WTF Happened In 1971?

submitted by smsfree from wtfhappenedin1971.com

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[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Simple, Bitcoin has more backing than USD. Bitcoin has many gigaflops of processing power securing it. USD has greedy politicians who can take your wealth at a whim and who have already signed the papers to automatically give your personal info, employment info, and savings info to 40+ other countries in the many-country personal data theft agreement. USD is just another tool for tracking and controlling you, it gives you no benefit.

[–]smsfree[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

also a link to all discussions on hackernews: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&query=https%3A%2F%2Fwtfhappenedin1971.com%2F&sort=byPopularity&type=story

[–]IkeConn 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

Nixon. I was there.

[–]WoodyWoodPecker 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

https://youtu.be/1s7MVwNFXjw

[–][deleted] 6 insightful - 2 fun6 insightful - 1 fun7 insightful - 2 fun -  (1 child)

I see other users have already provided the correct answer, that Nixon took us off the gold standard

[–]JasonCarswell 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (0 children)

^

[–]UncleWillard56 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

Intel released the first microprocessor. That could account for productivity shooting up while leaving wages behind. Companies probably thought "well, we gave you these great computers, they're doing all the work."

[–]WoodyWoodPecker 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Don't forget calculators and adding machines based on Intel's chip to use less energy and use LCD for the display.

[–]Alphix 6 insightful - 2 fun6 insightful - 1 fun7 insightful - 2 fun -  (0 children)

It was the end of the gold standard and the introduction of pure debt-based currency that they could print ad infinitum.

[–]boston_blackie 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (16 children)

Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls

https://www.federalreservehistory.org/essays/gold-convertibility-ends

[–][deleted]  (15 children)

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    [–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

    TLDR: The answer is deregulation that helped corporations at the expense of the consumers.

    Ummm... I gotta agree with u/being-poisoned....your article clearly says excessive regulations along with the removal of the Gold Standard are to blame, this is the opposite of what you said...you should go back and actually read what you pasted.

    Though personally, I think it was primarily removing the Gold Standard that is to blame, I doubt these particular regulations you refer to made much difference one way or the other, though I admit there is a serious lack of regulations in the banking and financial sector

    [–][deleted]  (1 child)

    [deleted]

      [–][deleted] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (0 children)

      Alright I'll take a look at the other sources, I agree lack of regulations is a problem. I wasn't trying to be insulting, your TLDR summary just directly contradicted the text you were summarizing, and I'm not gonna not point that out while a topic is being debated

      [–][deleted] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (11 children)

      Your conclusion seems to contradict the text that you have provided.

      [–][deleted]  (10 children)

      [deleted]

        [–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (9 children)

        I think you're full of shit and trying to prove your pre-determined conclusion.

        [–][deleted]  (8 children)

        [deleted]

          [–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (5 children)

          I don't need an explanation. You have already explained that deregulation leads to lower prices and more competition. Sorry if I was too mean.*

          [–][deleted]  (4 children)

          [deleted]

            [–]Node 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

            common knowledge

            I don't believe in economics, or non-local government. However, common knowledge is simply a belief that's common in the herd. The relationship of common knowledge to actual reality is typically tenuous, at best.

            [–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

            none of this is common knowledge. these are complex economic and political systems. I will retire from this thread and attempt to learn from the OP post.

            [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

            I've not mentioned anything surprising or unusual about the causes of increasing income inequality since 1971. I merely repeat what economiists have noted. It's not difficult to understand.

            No it isn't, and I wasn't saying your claim was unusual...again...I was saying you TLDR'd a block of a text in a way that directly contradicted the source you were citing, which is frankly unacceptable. How should I have addressed this more constructively? It appears that you either did not read the text you cited, or were making a very bad faith argument, so I gave you the benefit of the doubt and assumed the former

            [–]Inspector_Monkfish 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

            A possible answer: In the late 60’s industrial robotics started to take off.