(kinda) A great website to share if you have no idea how to explain the downfall of the US economy.
Edit: Thanks to everyone who provided insight on this website. I’ve had this in my bookmarks for a very long time and was curious how it held up.
While there is no doubt that the Nixon shock and gold standard had huge effects in 1971, that website pushes a goldbug agenda that isn’t supported by other sources.
For example the labor productivity gap didn’t start until after 1979. Which is no surprise given that 1980 was the start of Reagan pushing his trickle down economics.
Leftists: its deregulation and reagan and the destruction of labor unions and forever wars and wall street and the death of manufacturing and and and
Libertarians: “GOLD!”
I’m kinda tired of seeing this fucking website being passed around. Several of those rocketing charts begin their launch sequence in the 80s. Must be the gold! Regulations are bad!
Did you get a load of those interest rates …. In 3000BC?
Porque no los dos?
Libertarians cannot handle the cognitive load of multiple contributing factors, otherwise they wouldn’t be libertarians.
I had a libertarian try to explain how a corporation couldn’t be evil because fire exists, needless to say, he never got the whole part about an idea not being the same as a rock
It is so stupid. I wish they would get a clue.
No it’s gold. Money printer goes brr is the root cause of almost all deregulation problems.
This site explains absolutely nothing, it just shows a bunch of graphs with limited to no correlation and no reason at all to think they have any common causality
Bullshit libertarian take. And in the wrong community.
What take? It is just a bunch of graphs.
This may be the first time I’ve seen anybody say that facts have a libertarian bias.
That is not the way I read the data.
I see the boomers hitting the labor market and people with capital getting rich off the depressed price of labor.
It’s a common homepage linked by libertarians in an argument.
Also: read the Hayek quote at the end. This homepage tries to sell youesomething and it an’t graphs.
ah ya, “facts”, sure many of these graphs can be based on real data, hell maybe even all of them, but then you take a step back and look at these graphes, are the fun arrows and lines at 1971 actually meaningful? or are they there to try and use the data to shape an opinion? taking advantage of the average person’s statistic illiteracy, to push some form of partisan agenda?
such as the first graph, we have a nice little arrow and a dot with the number 90.84% but the actual diverging of the variables doesn’t start until later, when exactly? you can’t tell because the graph only labels three data points on the X axis!, and this isn’t the only deliberately misleading graph here, that the authors are using to openly lie about the data to those who aren’t well versed in this stuff.
facts don’t have a Libertarian Bias, but Libertarians sure are prone to spreading lies.
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I’m not a libertarian, but something did go awry around that time. You can see it when you watch reruns of game shows like the price is right. Automobile prices double after a year, and then keep doubling.
Automobile prices double after a year, and then keep doubling.
??? I’m going to use a Dodge Dart as my basis because a 70 Dart was my family car.
1970 Original MSRP $2,261
1972 Original MSRP $2,528
https://www.jdpower.com/cars/1970/dodge/dart-swinger/2-door-hardtop
That’s 7% annual inflation, not 100%.
A base 2013 Dart was $16K MSRP. At that rate it doubled once every 13 years or so from 1970…certainly not every year like dudebro said
Something indeed happened to cause the decoupling of wages and productivity, but dropping the gold standard (like that site would have you believe) ain’t it.
The divergence of productivity and wages coincides with a lot of things, like the rise of the service industry, and tons of deregulation and lower taxes over those decades.
This site reads like a creepy Ayn Rand fesish tribute page:
As mentioned previously, railroads were the first large scale industry. The railroad revolution brought with it tremendous improvements in standard of living and a fall in the cost of transportation of goods and people. However, as is the case with most revolutions of industry, the government intervened heavily with subsidy and regulation.
Some railroads (for example The Great Northern) were indeed built in this Libertarian fashion, as purely free market enterprises which competed on the marketplace of transportation (coincidentally these were usually the few that did not go bankrupt) and productive land ownership.
It’s weirder than that. The website owner is sharing his paraphrasing of a book by Murray Rothbard. He is the man who coined anarcho-capitalism, protege of von Mises, a Jewish immigrant who organized a group st Columbia to show support for Strom Thurman, mocked by The National Review for his old world isolationist beliefs, called Hayek a liberal, and inspiration to Pat Buchannon, David Duke, and Ron Paul. This Baffler article from Jon Ganz does a great job of breaking down who he was and his relevance to the current Trump moment. He was a self-declared paleo-libertarian.
At the end it’s the big rise in seed oil consumption… Interesting, also WTF the insane rise in health admin staff
HMOs
The bane of actual healthcare brought to you by Nixon and his buddy Kaiser
Nixon depagged the dollar from gold and ruined the United States for ever more.
China is #1 and Russia is #3 in global gold production.
Could you imagine the US being able to support Taiwan and Ukraine if China and Russia had complete control of the US monetary supply?
The US doesn’t need to be supporting Taiwan, Ukraine. The US needs to be supporting the US. Let Taiwan and Ukraine support themselves.
Supporting Ukraine is supporting the US.
And even if the US wasn’t involved, China and Russia, by controlling the gold supply, would still have complete control over the US economy.
ok there, Mr. Chamberlain, you know what happened to every isolationist nation throughout history… right?
