WTF Happened In 1971 ?!!!
In short, this is a visual argument that "everything broke in 1971" because the US abandoned the gold standard, with a large gallery of charts to illustrate the supposed before-and-after divergence across many indicators.
The central point and thesis of this website is that 1971 marked a major inflection point where many positive long-term trends (productivity-wage growth alignment, affordable housing, stable inequality, shorter workweeks, family formation, etc.) reversed or stagnated, leading to many of the perceived problems of modern society. The site presents dozens of overlaid graphs where trends were relatively smooth or improving for decades/centuries prior to ~1971, then sharply bend, flatten, or worsen afterward.
The primary cause it highlights is President Nixon's 1971 decision (the "Nixon Shock") to end the convertibility of the US dollar into gold, effectively terminating the Bretton Woods system and ushering in the era of fully fiat currency (unbacked paper money with no gold standard constraint).
The site demonstrates that removing this monetary anchor enabled unlimited money printing, inflation, financialization, wealth inequality, wage stagnation relative to productivity, skyrocketing asset prices (housing, stocks), and broader societal issues like declining marriage/birth rates, longer work hours, and more.
SOURCE URL: https://wtfhappenedin1971.com/
That said, FDR, WW2 (which became a ww because of the banking cartels' greed), and LBJ expanded fedgov spending immensely and inflation resulted.
Without the federal reserve act and income tax, inflation would not have occurred, gold might still back the dollar, and ww2 might have never happened.
(War is extremely expensive. The banking cartel created money from thin air to fund both sides.)
At that time the people had just barely recovered from the depression (and war) that the cartel had created.
People avoided debt because it had been the ruin of so many in the recent past.
Politicians of that era knew they'd never be elected if they supported such utter stupidity (or corruption.)
Today, there is no memory of those times and the cartel and politicians can continue the fedgov on the road to ruin
(and the cartel still hasn't been punished for the depression and treasonous war activities.)
With Europe and Japan bombed out hulks, the economy of the US was the supplier for the rebuilding.
That produced tax surpluses for the fedgov and helped pay down the war debts.
Just what I have learned.
I think its accurate. ;^)
There is a time-lag from when government policy takes effect to the time it impacts society. So the combination of the government policies in both 1968 and 1971 is an even greater indication of how these trends took off. Thanks, General, I didn't think of that!
"Culture is downstream from politics." ---Quisling Bongino.
Despite his unfortunate status of quisling, he is correct. (In politics, a "quisling" is now a common noun meaning a traitor, collaborator, or puppet leader who aids an occupying enemy force...such as the Deep State?) I used to listen to him on the radio, YouTube or podcasts, but...
"But that was a priceless Steinway!!!"
"Nit anymooore." ---(Chief Inspector Cluesoe) :D
A simple concept, that of LIMITS, generally a facet of CONSERVATISM, was thrown out the window along with the gold standard. Then people realized that money was free, the politicians started printing and stealing more and more, while throwing money at the People which only corrupted people's values.
Nice job, tricky Dick!
But it would have happened anyway, it was inevitable. A Liberal at the same time in history would have eliminated the gold standard in a bleeding-heart beat.