Just a terrific, succinct essay on what happened in ‘71. And if a picture’s worth a thousand words, your graphs are worth one hundred thousand. The trend lines are like rockets after ‘71. The gap between productivity and compensation would dilate the eyes of Thomas Piketty.
It's all meticulously planned. Rinse and repeat, rinse and repeat. Steal from all the poor and when that fails, steal even more from the poor by stealing directly from government coffers. When the governments go broke they will move to directly stealing from the poor claiming it is for our safely!
When the music stops it will not be pretty. The obviousness of the recklessness of world leaders is proof of the power of the human capacity for denial. What goes up must come down and it looks very close to a peak.
I’ve been thinking it’s near its peak for several decades now. I’ve been stubbornly holding gold while many of my buddies have amassed small fortunes in the stawk market.
When I was in 4th grade my dad caught me in a lie. He shook his finger at me and said “ you keep that up & you’ll end up like Tricky Dick”. I’m 57 and obviously never forgot that.
At this point, I think it’s a rabbit hole I haven’t gone down yet. He was probably set up . I used to respect the reporters who broke the story ( Woodward & ?) but now I believe they were cia trained and handed the information to release to the public.
I believe a guy who somehow is still alive and was the mentor to Klaus Schwab named Henry Kissinger had a hand in all of that. You can take comfort in knowing that "You will own nothing and be happy." Ya right.
This post almost qualifies as one of your “Picture Worth a Thousand Words” posts. Incredible.
And since most people nowadays weren’t even born prior to 1971, let alone old enough to be aware of prices, economics, etc, most have no idea the changes that were wrought.
Holy shit. All of the graphs are eye watering, and not in a good way, but the first one lokks a rocket jettisoning a piece of used up kit on its upward trajectory. Which in a manner of speaking is kind of what has, and continues to happen. Nixon & Kissinger. A match made in hell.
The US fiat money system is now what is empowering ever expanding global empire building, the war machine, the federal spending on useless research grants and empowering socialist power grabs with the relentless push for reparations and redistribution of wealth. none of this would have happened without destroying the gold standard. we are now an economy surviving on fake monopoly money where the dollar has lost over 90% of its purchasing power. if foreign investors stop buying US debt, hyperinflation is next.
My understanding is that Nixon didn't actually want to change the system to fiat. He was firmly opposed to it, understanding that it would have cataclysmic effects in the long run. But for some reason (speculated to to be black mail or bribery) he suddenly reversed his opinion. The subsequent "watergate" was a "lesson" in smear campaign effectiveness of power, supposedly by whoever REALLY wanted to seperate to fiat AND keep the rest of the politicians inline. But that's just from what I've read over the years.🤷♀️😉
When you see charts that all go up at such an incredible rate of climb and never moderate or go down, one has to look and realize that was a major error. All I have heard since 1971 from politicians is that we must balance the budget and bring down the debt = vote for me.
Pre-1960’s and post-WWII the US dollar was linked to gold but still there was inflation. How does this work? Is it from fractional reserves? If this is the case, is the change seen after 1970 due to a straight up fiat currency?
I’m still trying to wrap my head around this, so appreciate anyone who can help. Thanks
That seems to be what the links pbow say. I’m guessing it’s because it was written into law and was too difficult to change rather than a lack of desire to change it. Surely saying you have a greater value of gold in your money bin would make it easier to create more money? Again I feel like I’m missing something here 🤷♀️
Thanks pbow. It seems they collected gold from individual citizens and used it (at a fixed value) as the basis for creating more bank notes. So although the currency is based on gold, it’s no longer redeemable for gold?
Is called capitalism comrade. Capitalist own state, so state act as capitalist enforcer - wages low as possible. Worker docile.
Also, capitalist create money not by trade or service alone, capitalist also create new money by interests, buying and selling promises of future profits, and owning and borrowing/lending against debt used as asset.
What happen when new money is created without corresponding increase in actual production and real trade of real goods and services?
Infaltion! Is like magic, really. So, if capitalist is to make money from making money, all politics must put downward pressure on inflation. How do that? Increase surplus labour force in all sectors, push wages down, make worker into meat-robot.
When worker protest, call worker racist.
Or in plain words: the capitalist system is putting people - all people of all nations, especially in the americanised Occident - in a corner giving only three options:
Embrace the boot-in-the-face morality of corporate capitalism.
Convince yourself that this time, minutely planned economy will work.
My head has fallen off from all the vigorous nodding. Please help.
The best way to protect yourself from decapitation is to be up to date on your Covid Vaccinations, all 7 of them.
They have 3 documentaries which are great:
https://www.hardmoneyfilm.com/
http://anatomystatefilm.com/
https://www.petrodollarsfilm.com/
I wish more people would promote these. They’re short and to the point.
Best comment of the day!! Perfect...
SC - Brilliant. if you want some Elsa Clench, go look at my comment Mr. Mulder. https://nakedemperor.substack.com/p/wtf-happened-in-1971/comment/38932214
Embrace the Luovico-treatment. Watch only The View and The Young Turks.
After just two weeks, you'll own nothing and you'll be happy.
(Why your comment made me think of 'A Clockwork Orange' I'll leave open for armchair psychologists...)
Just a terrific, succinct essay on what happened in ‘71. And if a picture’s worth a thousand words, your graphs are worth one hundred thousand. The trend lines are like rockets after ‘71. The gap between productivity and compensation would dilate the eyes of Thomas Piketty.
Fantastic job...thank you.
The gap between productivity and compensation would dilate the eyes of Thomas Piketty.
-----------
Once the money is fake, the rest of the economy is doomed to follow.
It's all meticulously planned. Rinse and repeat, rinse and repeat. Steal from all the poor and when that fails, steal even more from the poor by stealing directly from government coffers. When the governments go broke they will move to directly stealing from the poor claiming it is for our safely!
When the music stops it will not be pretty. The obviousness of the recklessness of world leaders is proof of the power of the human capacity for denial. What goes up must come down and it looks very close to a peak.
I’ve been thinking it’s near its peak for several decades now. I’ve been stubbornly holding gold while many of my buddies have amassed small fortunes in the stawk market.
When I was in 4th grade my dad caught me in a lie. He shook his finger at me and said “ you keep that up & you’ll end up like Tricky Dick”. I’m 57 and obviously never forgot that.
This was a good stack, thank you.
Remember dicky didn't do it by himself.
At this point, I think it’s a rabbit hole I haven’t gone down yet. He was probably set up . I used to respect the reporters who broke the story ( Woodward & ?) but now I believe they were cia trained and handed the information to release to the public.
I believe a guy who somehow is still alive and was the mentor to Klaus Schwab named Henry Kissinger had a hand in all of that. You can take comfort in knowing that "You will own nothing and be happy." Ya right.
This post almost qualifies as one of your “Picture Worth a Thousand Words” posts. Incredible.
And since most people nowadays weren’t even born prior to 1971, let alone old enough to be aware of prices, economics, etc, most have no idea the changes that were wrought.
Holy shit. All of the graphs are eye watering, and not in a good way, but the first one lokks a rocket jettisoning a piece of used up kit on its upward trajectory. Which in a manner of speaking is kind of what has, and continues to happen. Nixon & Kissinger. A match made in hell.
Great stackas always. Many thanks.👍✍️
At least Dick had the decency to die.
Our current cluster could not have occurred without the 1971 money debacle
The US fiat money system is now what is empowering ever expanding global empire building, the war machine, the federal spending on useless research grants and empowering socialist power grabs with the relentless push for reparations and redistribution of wealth. none of this would have happened without destroying the gold standard. we are now an economy surviving on fake monopoly money where the dollar has lost over 90% of its purchasing power. if foreign investors stop buying US debt, hyperinflation is next.
Nixon did a very bad thing.
Nixon obeyed Henry Kissinger and did a very bad thing. One was the poodle, one the owner. Guess which.
Sick, evil , creep doesn't begin to describe kissinger. I guess adrenochrome keeps you alive for a long time.
He is being given time to repent.
My understanding is that Nixon didn't actually want to change the system to fiat. He was firmly opposed to it, understanding that it would have cataclysmic effects in the long run. But for some reason (speculated to to be black mail or bribery) he suddenly reversed his opinion. The subsequent "watergate" was a "lesson" in smear campaign effectiveness of power, supposedly by whoever REALLY wanted to seperate to fiat AND keep the rest of the politicians inline. But that's just from what I've read over the years.🤷♀️😉
When you see charts that all go up at such an incredible rate of climb and never moderate or go down, one has to look and realize that was a major error. All I have heard since 1971 from politicians is that we must balance the budget and bring down the debt = vote for me.
Pre-1960’s and post-WWII the US dollar was linked to gold but still there was inflation. How does this work? Is it from fractional reserves? If this is the case, is the change seen after 1970 due to a straight up fiat currency?
I’m still trying to wrap my head around this, so appreciate anyone who can help. Thanks
They never updated the price of reserve gold is my understanding.
That seems to be what the links pbow say. I’m guessing it’s because it was written into law and was too difficult to change rather than a lack of desire to change it. Surely saying you have a greater value of gold in your money bin would make it easier to create more money? Again I feel like I’m missing something here 🤷♀️
Then again, what was this all about?
https://famguardian.org/Subjects/MoneyBanking/Money/LegHistory/EO6102.pdf
https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard
"according to Keynesian economic theory"
https://www.thebalancemoney.com/keynesian-economics-theory-definition-4159776
Thanks pbow. It seems they collected gold from individual citizens and used it (at a fixed value) as the basis for creating more bank notes. So although the currency is based on gold, it’s no longer redeemable for gold?
Well, he was never my guy, neither.
[But I got nothing to boast about. The couple of times I picked a guy, I was mighty sorry after.]
Is called capitalism comrade. Capitalist own state, so state act as capitalist enforcer - wages low as possible. Worker docile.
Also, capitalist create money not by trade or service alone, capitalist also create new money by interests, buying and selling promises of future profits, and owning and borrowing/lending against debt used as asset.
What happen when new money is created without corresponding increase in actual production and real trade of real goods and services?
Infaltion! Is like magic, really. So, if capitalist is to make money from making money, all politics must put downward pressure on inflation. How do that? Increase surplus labour force in all sectors, push wages down, make worker into meat-robot.
When worker protest, call worker racist.
Or in plain words: the capitalist system is putting people - all people of all nations, especially in the americanised Occident - in a corner giving only three options:
Embrace the boot-in-the-face morality of corporate capitalism.
Convince yourself that this time, minutely planned economy will work.
Ethno-nationalism.
Looks like we're set do re-do the last century.
Tricky Dick fecked us big time.
My husband and I are 70. Fixed old age pensions that will never keep up with increased cost of living. We're screwed, right?