Your thoughts on 1971?
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Thanks for sharing, looks interesting data. In 1971, the gold standard was dropped and floating or Fiat currency was adopted. Also interestingly microcontrollers or chips were invented around then by intel which revolutionized the computer industry later. Infact robotics, mobile phones, all were developed quickly after this invention which was more advanced than the previous generation phones as we know.
^^ this is it
Very very intriguing
Are there theories?
That fiat currency was a mistake. Currency needs to be backed in full, not just a government's promise. Inflation is driving inequality and many other issues as a result.
Currency is inherently only as valuable as people and nations perceive it to be backing it through a governments promise havent worked out to be ideal but in a bigger scheme of things this is a minuscule step towards humans learning exchange of value be it exchange of resources time or innovation this sudden rise in disparity was also contributed by increase in the number of billionaires who built it by either by exploiting loopholes in the newly fiat currency system and it is through these loopholes exploitation we get aware of what needs to be fixed or what is the necessary this necessity was felt in 2008 aswell and hence bitcoin was born. Even bitcoin today faces threats of security from theft and forgery but this is a again a step in moving towards a probable ideal solution and humans will adjust to it this order is fleeting only chaos is imminent. All human creations have followed a cyclic path of reliability with troughs showing distrust and peaks showing confidence its a process for humanity as a whole and instead of constant criticism and perceiving it in an evil or authoritarian light it should be perceived as it is a mere mistake that needs a solution from the same kind that made the mistake and we must contribute to change instead of holding onto the past for too long it was a mistake and we learnt now its time to move on so many graphs depicting whatwentwrongin1971 maybe just maybe such bright abilities could’ve been shelled out to help our elders and boomers to understand the changes and help them grasp the change as they are neurologically slower to adapt to change. Thank you for such a detailed information on 1971 effects
Gold standard for currency was dropped by Nixon
Very interesting
Builds the PERFECT case for Bitcoin.
USA was loosing badly in Vietnam and lots of people and money also, they needed money to continue cold war with Russia, also wanted to bring countries under capitalism hence bretton woods agreement and beginning of zirp era
WTF happened... marketers, narrative creators started existing.