WTF Happened In 1971?

submitted by sproketboy from wtfhappenedin1971.com

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[–]Tom9152 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

The Economic Stabilization Act of 1970. Authorized the President to stabilize prices.

The end of the free market.

https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970

[–]send_nasty_stuff 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

I wish this video and idea had more traction. It's clearly a pivotal political event. Going back to blind congressional voting has potential as a bi-partisan issue.

[–]everythings 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Definitely one of the best websites on the internet

[–]veetnampho 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Good shit.

[–]lesdyxic 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

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.[2] At the same time, many fixed currencies (such as the pound sterling) also became free-floating. [wikipedia]

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

when they got rid of the Gold Standard

its incredible what happens once sound money is destroyed

Once we get a Bitcoin Standard back, all the problems of the world will start to fix themselves