Cryptocurrency: WTF Happened In 1971?
grarpamp
grarpamp at gmail.com
Wed Oct 19 23:21:22 PDT 2022
https://brrr.money/
https://twitter.com/memetic_insti2t
https://thefed.app/
[–]co-oper8 169 points 3 days ago
This infographic deserves a Nobel prize for joirnalism. Good share!
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[–]Stompya 96 points 3 days ago
It’s a full-on website:
https://wtfhappenedin1971.com/
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[–]DynamicHunter 28 points 3 days ago
That cost of living infographic hurts to read. New house 2.5x average
income, rent at like 15%
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[–]co-oper8 9 points 3 days ago
I know. I just read the whole page
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[–]knuF 2 points 3 days ago
You deserve a Nobel Peace prize for positive, engaging Reddit comments!
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[–]co-oper8 1 point 3 days ago
Aw swell!
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[–]ebaley 1 point 3 days ago
New Yorker?
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[–]co-oper8 1 point 3 days ago
Are you asking me if i'm from NY?
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[–]ebaley 1 point 2 days ago
A joke. Your spelling of journalism.
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[–]co-oper8 1 point 2 days ago
Oh lol
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[–]SaneLad 213 points 3 days ago
The biggest joke is that the US charges capital gains taxes on the
sale of physical gold. Gains my ass. Getting taxed on inflation is
what it is.
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[–]DanTheMan_117 77 points 3 days ago
Thing is, if we mined gold in the asteroid belt, it would drop 10 fold
or more. Only 21 million bitcoin, ever.
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[–]Threes_not_a_numberredditor for 3 months 15 points 3 days ago
The cost of mining asteroids would be astronomical
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[–]ElephantsAreHeavy 6 points 2 days ago
Upvote for pun.
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[–]CheetoPro4two0h 1 point 2 days ago
two punny
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[–]GreyHexagon 30 points 3 days ago
They still charge CGT on bitcoin. This isn't anything to do with
bitcoin Vs gold, it's that gold is stable and the dollar is constantly
devaluing, but taxes are still calculated from the point of view of
dollars.
You keep something that's stable to avoid inflation, but they still
tax you on it because they claim it's "increased in value." It hasn't
increased, USD has just gone down the shitter.
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[–][deleted] 3 days ago
[deleted]
[–]allofitILOVEIT 1 point 2 days ago
Except you aren't keeping it if you are having to pay capital gains
tax on it. Don't sell it, don't get taxed.
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[–]GreyHexagon 2 points 2 days ago
I get what you're saying but it's hard to buy milk and bread with gold.
Obviously that's where bitcoin excels - it's totally possible to buy
everyday shit with bitcoin (when we reach a stage where it's widely
accepted.) Then the problem is with the fact that governments likely
tax you on every transaction, not just buying USD.
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[–]BruFoca 5 points 3 days ago
If becomes profitable to mine gold in the asteroid belt is because the
price to mine gold on the earth crust is so big that is cheaper to do
in the belt.
Scarcity doesn't mean that something doesn't exists, but the cost to
recover it is more expensive that the price of the thing.
A quick example is when the Saudis decided to flood the market with
oil until the price of the oil was so low that fracking in the USA was
unprofitable when everyone in the USA was broke they raised the
prices.
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[–]AtroposM 16 points 3 days ago
If we ever go asteroid mining we already going to be a post scarcity
and post currency society.
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[–]FableFinale 16 points 3 days ago
Only if the gains aren't hoarded by the asteroid mining companies.
Did you know if you evenly distributed all the household wealth in the
United States, every person would get $450,000? Imagine not a single
person in the US being poor or struggling, but in fact very
comfortable and well-off. We're nearly at post-scarcity levels of
wealth already, it's just that nearly all of it is gobbled by the top
.01%.
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[–]Futonpimp 17 points 3 days ago
So basically big companies need to pay ceos less and employees more?
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[–]New_Painting5190 11 points 3 days ago
Give a million dollars to every single poor citizen in the US and 30%
of them will be poor back again within a year.
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[–]0mega0 2 points 3 days ago
Ok, what happens next?
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[–]call-me-GiGi 3 points 3 days ago
People say eat the rich not realizing we are the rich sure you can
split that money amongst Americans but we’ll be even more hated by
those who are truly at the bottom of society.
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[–]slickVikk0 1 point 3 days ago
If everyone made $450k per household imagine how bad inflation would be. 😂
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[–]kwanijml 0 points 3 days ago
The economic ignorance here is just astounding.
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[–]STP_VEGAS 0 points 3 days ago
And how will bitcoin be any better? At todays population there only
about 300,000 Sats per person on the planet. With the likely
population increase, that number can only drop. The rich are already
hodling as much as they can, for a reason that can only be described
as greed. Limited supply is no solution to equalized distribution,
which is also known as communism.
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[–]UrinalCakeTreatsredditor for 6 weeks 1 point 3 days ago
I bet the vast majority would blow that money within 6 months
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[–]FableFinale 1 point 3 days ago
Read the other comments below, I'm not necessarily endorsing it as an
economy policy. It's an illustration of how much wealth the top .01%
has.
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[–]Resri88 1 point 2 days ago
This is why their argument is so stupid.
It aint gonna happen soon
If/when it happens those companies are going to go about it the
same way they do with diamonds. Keep it scarce and push the price
high.
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[–]Volwik 1 point 2 days ago*
I think in 6 months a bunch of those people will be broke again...or
dead. In 2 years even more. In a generation even more and in 5 even
more. Do you then forcibly rebalance wealth again when inequality
rears its inevitable head down the road?
E: how do you(and should you) protect a society against stupid people
harming themselves with their decisions while still protecting their
right to make decisions, in this case with their finances?
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[–]Unnormally2 1 point 2 days ago
If that happened, all the houses would skyrocket in cost, because
suddenly a ton of new people are in the market for one.
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[–]B1ggusDckus 1 point 3 days ago
Total bs. Asteroid mining is hella expensive. Also, the money for
Elon's Dyson sphere must come from somewhere, I guess.
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[–]botfiddler 1 point 1 day ago
No, it still costs ressources and effort. Also, it's limited.
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[–]Resri88 -1 points 2 days ago
The asteroid mining is an invalid argument. If you are worried about
that, you should be terrified about all the other cryptos coming for
bitcoin
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[–]DanTheMan_117 1 point 2 days ago
It was a joke
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[–]Resri88 1 point 2 days ago
I see😅
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[–]JazzlikePractice4470 1 point 3 days ago
😂
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[–]ReitHodlr 1 point 3 days ago
Endless supply of money! This reminds me of the very first dollar
printed and borrowed + interest. If the first and only dollar is
borrowed + interest, where is the money from the interest coming from?
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[–]trollking66 218 points 3 days ago
Ill take "the US dollar removed from the gold standard for 100 Alex".
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[–]TendieTrades 55 points 3 days ago
By Nixon…who was impeached…who famously said, “I am not a crook.”
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[–]jt7855 8 points 3 days ago
Yep, he also said he was a “Keynesian”.
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[–]Zealousideal_Neck78 18 points 3 days ago*
Nixon is not a crook by today's standards. In fact, what he did is
very minor compared to what's going on now. Calling it more than this
is just left wing partisan mischief and slander to cause discord.
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[–]jrjdotmac 48 points 3 days ago
Nixon used the entire US intelligence apparatus to spy on anyone he
thought might pose a danger to him, his policies or his re-election.
Those intelligence agencies dug up dirt on opponents and leaked that
information. He then went on to win the 1972 election by winning 49
states. George McGovern only won only 1 state and DC. 520 Electoral
Votes to 17. McGovern won the nomination after other democratic
challengers dropped out over various scandals or dirt.
Numerous laws were then passed in the aftermath, include one that
forbid the NSA from listening to signal intelligence inside the US.
I believe most folks see Watergate as a break-in, when that was only a
single operation of thousands that were conducted across the country.
Watergate was the only one where they were caught placing listening
devices. Oh, and it happened to be the National offices of the
Democratic National Committee.
Young Nixon advisors at that time included Roger Stone and Paul Manafort.
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[–]Itsthatijustdontcare 9 points 3 days ago
Well I’m convinced- thanks for such a concise read.
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[–]MemeLordsUnited 0 points 3 days ago
So what you're saying is, dismantle the alphabet Intel agencies? I can
get on board with this! None of this corruption could have been
possible without them. They must be held accountable!
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[–]Quick-Wolverine-9379 1 point 3 days ago
Obama did that to Trump too
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[–]kingx85x 1 point 3 days ago
Sounds like the obama administration
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[–]tylerhbrown 0 points 3 days ago
And he recorded himself saying the n word in the Oval Office…
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[–]overtoke 9 points 3 days ago
*what he was ultimately charged for
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[–]FLWeedman 2 points 3 days ago
Fuck Nixon
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[–]TendieTrades 1 point 3 days ago
But he did say it…I think.
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[–]Zealousideal_Neck78 comment score below threshold-7 points 3 days
ago (1 child)
[–]imnotsoho 2 points 2 days ago
Nixon was not impeached. Also France was buying US gold for $33 per
ounce, which was the international agreement at the time.
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[–]TendieTrades 1 point 1 day ago
He resigned the presidency but was in the process of becoming
impeached I guess and knew he’d be fucked if he didn’t resign.
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[–]Big-Veterinarian-823 -1 points 3 days ago
When my wife (who is not American) ask me "who is Nixon?" I always
reply with: "Donald Trump of the 70's".
Staying on and on forever in the Vietnam war? Yeah that was Nixon.
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[–]Okaymusic 3 points 3 days ago
Trump got 5 Nobel peace prize nominations for ending war their the
total opposite
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[–]BruFoca 5 points 3 days ago
List of wars or countries invaded by the USA during Trump government:
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[–]nagareteku 1 point 3 days ago
Would you rather Nixon say "I am a crook."?
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[–]Ralph_Naders_Ghost 5 points 3 days ago
Judging by the chart, I'd say you got the Daily Double!
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[–]maconsultant 2 points 3 days ago
💯
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[–]nofaploveitredditor for 2 weeks 1 point 3 days ago
Nope. No fault divorce 1980
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[–]coinfeeds-bot 84 points 3 days ago
tldr; "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 government's hands, all we can do is by some sly
roundabout way introduce something that they can't stop.” – F.A.
Hayek.
This summary is auto generated by a bot and not meant to replace
reading the original article. As always, DYOR.
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[–]ok46reddit 27 points 3 days ago
Congress got rid of secret voting on on amendments to bills (teller
votes) in the interest of transparency. By making all of the member's
votes visible this information created a market for the votes. This
marks the beginning, in earnest, of the influence of lobbying dollars
on the formation of laws.
https://www.nytimes.com/1970/07/28/archives/house-backs-end-of-teller-votes-on-amendments-antisecrecy-provision.html
When drafting legislation, the Founding Fathers relied on secrecy.
They wrote the Constitution, Bill of Rights, and the Declaration of
Independence in abject secrecy. This was no accident. As the following
citations show, greater transparency has long been known to degrade
the legislative process and provide benefits to powerful factions
(lobbyists, partisan groups and monied special interests).
https://congressionalresearch.org/Citations.html
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[–]izaakfromspace 3 points 2 days ago
I wish this comment was higher! Thank you for this information
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[–]ok46reddit 1 point 2 days ago
Hardly anyone has much awareness about this. I'm pretty sure that's by
design. As you can see here, it is buried in a bunch of gold-standard
nonsense.
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[–]ricalamino 212 points 3 days ago
Gold standard dismissed...
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[–]aijoe 14 points 3 days ago
"On June 5, 1933, the United States went off the gold standard, a
monetary system in which currency is backed by gold, when Congress
enacted a joint resolution nullifying the right of creditors to demand
payment in gold." Since 1933 gold redemption has been made illegal for
everyone but the government. Nixon finished it off completely by
removing governments ability to redeem dollars for gold. I'm not how
that explains though what happened private wages.
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[–]oh_soo_swagless 17 points 3 days ago
You didn’t read the article long enough pal. “The government held the
$35 per ounce price until August 15, 1971, when President Richard
Nixon announced that the United States would no longer convert dollars
to gold at a fixed value, thus completely abandoning the gold
standard.”
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[–]aijoe 9 points 3 days ago
"The government held the $35 per ounce price until August 15, 1971".
That doesn't at all conflict with what I just said bud. 1933 change
took everyone else off the standard in the US but the government. The
government itself left the standard in 1971.
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[–]Pooper69poo 9 points 3 days ago
When Nixon did that, he did in the U$D for good, it stopped having
even a proxy peg to something of real value, and moved to ‘confidence’
as its main value: (world reserve currency, trade in staple modern
energy source:Oil, international settlement, etc.) thus the dollars
you hold were now as truly worthless as they were after 1933, and the
gov. could request as many pieces of paper as they wanted to be
printed at any time with no requirement of showing an equivalent
amount of gold to back it, thus properly devaluing it.
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[–]Ok-Volume8372 2 points 3 days ago
Truly the gold standard was abandoned by the Bank of England in 1914,
to finance World War 1
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[–]apextek 11 points 3 days ago
Vietnam waning, the hippie movement, Nixon wasn't doing so hot, Lots
of assassinated civil rights leaders,... Post summer of love hangover
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[–]itsallalive 21 points 3 days ago
This doesn’t explain why the average female income continued to
increase in relation to GDP while males plateaued.
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[–]kwayzzz 61 points 3 days ago
Its because prior to then the household only needed one adult working
to afford a quality life.
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[–]itsallalive 6 points 3 days ago
I do think removing the gold standard was a factor, but women entered
the workforce when they acquired reliable birth control.
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[–]parishiIt0n 12 points 3 days ago
Fact: no women ever worked before reliable birth control
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[–]cryptocurrencyking9 -4 points 3 days ago*
As it should be now and was intended to be by whatever creator y’all
believe in design. Now more people feel they have to work outside the
home to keep basic necessities. That negatively affects children women
and of course men because now women generally stating in America
specifically are more bitches and more masculine than they have been
in the past & men are way less authoritative much more emasculated and
dominant in relationships. Our “leaders” definitely don’t give a shit
about us just profits.
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[–]JudoTrip 2 points 3 days ago
What the fuck did I just read?
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[–]_Tangent_Universe 10 points 3 days ago
Globalisation is the cause for that - decent paying unskilled labour
jobs (aka factory jobs) moved out of the US.
The wages of the top 25% have easily kept up with inflation - if you
are a professional you’ve been doing fine. If you are unskilled you
are out of luck for the past 50 years. And it’s going to get worse
with automation
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[–]Zealousideal_Line629 24 points 3 days ago
More women were being forced into the workforce due to the 'keeping up
with the Jones' syndrome. This increased their income. Plus that was
the time women got all uppity about equality and fair pay.
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[–]kwayzzz 17 points 3 days ago
“Keeping up with the Jones” syndrome is propaganda. It was out of
necessity. Prior to this a household could easier afford to have only
one person working while the other tended to the children.
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[–]uns5dies 5 points 3 days ago
That's not true. They created new needs for us such as tourism,
shopping, dining out once a week, entertainment... People used to had
simpler lives back then, not 10 pairs of shoes and 30 shirts neither
travelling so often
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[–]TendieTrades 4 points 3 days ago
Keeping up with the joneses started with The Wyndclyffe Mansion. The
80-acre land it rests on was purchased by the wealthy Elizabeth Jones
in 1853. The 24 bedroom mansion in New York was so grand it prompted a
'building boom' as all neighbours started upgrading their houses & the
saying "Keeping up with the Joneses" was born.
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[–]wen_mars 1 point 2 days ago
We went from homes where 3 generations lived together, the kids helped
out with farm work and nobody had cars to homes with only 2
generations where the parents need a car each so one can drive the
kids to school before work and the other can pick them up after work.
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[–]kwayzzz 1 point 2 days ago
All of that transition took place far earlier than the 70’s.
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[–]Krypto_Kane 42 points 3 days ago
They needed more taxpayers .. so they convinced women they can do
anything a man does but better.. remember the slogan???
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[–]metal_bassoonist 26 points 3 days ago
We can do it! (We can be fiat debt slaves just like men)
Most feminists aren't gonna like that truth. Introducing women to the
workforce essentially doubled the supply of labor, not overnight, but
over decades. As the supply increased, the price of labor stagnated
because inflation rose proportionally to the supply of labor increase.
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[–]Zealousideal_Line629 1 point 3 days ago
I have to say I was very impressed when I found out they could bring
home the bacon and fry it up in a pan.
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[–]PaintTraditional2252redditor for 3 months -1 points 3 days ago
More women were being forced into the workplace, so the children had
to be put in schools so the government could indoctrinate them with
their agenda rather than their parents' good values. This is why we
have so many social agendas in society today. If children learn their
values around the dinner table and are not forced to believe things,
they don't really understand.. We wouldn't have so much division in
society. But we do, and the government benefits from that.
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[–]Zealousideal_Line629 0 points 3 days ago
Agreed.
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[–]LayPessimist 0 points 3 days ago
Which is why I do home schooling.
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[–]cryptocurrencyking9 0 points 3 days ago
Some were forced a lot of women demanded being in the workforce don’t
remove that accountability from those women who wanted to function
like men like dummies. All of that needs to be reversed it’s doesn’t
benefit families or relationships or children or myself having most
women in the workforce when they are designed to nurture not be a
machine
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[–]lenoqt[🍰] 2 points 3 days ago
Do you have a source for this? I would love to see it, not trying to
invalidate your comment btw.
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[–]itsallalive 0 points 3 days ago
Look at the graphs OPs attachment.
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[–]lenoqt[🍰] 2 points 3 days ago
Holy fuck, thanks!
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[–]RationalLibraryCoins 0 points 3 days ago
It's unfortunate that in a post about dropping the gold standard
leading to human beings being compensated less for more work, you
focus on the "horrors" of women having the opportunity to be more
successful.
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[–]cryptocurrencyking9 -1 points 3 days ago
What or why do you believe women having opportunities to be successful
in what exactly
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[–]apextek 1 point 3 days ago*
cant be summed up ij one sentence but women were for the first time
entering the work force as woman rights surged and men of the same age
were fighting in nam or protesting the war
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[–]uns5dies 1 point 3 days ago
Women that worked before used to be from poor families thus their
income was very low as they were only in shitty jobs. Women from upper
classes started to work more, study more in universities, etc. So they
got into better paid jobs
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[–]-_-_---____-----__redditor for 4 weeks 1 point 3 days ago
Inevitable. Bitcoin is far superior to gold.
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[–]lordsamadhi 44 points 3 days ago
How are people seemingly okay with the government no longer being
obligated to peg the currency and thus print endlessly if they so
desire? Before 1971, the public did not allow this. The founding
fathers were very against this.
Yet, our entire population appears to be taking their poison-pill
without question. And Bitcoiners are the crazy ones??
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[–]Stompya 25 points 3 days ago
Kennedy opposed decoupling the currency.
Hmmm
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[–]link_nukem28 8 points 3 days ago
because most people don't even know about things like this
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[–]RationalLibraryCoins 4 points 3 days ago
I had someone recently try to argue against BTC that "at least the
dollar is backed by gold".
People also have no idea about fractional reserve banking. The money
people have in banks that's backed by nothing doesn't even really
exist
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[–]grahamkrackers 2 points 3 days ago
They will fight tooth and nail to defend the system that suppresses them
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[–]what_no_fkn_ziti -1 points 3 days ago
How are people seemingly okay with the government no longer being
obligated to peg the currency
The us dollar is pegged to jobs, stable currency, and long-term
interest rates instead of arbitrary shiny metal.
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[–]lordsamadhi 2 points 3 days ago
How so? Can you point me to some reading to support your claims? I
don't think the dollar is pegged to anything. The people working those
jobs are being lied to... their value being partially siphoned by a
government who can use inflation to their advantage.
"Stable currency"? The dollar is pegged to stable currency? Huh?
Long term interest rates via the fixed income market. Yea, I agree
with this one, but ONLY if the people keep believing in this fake
house of cards. This is really just another way of saying it's pegged
to "faith". No scarcity or thermodynamics built in. The dollar is the
original Proof of Stake system.
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[–]ThyC0BRA 1 point 3 days ago
I’m not sure if I’m qualified to go into this, as it’s been quite a
while since I read about it: When a human is born in the US, the
social security number issued corresponds to the issuance of a
corporation “lost at sea” - and I shouldn’t be going on about it but
the person issued the SSN pays taxes, and I’m not exactly sure how…
but the government reaps the benefits of the taxes from the
corporation “lost at sea” - you see, they know it isn’t lost, but you
don’t get to claim any of it. I’ll show myself out.
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[–]HearMeSpeakAsIWill 0 points 2 days ago
That arbitrary shiny metal has an inherent scarcity. There are only so
many gold atoms in the world. That makes it something of a collector's
item. What's the limiting factor on the number of US dollars that will
ever be printed? That's right, there isn't one.
Jobs go up? That means inflation, so better print more dollars. Jobs
go down? That means we need economic stimulus, so print more dollars.
Regardless of the number of jobs, "more dollars" is the preferred
policy. That's not what pegging means.
Long-term interest rates? Yes, eventually they are forced to raise
them to prevent the whole house of cards from collapsing. Small
comfort to those holding cash, especially over the last few years, who
already saw their wealth eroded by government profligacy bordering on
the criminal.
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[–]therealcpain 1 point 3 days ago
The point is pegging a currency to something that can’t be created out
of thin air.
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[–]a_wild_thing 1 point 2 days ago
As of right now the citizens of the worlds wealthiest nations do not
understand the difference between a fiat monetary system and and
commodity based monetary system. It is that simple. Ignorance coupled
with a strong belief that government will do right by their citizens.
The inflation we are seeing now is the single best opportunity we’ve
had since the Nixon shock to explain to people that if there is no
cost to making new money, it may as well grow on trees and in time
it’s value will reflect that.
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[–]Coinsworthy 8 points 3 days ago
Club of Rome happened.
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[–]Salti21 8 points 3 days ago
Nothing is by accident.
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[–]Deathdar1577 8 points 3 days ago
How about this: https://en.wikipedia.org/wiki/Nixon_shock
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[–]oh_soo_swagless 2 points 3 days ago
This is one of the few possible answers I have seen in the comments.
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[–]martinsoderholm 1 point 3 days ago
How about this: https://www.youtube.com/watch?v=CgqhywW9Cto
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[–]masstransience 5 points 3 days ago
Nixon happened to 1971.
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[–]AllCredits 8 points 3 days ago
Gold standard my guy
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[–]nzcheyafalco11 5 points 3 days ago
pRoGrEsS
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[–]seansy5000 12 points 3 days ago
Record corporate profits….
Aaaaand there goes the middle class.
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[–]trufin2038 6 points 3 days ago
Looking at the wrong year for sure. The question is what happened in 1913.
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[–]Pradiis 8 points 3 days ago
Also machines started to raise productivity.
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[–]metal_bassoonist 5 points 3 days ago
Yea but prior to that, workers received part of the fruits of that
increase in their wages. Machines had been increasing productivity for
thousands of years. Trickle down economics used to kind of work. Now
they tell us we should be happy to even have a job.
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[–]tensigh 2 points 3 days ago
We also started importing a lot into the U.S. around that time, too.
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[–]jt7855 3 points 3 days ago
The fix is in. That is what happened in 1971. Now we all are paying
for their nonsense. Every generation since is paying for a system that
benefits only those closest to the printer. Also, so those in power
can use the US to pursue their ideological endeavors.
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[–]flygande_kanin 3 points 3 days ago
Wow actually 1971 is a year well known in China, when everything
changed overnight after Henry Kissinger visited China and China-US
relations became good and China replaced Taiwan as a permanent member
of the United Nations Security Council.
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[–]Th3Bratl3y 1 point 3 days ago
Bingo.
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[–]CryptoMemesLOL 4 points 3 days ago
Everybody should know what happened in 1971. This is where the printer
game started.
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[–]ultimatemuffin 4 points 3 days ago
Drug war
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[–]dirtyhandsome 16 points 3 days ago
How is this related to Bitcoin?
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[–]Recent_Opportunity34redditor for 3 weeks 70 points 3 days ago
The Nixon administration removes the US dollar from the gold standard
in 1971, thereby beginning the process to allow for infinite money
supply.
This article and its graphs suggest that this decision could be linked
to the ensuing inflation, economic and monetary policies that spawned
from this decision.
Bitcoin, having a fixed and finite supply, it could be reasoned would
curb some of these trends.
...at least that was my take away.
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[–]637282726272828272[S] 12 points 3 days ago
good!
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[–]SaneLad comment score below threshold-11 points 3 days ago* (4 children)
[–][deleted] 3 days ago
[deleted]
[–]martinsoderholm 1 point 3 days ago
The de-pegging of gold happened globally, but the effects seen on
those graphs did not. Why?
Nixon also made another massive change in late 1970. IMO, this better
explains the effects seen in the US, but not globally.
https://www.youtube.com/watch?v=CgqhywW9Cto
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[–]floorcondom 24 points 3 days ago
Can we not downvote the guy for asking a question?
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[–]HighlySuccessful 4 points 3 days ago
If he goes to a car subreddit, opens up a post about a very well known
issue with all modern engines and says "How's this related to cars?",
people will either think: a. he's taking a piss, b. he's clueless.
That will definitely prompt some downvotes. Maybe some will take it
genuinely and reply "cars have engines" trying to help the guy out,
but I'm sure there wouldn't be many.
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[–]dirtyhandsome 2 points 3 days ago
Hey, you seem to be knowledgeable. Can you ELI5 how this post is
related to bitcoin?
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[–]metal_bassoonist 5 points 3 days ago
Because we're talking about reserve currencies. Used to be gold, now
it's made up government monopoly money, it could and should be
bitcoin.
Tldr bitcoin fixes this
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[–]shoestars 4 points 3 days ago
Not the guy you asked but in 1971 we went off the gold standard and
central banks started increasing the money supply with nothing to back
the currency. Btc is a “hard money” like gold. The idea is that
switching to a “btc standard” would fix many of the problems that
plague our society. “Fix the money, fix the world” is something I’ve
heard thrown around before. Basically bitcoin is a superior form of
money to the fiat currency we use today. There are many reasons also
why bitcoin is better than gold, but that’s another whole separate
discussion lol
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continue this thread
[–]andersonle09 0 points 3 days ago
That would be true if this was a currency subreddit.
This is more like going to a Tesla subreddit and posting data about
how ICEs are an inefficient way to convert fuel into energy.
It is tangentially related, but it it is hard for everyone who is not
knowledgeable about engines to draw a straight line; especially since
there are probably people on the subreddit who just like Teslas and
don’t really care about efficiency.
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[–]floorcondom 1 point 3 days ago
You could know how to code within bitcoin and still not know about
going off the gold standard. Its a learning process that takes time.
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[–]dirtyhandsome 2 points 3 days ago
Thank you. Today is a weird day. Half of the comments i’m getting are
along the lines of “I don’t know why you get downvoted”. Honestly, I
don’t know either. Asking an honest question here. I clicked the link
and it’s just a million graphics with no explanation as to why it is
posted to a bitcoin sub.
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[–]BashCo 1 point 3 days ago
It's probably because people can't tell your question is an honest one
because there are so many insincere trolls griefing the sub these
days.
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[–]dirtyhandsome 0 points 3 days ago
Maybe the bear is making people bitter. Maybe they bought at ATH,
maybe they’re unhappy with their lives.. who knows. I always try to
see the upside in things! Thank you!
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[–]RealCanadianMonkey 3 points 3 days ago
"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 government's hands, all we can do is by some sly
roundabout way introduce something that they can't stop.” – F.A.
Hayek.
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[–]bearCatBird 2 points 3 days ago
It’s one of the primary reasons bitcoin was invented. To separate
money/economy from the state.
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[–][deleted] -4 points 3 days ago
Pick up a book my dude
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[–]ricardotown 0 points 3 days ago
The armchair economist, thinking they understand global politics and
monetary policy, have a very tenuous grasp on both math and money. So
they focus on a single variable and use it to shape their entire world
view and entire economic view.
This sad truth will be used to ruin Bitcoin in the future as it tends
towards more radical, uneducated "libertarians" and pushes itself into
the "Liberty Dollar" space rather than the legitimate peer-to-peer
cash space.
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[–]a_wild_thing 1 point 2 days ago
Before answering it might be best to ask, what is Bitcoin to you? A
speculative investment where number go up and you can sell for a
handsome profit? Or something else?
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[–]Albertsongmanredditor for 3 months 2 points 3 days ago
The middle & lower class contribute to 70% of the GDP. Failure to
properly compensate after massive gains in productivity mitigates a
strong economy. Those classes are the spenders. We are going into a
debt spiral. True and pure capitalism compensates the spectrum of all
employees properly.
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[–]imsoupercereal 2 points 3 days ago*
I know it doesn't fit the narrative, but we can't exclude other
factors like computing abilities and improvements in communication.
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[–]pentarh 2 points 3 days ago
Petrodollar born
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[–]RealPennyMuncher 2 points 3 days ago
Gold standard ended bro
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[–]Gamma-512 2 points 3 days ago
Post coup per Kennedy assassins
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[–]JasonHears 2 points 3 days ago
The Nixon Shock
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[–]AceVentura1224 2 points 3 days ago
Nixon is what happened.
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[–]AgenceElysium 2 points 3 days ago
20th century: women enter the workforce.
21st century: children enter the workforce.
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[–]LeastResearch787 2 points 3 days ago
Nixon
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[–]Swole_Monkey 2 points 3 days ago
That’s actually nuts it‘s immediately reflected in this chart 🤯
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[–]Futhamucker1 2 points 2 days ago
We got fucked
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[–]1avrce1 2 points 2 days ago
We left the gold standard in 1971 if I remember correctly.
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[–]strog91 5 points 3 days ago
People forget that 1971 is also the year we normalized relations with
China and started trading with them. Most of what you see in the
charts was caused by opening trade with China.
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[–]_Tangent_Universe 4 points 3 days ago
I completely agree. The charts even show this - the salaries of the
top 25% have kept up with inflation but the bottom 10% has stagnated.
If the problem was with moving off the gold standard then it would
have impacted all salaries - but it’s only the unskilled end that have
been impacted.
So yeah - there has been inflation but if you were a professional
you’ve done fine. If you were a factory worker you were rekt
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[–]martinsoderholm 2 points 3 days ago
A less known fact is that Nixon also opened up committees to lobbyists
in late 1970.
https://www.youtube.com/watch?v=CgqhywW9Cto
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[–]kytheon 4 points 3 days ago
Looks like a lot of married couples with children… two years after the
summer of ‘69
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[–]Zealousideal_Line629 3 points 3 days ago
And before the divorces of 77'
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[–]r4wbon3 0 points 3 days ago
That summer seemed to last forever….
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[–]itsallalive 3 points 3 days ago
Reliable birth control allowed women to consistently enter the work
force. This increased productivity, household per-capita income, and
wage competition. Their wages steadily improved thereafter while males
plateaued.
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[–]_Tangent_Universe 2 points 3 days ago
Male wages in the bottom 10% plateaued - top 25% did fine.
Globalisation reduced the numbers of relatively well paid unskilled
(factory) jobs. China opened up in the 1970s and the writing was on
the wall. If we were still on the gold standard when globalisation
kicked in we’d still have seen the same relative wage impact.
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[–]QAnonRetard 1 point 3 days ago
Is this true? Can you give a source for this claim you are making?
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[–]itsallalive 1 point 3 days ago
Out of laziness and an unwillingness to debate I’d rather just let you
assume it to be made up.
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[–]QAnonRetard 1 point 3 days ago
I'm not trying to debate at all. Just any source that proves what you
are claiming regarding reliable birth control, as I'd like to read
further about it.
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[–]Chucktownchef 1 point 3 days ago
This had much do with Govt telling moms they will be taken care of by
the govt if they don’t get married. This has led to a demise of our
culture and the family structure. Govt will send you a check and make
sure you stay comfortable with being poor.
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[–]OnlyBubbleredditor for 3 days 1 point 3 days ago
Nothing happened by accident
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[–]DSAdqqefvef 1 point 3 days ago
War on drugs might be related to this too, the UN convention narcotics
was also in 1971
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[–]tensigh 1 point 3 days ago
There were a few others things, aside from the aforementioned gold standard.
- International travel by jet airliner became more common, paving the
way for imports
- International phone lines became common use, again, paving the way for imports
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[–]BanginBentleys 3 points 3 days ago
100%
Trading with China boomed then as well.
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[–]tensigh 2 points 3 days ago
A lot of things happened around that time; even though the oil embargo
started 2 years later, by 1971 the situation was getting difficult. It
wasn't just one thing that caused change.
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[–]SPedigrees 1 point 2 days ago
That didn't start until the millennial when we stupidly extended
permanent normal trade relations status to China, but Nixon opened the
doors to it in 1971 when he visited there.
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[–]BackgroundSea0 1 point 3 days ago*
The rise of neo-capitalism happened. This was also the beginning of
the time period in which the Supreme Court started abolishing common
sense campaign finance laws in the name of "free speech," allowing
corporations to much more easily buy politicians in Washington. The
petro dollar also became a thing during this time. And let's not
forget about the attacks on unions that began in the late 70s and 80s,
destroying worker rights in this country. In other words, a multiprong
attack to rob the middle class so the elite could consolidate more
wealth.
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[–]db2 -1 points 3 days ago
Conservatives pretending to be Republicans happened. Now the party is
gutted and mostly conservatives breaking shit for immediate
gratification like small children.
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[–]gaylord9000 0 points 3 days ago
I'd say it's more like republicans pretending to be conservatives.
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[–]raffiv 0 points 3 days ago
Automation became a thing and continued to progress over the last 50 years.
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[–]parishiIt0n 3 points 3 days ago
Fact: automation was invented in 1971
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[–]LTCN1963 1 point 2 days ago
Well that's just something wrong if you ask me my friend.
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[–]nofaploveitredditor for 2 weeks 0 points 3 days ago
No fault divorce in 1980.
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[–]Ridebmx43 0 points 3 days ago
Women were allowed to get credit cards without their husbands permission
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[–]gtrhergfsdfgb 1 point 2 days ago
Damn is that something real? I thought it was about Nixon.
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[–]RomanDad 0 points 3 days ago
Women entered the workforce en masse.
Doubled productivity. Halved wages.
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[–]OkRoad6218 -1 points 3 days ago
Good thing BTC is backed by real world commodities… wait
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[–]BlackPlagueCat 4 points 3 days ago
What is Gold backed by? Nothing, it's just a finite resource.
Usefulness derived by it's desire to be had for that very fact. If you
could go dig up 4 pounds of gold in your back yard, it wouldn't be
sold in jewelry stores as a "premium material" at high prices.
Bitcoin is also finite and useful for it's ability to be out of the
hands of the government, which is something Gold can't do- seeing as
they regulate the trade; an important utility of it's own.
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[–]slump_g0d 1 point 3 days ago
Bet you feel real smart saying that
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[–]PoDunkYuppie 0 points 3 days ago
Everybody’s previous answer, plus a few…
https://cointelegraph.com/magazine/2020/09/24/wtf-happened-in-1971
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[–]Disastrous_Dealer_12 0 points 3 days ago
The Powell memo to the US Chambers of Commerce.
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[–]novathekatredditor for 1 week 0 points 3 days ago
We went off the gold standard. Why are you posting this in a bitcoin
subreddit though?
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[–]360alaska 0 points 3 days ago
Women fully joined the work force, if you double the amount of workers
you half what everyone gets paid.
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[–][deleted] 3 days ago (2 children)
[–]sios01 -2 points 3 days ago
Boomers became adults.
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[–]funkybeatz911 1 point 3 days ago
Best resource
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[–]iam_aryan007 1 point 3 days ago
Woah 1971 looks like most important year
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[–]johnnyestring 1 point 2 days ago
It's just right and we should do some study over that year.
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[–]LaunchATX 1 point 3 days ago
Great Society programs maybe?
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[–]GreyHexagon 1 point 3 days ago
I love this site. I like to imagine how life would have been if 1971
was all just a bad dream.
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[–]link_nukem28 1 point 3 days ago
A little later there was a thing called citizens united aka corporate
bribes to politicians
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[–]samfishx 1 point 3 days ago
Does anybody have any steel man arguments for and against the gold
standard/Bitcoin vs fiat? I don’t feel like I’ve ever heard any
arguments for or against either that haven’t been extremely slanted.
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[–]StackOwOFlow 1 point 3 days ago
all those Boomers’ parents fucking like rabbits led to consequences.
and you had an era of “free love”
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[–]daviguima 1 point 2 days ago
They really need to guess the right thing right now mate.
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[–]NvrIdle 1 point 3 days ago
Lol, president Nixon. Duh…
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[–]Dalichuk 1 point 2 days ago
Thanks for telling about it, we are going to search about it.
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[–]whysoseriousjune3 1 point 3 days ago
Cocaine hell of a drug
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[–]btcgreys 1 point 2 days ago
People were having some tough time with that place.
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[–]ebaley 1 point 3 days ago
It started long before 1971. This was just the final death throe.
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[–]Automatic-Area5144 1 point 3 days ago
Gold standard
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[–]AnxiousQuestioner 1 point 3 days ago
A lot of drugs. A bunch of ideas. And “How can we profit the most on
this massive generation of people”. Mixed with boomers being such a
high percentage of votes for most of their life. They always had the
ability to make a change with their vote. We can barely impact the
vote because the older people are still all voting while the newer
generation are less likely to vote mainly because they hate the
government or the candidates. At least throw your vote to Harambe.
Don’t let your name be an empty vote to be filled by a malicious actor
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[–]andrew7231 1 point 3 days ago
Everybody was mad The Beatles broke up
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[–]dstibbe 1 point 3 days ago
August 15th?
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[–]jpmllr89 1 point 3 days ago
Neoliberalism
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[–]NNiikkyy 1 point 2 days ago
What does that mean? Sorry I just don't know about it.
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[–]SPedigrees 1 point 2 days ago
Fake liberals would be a better term.
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[–]jpmllr89 2 points 2 days ago
Liberalism over time turns into its opposite.
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[–]jpmllr89 1 point 2 days ago
It's a trend in modern liberalism that takes the freedom of the
individual to the extreme while promoting profits at all costs.
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[–]SPedigrees 1 point 2 days ago*
Neoliberalism began a couple decades later with Clinton's 3rd way centralism.
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[–]jpmllr89 1 point 2 days ago
Lmao
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[–]Far-Ad-8261 1 point 3 days ago
Women started to get more rights after case Moritz v. Commissioner.
Women entered the economy more broadly which lowered salaries and
increased productivity.
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[–]57seconds 1 point 3 days ago
I got born
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[–]CaptainAntwat 1 point 3 days ago
Just wait, within the next 2years you’ll be asking wtf happened in
2023/24. Digital dollar
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[–]Puzzleheaded_Heat502 1 point 3 days ago
It’s empowering women not doubling the workforce by making both partners work.
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[–]MakeTotalDestr0i 1 point 3 days ago
women entered the workforce
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[–]iAmBaTmAn1388 1 point 3 days ago
After the immigration act of 1965 a few years prior foreign labor
started arriving in droves, driving down wages
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[–]foulminionredditor for 3 weeks 1 point 3 days ago
Starbucks was founded in 1971 and, as a result, people kept staring at
charts to find correlations rather than getting sleep.
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[–]coti20 1 point 3 days ago
So, yes. But isn't that productivity vs. income graph not corrected
for inflation and other factors?
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[–]mab336 1 point 3 days ago
Hippies
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[–]jumpingjactrader 1 point 3 days ago
they lowered the voting age to 18
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[–]martinsoderholm 1 point 3 days ago
Sunshine laws in the US opened up the committees to lobbyists.
https://www.youtube.com/watch?v=CgqhywW9Cto
The effects shown on those graphs on the wtf-site did not occur
globally. But the entire world went off the gold standard, so why not?
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[–]mavtastickush66 1 point 3 days ago
Women’s rights movement
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[–]throwaway12222018 1 point 3 days ago
Widespread adoption of computers and the Internet happened.
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[–]EROSENTINEL 1 point 3 days ago
Deviated from the gold standard
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[–]EmotionalBreakfast27 1 point 3 days ago
I was born in 1971
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[–]Seddy01 1 point 3 days ago
Capitalism happened.
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[–]btc-x24 1 point 3 days ago
Rise of technology, partially anyways
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[–]Michael47ORredditor for 3 days 1 point 3 days ago
This started when Nixon suddenly stopped redeeming foreign owned
dollars for their gold counterpart. The moment the dollar was not tied
to gold the whole system is built on fraud.
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[–]Natsurulite 1 point 3 days ago
WTF happened in 1971?!?
The first of the baby boomers began entering the workforce, that’s what happened
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[–]Plastic_Ad6524 1 point 3 days ago
Rise of technology, more people then jobs and monetary system change.
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[–]Noob313373 1 point 3 days ago
Consumer electronics started. Manufacturing boost.
Same people, but more output.
Goal of every economy
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[–]MinnesnowdaDad 1 point 3 days ago
The Nixon shock was a series of economic measures undertaken by United
States President Richard Nixon in 1971, in response to increasing
inflation, the most significant of which were wage and price freezes,
surcharges on imports, and the unilateral cancellation of the direct
international convertibility of the United States dollar to gold.
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[–]VirtuousScoundrel 1 point 3 days ago
ITT: lots of really uninformed takes on how well the gold standard was working.
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[–]Electrical_Alps2457redditor for 1 week 1 point 3 days ago
money printer go brrrrrr
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[–]HomegrownMike 1 point 3 days ago
Fucking Nixon. Fucking politicians. Let’s go Bitcoin!!!
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[–]BenzOpated 1 point 3 days ago
Why was milk do expensive back then ?
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[–]Wide_Television_7074 1 point 3 days ago
How can the US re-establish a partial gold peg? Is it possible?
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[–]AfternoonLate9833 1 point 3 days ago
I was born.
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[–]QuartzPuffyStar 1 point 3 days ago
The "deep state" made its first big move.
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[–]Gitanochild 1 point 3 days ago
Fuck
Me
🫠
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[–]BahreClaw 1 point 3 days ago
1971 the US dollar officially became a fiat currency.
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[–]mottledshmeckleredditor for 5 weeks 1 point 3 days ago
It's the year Nixon too the US off the gold standard.
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[–]ReishLionRight 1 point 3 days ago
President Richard Nixon's actions in 1971 to end dollar convertibility
to gold and implement wage/price controls were intended to address the
international dilemma of a looming gold run and the domestic problem
of inflation.
This is a copy paste but that happened
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[–]Low-Practice5025 1 point 3 days ago
Guess I was born at the wrong time
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[–]Loljebeck 1 point 3 days ago
New world order was birthed in 1971 via the World Economic Forum
Make the rich even richer and the poor even poorer.
https://en.m.wikipedia.org/wiki/Klaus_Schwab
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[–]tpot72 1 point 3 days ago
Probably Nixon taking US off the Bretton-Woods system, allowing the
country to print money without the need to be backed by hard currency.
Most other nations followed, and the price of gold skyrocketed past
the pinned $35/oz price it had hovered since the US went off the gold
standard in 1933
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[–]Severe_Airport1426 1 point 3 days ago
End of gold standard
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[–]General-Decision-576 1 point 2 days ago
Cocaine
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[–]OwnerAndMaster 1 point 2 days ago
The actual answer would get me banned from this sub
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[–]rayjensen 1 point 2 days ago
What
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[–]ErrareUmanumEst 1 point 2 days ago
This website is the best way to orange pill someone
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[–]roofiokk 1 point 2 days ago
I believe it was right around 1970 that we went off of the gold standard...
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[–]csantini91 1 point 2 days ago
Controlled Substances Act (1970) a year prior.
a year without cannabis might have caused this
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[–]Imperial_12345 1 point 2 days ago
1971 happened
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[–]tilz0-R 1 point 2 days ago
Gold as reserve currency?
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[–]FrontTonight1814 1 point 2 days ago
Isn’t it the detachment of the dollar from the gold standard?
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[–]Cirewess 1 point 2 days ago
On top of taking off the gold standard, they also started pushing
Welfare big time
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[–]imnotsoho 1 point 2 days ago
The war on Unions didn't start with Reagan, he just put it into
overdrive. Take a lookat the 4th chart.
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[–]hamletgr 1 point 2 days ago
I guess it was connected to women and Nixon matter or something like
that, I don't know much about it and still people are not answering
that in a correct way lol.
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