money was finally and completely turned into debt. The last vestiges of the gold standard were dropped and banks started creating new money like crazy, loaning it into existence and driving up the prices of everything. This trajectory will continue unless/until we can stop fiat money and fractional reserve banking once and for all.
I’ll take “The dollar came off the gold standard in this year” for $500 Alex.
I shouldn’t have invested in all those washing machines😭
69x FTW!
P.s. Housing doesn’t have a fixed supply.
WE WHERE REMOVED FROM THE GOLD STANDARD BUT REMEMBER KIDS GOLD AND SILVER ARE JUST SHINY ROCKS AND HAVE NO VALUE.
[this happened](https://youtu.be/7_Xw5tWsOQo?si=65xMgAJ5vze8a4P8). To top it off it was supposed to be ‘temporary’.
Nixon took the dollar off the gold standard
End of the gold standard
Milton Friedman saying that corporations had a moral responsibility to make money for their shareholders
boomers started taking from the future (print & borrow) to finance their sex/drugs/rock&roll culture
Nixon’s decision to base the USD on oil…
Debasement of currency which devalued GBP massively, an ongoing process since the end of WW2, the USA… our saviours…
It’s called neoliberalism aka Austrian economics and the work of Hayek. Hurt workers, kill unions, deregulate markets, Financialize everything, limited govt and only policy is market friendly (aka print money), lower taxes on the rich, etc.
Bretton Woods.
Skyrocket inflation > higher cost of goods > demands for higher wages > interest rates rose > less goods being bought > recession > high unemployment > Milk Snatcher Thatcher.
Yes, very valid approach, pick two random points in time, and then attribute complex economic phenomena to a single cause.
Detachment from gold backed dollar?
taxation through inflation. People really need to understand how that works.
The Powell Memorandum happened in 1971. Basically it was a call for businesses to use their money, power, resources, etc to crush democracy
its not a secret what happened………guess you just woke up
I know this is an unpopular opinion, but daily life and living standards have rose since 1971. Prices have gone up, but does it matter if I can have a foreign holiday, eat olives 365 days a year and not worry about catching polio?
Keynesian economics isn’t all bad. It’s just been over exploited.
This handout was from our [event last night](https://x.com/bitcoinconfuk/status/1703008237136617736?s=46).
So Ford Cortina is still affordable?? Lol
The Powell Memo
Not relevant to Bitcoin
Basically milk, eggs and washing machines have become a lot cheaper.
1976 was when the GOP came up with the “2 santas” strategy, and 1970 was about when they started to pursue the southern strategy as well.
Oil crisis – the first global oil supply crisis
The advent of high fructose corn syrup. Of course.
The cause of Bitcoin.
All In Washing Machine!
Funny money thievery!
Thatcher happened a little later
Damn 1970… must be the junior dev who made that chart
I can help you out on the phone call 2023 price. It’s 0 (0x)
Money printer go BRRRRRRRRRRR
washing machines got cheaper! sp500 rally justified