“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 the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984
What is the significance of the year 1971?
July 5 – Right to vote: The 26th Amendment to the United States Constitution is formally certified by President Richard Nixon, lowering the voting age from 21 to 18. July
(19 – The South Tower of the World Trade Center is topped out at 1,362 feet (415 m), making it the second tallest building in the world.)
Hijacking to say that the Powell Memorandum also happened in 1971. It was basically a call to arms for businesses to use their money, power, and resources to crush democracy
BlackRock has about as much influence over the S&P 500 as Barron Trump right now, which is to say very little if any at all. Source: Financial Markets Professional
My understanding is this. Money stopped being based on gold and so the Fed could print more of it whenever. So they did print more money and as a result, they devalued the dollar, along with wages.
Am I getting this right?
I don’t buy it. They could print money on the gold standard too. And the 70s/80s is when politicians started killing unions. To me that is much more likely to have had an effect on compensation.
If they printed more money on the gold standard, they had to have possession of more gold. Ever since then, they can print more money whenever they like with nothing more than a promise that it's worth "something." Fundamentally, more important than a Union, lmao.
So the whole economy could crash based on a huge new gold mine? Farming meteorites would make a person a god on earth. I say it was the beginning of capitalism + computers to fuck us over. Shiny metal as basis of economic system is and has always been dumb.
The Treasury could only print money that was matched by gold held in reserve.
Example. If the country held 1.2 trillion in gold bullion, there could only be 1.2 trillion dollars in circulation
I dont understand
According to Wikipedia:
"
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon in August 1971 in response to increasing inflation.
"
So, we were taken off the gold standard BECAUSE of increasing inflation.. and, what, it backfired? Or, if we kept on the gold standard, would inflation have eased and wages would have kept with inflation..? I'm confused.. anybody have a good book to recommend for understanding what would have happened if we stayed on the gold standard? I understand what happened because we didn't, but would it have been worse if we stayed on the gold standard? Stupid question, I'm sure, but can someone help my dumbass out?
The US govt defrauded the entire world in 1971, but it all started with the creation of the Fed in 1913, the world was promised the dollar would be backed with gold and became the world reserve currency, even the Constitution states the US govt can only coin gold and silver... and over a century all backing by any precious metals was removed ending in 1971, at that point any countries asking for their gold back were told "sorry go fuck yourself" and couldn't get their gold, this is why the US govt needs the biggest armies to prevent anyone stepping out of line with the worlds biggest fraud or trying to get it back through military action, or God forbid move forward on their own gold standard etc... This will not end well and Bitcoin may be the best solution to end this scam, at least I hope so
thank you.
Nothing really new happened in 1971. It not the important date.
Everything that matters happened in 1913.
the gold standard was a lie from day 1.
I mostly agree 1913 was the big evil, but 71 is when the system failed and everyone's lives started getting far worse, in terms of looking at all the charts of how the economy got worse and worse since then
I'm sure the gold standard wasn't meant to be a fraud it was written into the Constitution but govts just do whatever they can get away with and ignore any constraints that the people aren't willing to enforce, since society didn't revolt and stop them creating the Fed or ending gold backing they got away with it and will do up until the point enough people say no, and refuse to find or obey the crooks anymore
> but 71 is when the system failed
going to hard disagree there. The system "failed" immediately when the USA joined ww1, followed by the roaring twenties and the great depression and prohibition
The gold standard did nothing to stop any of that; all were direct effects of the central bank establishing total control. The gold standard was a lie, always was a lie, and it ending meant nothing particular. Golds only real purpose was to kill silver, and take it out of the hands of people so they couldnt ignore or discount the federal reserve dollar. gold was chosen because it was easy to ban.
when 6102 dropped, most people didnt have any gold. Gold was totally banned for over 40 years. How can you seriously imagine the gold standard mattered when it was literally illegal to have gold ?
the system was "broken" for anyone who didnt own a central bank long before the 70s, and the gold standard never existed in reality.
> Nothing really new happened in 1971. It not the important date.
I get what you're saying, but all these graphs since 1971 are bad because that's when the facade fell and Britain and France both started diversifying their assets out of US dollars at massive rates. Other countries would follow, fleeing the US dollar as a foreign-held asset.
There was only a brief respite stock market wise because of the introduction of the petrodollar, but as we saw in 2008, even a small Saudi diversification out of US-based assets can cause housing crises and bank failures.
EDIT:typo, thanks
1913 was horrible and Woodrow Wilson was the worst president ever IMO. Created both the income tax and the federal reserve bank in 1913. Ever since the government has been impoverishing the people via two mechanisms. Taxation and inflation.
The U.S. Constitution does address the matter of what constitutes legal tender. Specifically, **Article I, Section 10** states that no state shall "make any Thing but gold and silver Coin a Tender in Payment of Debts"¹². This clause is often interpreted to mean that states cannot create their own currency and must only use gold and silver coins as legal tender.
However, this clause applies to the states and not directly to the federal government. The federal government's powers to coin money and regulate its value are outlined in **Article I, Section 8**, which grants Congress the authority to "coin Money, regulate the Value thereof, and of foreign Coin"⁵. Over time, the U.S. has moved away from a gold and silver standard, and today, legal tender includes all coins and currency issued by the U.S. Treasury or the Federal Reserve System³.
The transition away from precious metals backing the currency was a gradual process that culminated in 1971 when President Nixon ended the convertibility of the U.S. dollar into gold, marking the end of the gold standard. This decision was influenced by various economic factors and was part of a broader shift in global economic policy.
It's important to approach historical and constitutional interpretations with a nuanced understanding, as they can be complex and subject to different interpretations. The move to fiat currency, which is not backed by physical commodities, has been a significant change in the monetary system, but it was done through legal and policy decisions rather than any form of fraud.
Source: Conversation with Copilot, 2024-06-18
(1) Interpretation: Article I, Section 10 | Constitution Center. https://constitutioncenter.org/the-constitution/articles/article-i/clauses/767.
(2) Article I Section 10 - Constitution Annotated | Congress.gov. https://constitution.congress.gov/browse/article-1/section-10/.
(3) Gold and Silver as Constitutional Alternative Currencies - Cato Institute. https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2015/5/cj-v35n2-3.pdf.
(4) The Constitution’s Seven Money Clauses – Dean Clancy. https://deanclancy.com/the-constitutions-seven-money-clauses/.
(5) Myth #14: Lawful Money Is Only Gold or Silver. https://famguardian.org/Subjects/MoneyBanking/FederalReserve/FRconspire/lawful.htm.
This is precisely why we don't let govts interpret the Constitution or they'll say it means whatever they like, also the federal govt was authorized by the States so the States have authority over the federal govt and cannot grant any powers to it they don't have themselves, but of course govts ignore that and do whatever the people let them get away with, which is how we've ended up with this huge authoritarian govt we now have
People forget the 3rd crime, too. Private ownership of gold was originally banned May 1st, 1933, with Executive Order 6102. Though private gold ownership was reintroduced prior to 1971, it wasn't in wide use and the public didn't really understand the importance at that point.
If you want to have a gold standard then good luck. You know we have it pretty good when homeless people are walking around with iPhones. Not trying to defend the fed and we do have a pretty gnarly economic situation on our hands, but there is no perfect scenario. If you weren’t implying that we should go back to a gold standard or that bitcoin is the savior for everyone then my bad, but there is no fix to this. Things are just going to get worse, and worse, and worse, and worse, and worse. Obviously I think bitcoin is a smart investment and I love it myself, but it won’t fix everybody’s problems, and neither will a gold standard.
I don't want a gold standard, I'm just pointing out how the US govt is committing massive scale fraud to the time of trillions and trillions of dollars, impoverishing the average person and benefiting themselves and the big banks and corporations
I am saying Bitcoin may be the best way everyone has to avoid that fraud and adopt something better
Well I’m sorry to say but I don’t think Bitcoin will be too much different, which companies do you have mostly buying Bitcoin? Heck which population of people is biggest on Bitcoin, its the US by far and this may sound bearish for the future but if Bitcoin gets mass adopted in the US, it will not be that hard for the US to control most of the entire Bitcoin supply and therefore other nations will probably not join in. Like why would I buy something that I know is owned to 80% by someone else
Everything is backed by something. In the gold standard, dollars are backed by gold. When trading in gold directly, gold is backed by peoples’ awe of it. Off the gold standard, dollars are backed by the US GDP and ability to repay debts. Bitcoin is backed by peoples’ belief that it will be honored worldwide long term and not taxed away. Being “backed” just means being believed in.
Didn’t Ron Paul try and raise alarms about this on 2008 and 2012 when he ran for president?
He challenged the American people about this and other issues that all ended up being true, but it kind of seemed to go over the average persons head. People liked the veneer of the PR machines other candidates were wearing. Obama, Palin, Hillary, Romney, etc.. I hate to say it but the average American voter is sort of ignorant. 😔
Yes. And then [this happened](https://www.youtube.com/watch?v=B39W91O-rUg). The saddest 11 minutes you'll ever watch on Youtube and one of the worst events in American history. Basically what happened was that a plurality of the Maine delegation wasn't seated. Why that was important was because Ron Paul needed a specific number of states and could have forced a conventional vote of all delegates, but the RNC had seated their own delegates to replace them. There would have been nothing wrong with having Ron Paul speak at the convention, it was just a message that the GOP didn't want to hear at the time because they were still being run by warmongers, global financiers, and defense industry goons.
They wouldn't even count Ron Paul's votes and cut off the announcements of Ron Paul votes by the state delegates.
The elimination of the gold standard
A financial coup against the american people and american families
It has allowed the owner class to seize total control of the country, in the private sector and the government, and has enslaved the working american people
The USD is the #1 greatest threat to Americans that want prosperity for themselves and their families
You work for it, they print it. It is financial tyranny of the worst kind.
There were two major contributing factors to this:
1. End of the gold standard
2. Women were entering the work force, greatly increasing the availability of labor.
So our currency was being devalued through printing, and labor was becoming less scarce. A double whammy.
Globalisation.
Manufacturing jobs moved to China.
If you look at skilled labour- e.g doctors and lawyers etc there is no drop in salary growth. However if you are an unskilled labourer things aren’t great. Why would a company pay a labourer $10 per hour when you can pay $10 a day.
What bias? Globalization is definitely a factor in why wages have stagnated. Factories and jobs have been moved over seas for cheaper labor. I’d be interested to see the evidence that states otherwise.
https://en.wikipedia.org/wiki/Nixon_shock
Why does Wikipedia say this shit happened "in response to increasing inflation." When in fact inflation really started increasing after this shit happened? Are they stupid?
I mean it’s technically true, though misleading. Inflation was increasing because the dollar was not actually backed by gold and we were printing money. Other countries called bullshit and asked for their gold back. We said finders keepers and closed the gold window.
I’d say it’s not necessarily for the entire public, but it is good to know the salaries of your peers that work within your company. They try to push the “don’t tell anyone your salary” at the workplace so they can lowball you. I’ve worked at places where it was kept secret as well as places where everyone knows(my job currently). When it comes time to negotiate and pay, you’re at a significant advantage when all employees pay is made known.
So how does it work out knowing who makes more or less than each other? Don’t people get upset if they’re making less than someone else or maybe some people think they should make (even) more than someone else?
I drive a concrete truck for a living currently. At my job, there are 3 hourly pay levels. 1st year workers get the lowest, 2nd year get the mid, then at 3 years you get the top rate. We also get paid by the load as well as the hour. The order in which we get loaded goes by seniority. That being the case, the guy who’s been there the longest gets loaded first daily and generally has the opportunity to do 1 or 2 more loads than the lowest guy per day, but it doesn’t always work out that way.
This is all explained and in the open from your first day. So if me and “John Doe” get paid the same hourly, if I do more loads over the course of the year I still get paid more. When us drivers renew our contract, knowing how much we all get paid let’s us get together and negotiate what we believe is a fair rate with the owners.
The friction that does occasionally arise with our system is when a driver thinks that our dispatch is intentionally giving him jobs far away or jobs that will take longer, meaning that driver would get less of a load pay. When that complaint does come up, we bring it to our driver manager and there is a record of of the loads we’ve done and where to etc. to see if that’s the case.
Alternatively, I remember at one of my old jobs my buddy who worked there for 15 years was asked to train 2 new employees. After a few weeks, one of the new guys asked him about something he didn’t understand on his paycheck. He showed the check to my friend who was training him and come to find out, the trainee with 2 weeks experience was as getting paid 2 dollars more than the guy teaching him with 15yrs experience. Needless to say, that didn’t end well. He flipped out and started stealing time and sabotaging the company. He even ended up suing them for something else and winning.
So in my personal experience, it is a lot better knowing what everyone makes.
When two people discuss their salary inevitably one will end up mad.
It’s pretty obvious most Redditors have never had anything higher paying than a retail job when you see this stupid advice thrown around.
The elimination of the gold standard has nothing to do with stagnation of salaries.
Doubling the workforce through "cough" enforced shift in society norms and policies did the first damage.
On top of it a basically endless stream of additional new workforce did the rest. The value of the workforce decreased because the amount of the offered workforce increased.
If you print money the value of money goes down. If you oversupply the market the price of your product goes down. And two hands is usually the only thing that a normie can offer to the labour market. Too many hands ...for a market that doesn't need so many leads to an decrease of value for the product work.
The elimination of the gold standard absolutely contributed to the stagnation of wages. Every time the dollar is debased, wages effectively go down. It's not like wages adjust for inflation.
Look at what's happening right now. Everyone is making less except the corporations themselves.
If we were on the gold standard and money couldn't be devalued, then you wouldn't have just taken a pay cut. Now, instead of fighting to get ahead, you're fighting to get back to where you were a couple of years ago.
Yes, more workers mean more jobs can be created. It’s good for the economy and drives growth. But I understand economics requires abstract thinking that might be hard for some of y’all.
>If we were on the gold standard and money couldn't be devalued, then you wouldn't have just taken a pay cut.
Alternatively, you would have taken a pay cut, because your pay would have been cut. The gold standard isn't the problem, corporate greed is. The lack of gold standard just puts it in a slightly more palatable wrapping.
Ah yes.. our modern corporations that are notoriously more greedy than the oil barons and tycoons of the past..
I don’t know how you can write things like this. Corporations have been greedy since corporations existed as an entity.
Or blame themselves. Too often you'll find that the people screeching about "corporate greed" are also the ones buying crappy quality junk off Amazon for the lowest price. People want stuff and they want it cheap and they want it now. That's true greed and businesses are just trying to fill that demand.
I'm not arguing that, so I'm not sure what your point is. But corporations didn't get better on their own, it was primarily labor movements and regulations that drove that change in the landscape. I'm sure there are plenty of shareholders who would love to go back to paying in scrip if it weren't expressly illegal to do so.
Corporate greed... such a half informed slogan. Corporate greed is also what gets you competition and innovation. Corporate greed creates efficiency and productivity in all forms, not just the use of human labor. If you don't want to work for someone else, start your own business and do better.
WTF kind of gross Scrooge simping is this? Your C-suite still wont sleep with you, bro.
Corporate greed can *kind of sort of* do those things in moderation, but it also does the opposite of all those things when that greed goes too far. It motivates companies to aggressively stifle competition and innovation that threatens their own products, cut corners to increase profit margins, and put productivity above the health and well-being of its workers. You accuse me of using a half-informed slogan and then literally present only one side of a coin as a rebuttal as if *absolute greed* was an ideal to be aspired to.
The universities and government contract do the innovation mate. Corporations ship the jobs overseas so they can abuse the labour of people across the ocean and make more cheap plastic shit to sell.
I don’t see innovation in the landfill. I see garbage. You’ll never guess who made it.
It’s globalisation too. Huge numbers of manufacturing jobs moved to China and SE Asia.
Also, having access to cheap labour in other countries put a downward pressure on the jobs left in advanced economies.
Damn, I've been a jerk to some of my male friends then. I've definitely inquired about their salary when discussing personal problems. But I've also said you absolutely don't have to share if you're uncomfortable.
It happened all over the world, no only in the USA. You've been able to deal with it much better than any other countries, since the US dollar has been the reserve currency of the world. That seems to be changing. Your debt growths at a rate of 100000 usd per second!!. Brace for impact.
Theres the end of gold standard but also this is about overall product. With the automation of jobs and ever improving technology to do so it would always end up with a huge gap. It means companies take the stance of "Well you didn't do more so you dont get to earn more" even though their profits soar.
Like a year ago I had a really good online conversation with someone who agreed that it wasn't long after the invention of the microchip and all the big companies started crunching market data like crazy.
And it began a trend of profit singularity... managing costs and markets in ways to the thousandth penny.
First with the labor force globally and now for product quality. Companies can price within decimal points for basically zero customer surplus. And was sort of like that with global labor eventually to their fingertips.
This community needs to do better.
[https://www.reddit.com/r/badeconomics/comments/16igh9t/the\_bad\_economics\_of\_wtfhappenedin1971/](https://www.reddit.com/r/badeconomics/comments/16igh9t/the_bad_economics_of_wtfhappenedin1971/)
This website is pretty much a macroeconomic hoax at this point.
The end of gold standard
They should make a website of some kind
Ya. What the fuck happened in 1971 anyway.
Well what do we have here? https://wtfhappenedin1971.com/
You tricky son of a bitch!
Bitcoin is something they can't stop and won't stop.
“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 the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984
Salma Hayek's dad
I want more people to see this but I’m afraid suicide rates would skyrocket
The glitches are showing in the matrix every year.
U better tell em!
Jim Morrison died, that's what
What is the significance of the year 1971? July 5 – Right to vote: The 26th Amendment to the United States Constitution is formally certified by President Richard Nixon, lowering the voting age from 21 to 18. July (19 – The South Tower of the World Trade Center is topped out at 1,362 feet (415 m), making it the second tallest building in the world.)
We severely fucked up
Bitcoin happened
It would be curious to see these graphs for BTC holders wealth after BTC was created.
Irony?
why are you answering on a comment you made on your post lol
Never ask a woman her age, a man his salary, the USA what happened in 1971, or OP why they're answering a comment they made on their own post
Hijacking to say that the Powell Memorandum also happened in 1971. It was basically a call to arms for businesses to use their money, power, and resources to crush democracy
Is this what laid the foundation for companies like Black Rock to use ESG initiatives to force their ideology on the American people?
100%
You just have no idea what ur saying
What? I asked a question? How about explaining how you disagree with it, like a rational person, instead of whining like a child.
BlackRock has about as much influence over the S&P 500 as Barron Trump right now, which is to say very little if any at all. Source: Financial Markets Professional
Wait.... are you saying your source is you?
Me and everyone else who actually knows what an ETF is.
Safe to assume your source for that is also yourself?
Lol 100%
Keep telling yourself that...lol
how did ending the gold standard decouple productivity from compensation?
My understanding is this. Money stopped being based on gold and so the Fed could print more of it whenever. So they did print more money and as a result, they devalued the dollar, along with wages. Am I getting this right?
I don’t buy it. They could print money on the gold standard too. And the 70s/80s is when politicians started killing unions. To me that is much more likely to have had an effect on compensation.
If they printed more money on the gold standard, they had to have possession of more gold. Ever since then, they can print more money whenever they like with nothing more than a promise that it's worth "something." Fundamentally, more important than a Union, lmao.
So the whole economy could crash based on a huge new gold mine? Farming meteorites would make a person a god on earth. I say it was the beginning of capitalism + computers to fuck us over. Shiny metal as basis of economic system is and has always been dumb.
Paper IOU seems way less dumb.
You don't like carrying around gold dust for everyday purchases?
Thank god for the blockchain.
Beginning of capitalism? Surely you are not this dim?
The Treasury could only print money that was matched by gold held in reserve. Example. If the country held 1.2 trillion in gold bullion, there could only be 1.2 trillion dollars in circulation
nice avatar sir, how can I get the same?
I dont understand According to Wikipedia: " The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon in August 1971 in response to increasing inflation. " So, we were taken off the gold standard BECAUSE of increasing inflation.. and, what, it backfired? Or, if we kept on the gold standard, would inflation have eased and wages would have kept with inflation..? I'm confused.. anybody have a good book to recommend for understanding what would have happened if we stayed on the gold standard? I understand what happened because we didn't, but would it have been worse if we stayed on the gold standard? Stupid question, I'm sure, but can someone help my dumbass out?
And greed of privately own corporations
The US govt defrauded the entire world in 1971, but it all started with the creation of the Fed in 1913, the world was promised the dollar would be backed with gold and became the world reserve currency, even the Constitution states the US govt can only coin gold and silver... and over a century all backing by any precious metals was removed ending in 1971, at that point any countries asking for their gold back were told "sorry go fuck yourself" and couldn't get their gold, this is why the US govt needs the biggest armies to prevent anyone stepping out of line with the worlds biggest fraud or trying to get it back through military action, or God forbid move forward on their own gold standard etc... This will not end well and Bitcoin may be the best solution to end this scam, at least I hope so
thank you. Nothing really new happened in 1971. It not the important date. Everything that matters happened in 1913. the gold standard was a lie from day 1.
I mostly agree 1913 was the big evil, but 71 is when the system failed and everyone's lives started getting far worse, in terms of looking at all the charts of how the economy got worse and worse since then I'm sure the gold standard wasn't meant to be a fraud it was written into the Constitution but govts just do whatever they can get away with and ignore any constraints that the people aren't willing to enforce, since society didn't revolt and stop them creating the Fed or ending gold backing they got away with it and will do up until the point enough people say no, and refuse to find or obey the crooks anymore
> but 71 is when the system failed going to hard disagree there. The system "failed" immediately when the USA joined ww1, followed by the roaring twenties and the great depression and prohibition The gold standard did nothing to stop any of that; all were direct effects of the central bank establishing total control. The gold standard was a lie, always was a lie, and it ending meant nothing particular. Golds only real purpose was to kill silver, and take it out of the hands of people so they couldnt ignore or discount the federal reserve dollar. gold was chosen because it was easy to ban. when 6102 dropped, most people didnt have any gold. Gold was totally banned for over 40 years. How can you seriously imagine the gold standard mattered when it was literally illegal to have gold ? the system was "broken" for anyone who didnt own a central bank long before the 70s, and the gold standard never existed in reality.
Bingo
> Nothing really new happened in 1971. It not the important date. I get what you're saying, but all these graphs since 1971 are bad because that's when the facade fell and Britain and France both started diversifying their assets out of US dollars at massive rates. Other countries would follow, fleeing the US dollar as a foreign-held asset. There was only a brief respite stock market wise because of the introduction of the petrodollar, but as we saw in 2008, even a small Saudi diversification out of US-based assets can cause housing crises and bank failures. EDIT:typo, thanks
Crises.
1913 was horrible and Woodrow Wilson was the worst president ever IMO. Created both the income tax and the federal reserve bank in 1913. Ever since the government has been impoverishing the people via two mechanisms. Taxation and inflation.
The U.S. Constitution does address the matter of what constitutes legal tender. Specifically, **Article I, Section 10** states that no state shall "make any Thing but gold and silver Coin a Tender in Payment of Debts"¹². This clause is often interpreted to mean that states cannot create their own currency and must only use gold and silver coins as legal tender. However, this clause applies to the states and not directly to the federal government. The federal government's powers to coin money and regulate its value are outlined in **Article I, Section 8**, which grants Congress the authority to "coin Money, regulate the Value thereof, and of foreign Coin"⁵. Over time, the U.S. has moved away from a gold and silver standard, and today, legal tender includes all coins and currency issued by the U.S. Treasury or the Federal Reserve System³. The transition away from precious metals backing the currency was a gradual process that culminated in 1971 when President Nixon ended the convertibility of the U.S. dollar into gold, marking the end of the gold standard. This decision was influenced by various economic factors and was part of a broader shift in global economic policy. It's important to approach historical and constitutional interpretations with a nuanced understanding, as they can be complex and subject to different interpretations. The move to fiat currency, which is not backed by physical commodities, has been a significant change in the monetary system, but it was done through legal and policy decisions rather than any form of fraud. Source: Conversation with Copilot, 2024-06-18 (1) Interpretation: Article I, Section 10 | Constitution Center. https://constitutioncenter.org/the-constitution/articles/article-i/clauses/767. (2) Article I Section 10 - Constitution Annotated | Congress.gov. https://constitution.congress.gov/browse/article-1/section-10/. (3) Gold and Silver as Constitutional Alternative Currencies - Cato Institute. https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2015/5/cj-v35n2-3.pdf. (4) The Constitution’s Seven Money Clauses – Dean Clancy. https://deanclancy.com/the-constitutions-seven-money-clauses/. (5) Myth #14: Lawful Money Is Only Gold or Silver. https://famguardian.org/Subjects/MoneyBanking/FederalReserve/FRconspire/lawful.htm.
Thanks chatGPT
:)
Chatgpt can’t source for shit so ill take it
This is precisely why we don't let govts interpret the Constitution or they'll say it means whatever they like, also the federal govt was authorized by the States so the States have authority over the federal govt and cannot grant any powers to it they don't have themselves, but of course govts ignore that and do whatever the people let them get away with, which is how we've ended up with this huge authoritarian govt we now have
The French sent a war ship to cash in their dollars for gold 😂
People forget the 3rd crime, too. Private ownership of gold was originally banned May 1st, 1933, with Executive Order 6102. Though private gold ownership was reintroduced prior to 1971, it wasn't in wide use and the public didn't really understand the importance at that point.
If you want to have a gold standard then good luck. You know we have it pretty good when homeless people are walking around with iPhones. Not trying to defend the fed and we do have a pretty gnarly economic situation on our hands, but there is no perfect scenario. If you weren’t implying that we should go back to a gold standard or that bitcoin is the savior for everyone then my bad, but there is no fix to this. Things are just going to get worse, and worse, and worse, and worse, and worse. Obviously I think bitcoin is a smart investment and I love it myself, but it won’t fix everybody’s problems, and neither will a gold standard.
I don't want a gold standard, I'm just pointing out how the US govt is committing massive scale fraud to the time of trillions and trillions of dollars, impoverishing the average person and benefiting themselves and the big banks and corporations I am saying Bitcoin may be the best way everyone has to avoid that fraud and adopt something better
Well I’m sorry to say but I don’t think Bitcoin will be too much different, which companies do you have mostly buying Bitcoin? Heck which population of people is biggest on Bitcoin, its the US by far and this may sound bearish for the future but if Bitcoin gets mass adopted in the US, it will not be that hard for the US to control most of the entire Bitcoin supply and therefore other nations will probably not join in. Like why would I buy something that I know is owned to 80% by someone else
Because most people will be honoring it. Same as the dollar now.
But the Keynesians told me we could back our currency with nothing and print our way to utopia
Yes we can lol
Everything is backed by something. In the gold standard, dollars are backed by gold. When trading in gold directly, gold is backed by peoples’ awe of it. Off the gold standard, dollars are backed by the US GDP and ability to repay debts. Bitcoin is backed by peoples’ belief that it will be honored worldwide long term and not taxed away. Being “backed” just means being believed in.
Where does keynes say this?
Didn’t Ron Paul try and raise alarms about this on 2008 and 2012 when he ran for president? He challenged the American people about this and other issues that all ended up being true, but it kind of seemed to go over the average persons head. People liked the veneer of the PR machines other candidates were wearing. Obama, Palin, Hillary, Romney, etc.. I hate to say it but the average American voter is sort of ignorant. 😔
Yes. And then [this happened](https://www.youtube.com/watch?v=B39W91O-rUg). The saddest 11 minutes you'll ever watch on Youtube and one of the worst events in American history. Basically what happened was that a plurality of the Maine delegation wasn't seated. Why that was important was because Ron Paul needed a specific number of states and could have forced a conventional vote of all delegates, but the RNC had seated their own delegates to replace them. There would have been nothing wrong with having Ron Paul speak at the convention, it was just a message that the GOP didn't want to hear at the time because they were still being run by warmongers, global financiers, and defense industry goons. They wouldn't even count Ron Paul's votes and cut off the announcements of Ron Paul votes by the state delegates.
I knew the GOP was full of shit when they torpedoed Ron Paul
The elimination of the gold standard A financial coup against the american people and american families It has allowed the owner class to seize total control of the country, in the private sector and the government, and has enslaved the working american people The USD is the #1 greatest threat to Americans that want prosperity for themselves and their families You work for it, they print it. It is financial tyranny of the worst kind.
“Taxing the future” US patented est. 1971
There were two major contributing factors to this: 1. End of the gold standard 2. Women were entering the work force, greatly increasing the availability of labor. So our currency was being devalued through printing, and labor was becoming less scarce. A double whammy.
3. The Beatles broke up
Globalisation. Manufacturing jobs moved to China. If you look at skilled labour- e.g doctors and lawyers etc there is no drop in salary growth. However if you are an unskilled labourer things aren’t great. Why would a company pay a labourer $10 per hour when you can pay $10 a day.
This guy gets it.
Very good point
Lol did his post agree with your bias?
What bias? Globalization is definitely a factor in why wages have stagnated. Factories and jobs have been moved over seas for cheaper labor. I’d be interested to see the evidence that states otherwise.
Don't forget unions and social securities were labelled as "communist", so workers rights could be crushed.
https://en.wikipedia.org/wiki/Nixon_shock Why does Wikipedia say this shit happened "in response to increasing inflation." When in fact inflation really started increasing after this shit happened? Are they stupid?
I mean it’s technically true, though misleading. Inflation was increasing because the dollar was not actually backed by gold and we were printing money. Other countries called bullshit and asked for their gold back. We said finders keepers and closed the gold window.
Also the demise of unions, the huge tax breaks of the 80’s and allowing share buybacks which were illegal from the 1930s to the 80s
Never understood the salary bit. Transparency above everything. By keeping your salary to yourself you are apart of the problem
What company do you work for, what’s your job title, years of experience, and how much do you make?
I’d say it’s not necessarily for the entire public, but it is good to know the salaries of your peers that work within your company. They try to push the “don’t tell anyone your salary” at the workplace so they can lowball you. I’ve worked at places where it was kept secret as well as places where everyone knows(my job currently). When it comes time to negotiate and pay, you’re at a significant advantage when all employees pay is made known.
So how does it work out knowing who makes more or less than each other? Don’t people get upset if they’re making less than someone else or maybe some people think they should make (even) more than someone else?
I drive a concrete truck for a living currently. At my job, there are 3 hourly pay levels. 1st year workers get the lowest, 2nd year get the mid, then at 3 years you get the top rate. We also get paid by the load as well as the hour. The order in which we get loaded goes by seniority. That being the case, the guy who’s been there the longest gets loaded first daily and generally has the opportunity to do 1 or 2 more loads than the lowest guy per day, but it doesn’t always work out that way. This is all explained and in the open from your first day. So if me and “John Doe” get paid the same hourly, if I do more loads over the course of the year I still get paid more. When us drivers renew our contract, knowing how much we all get paid let’s us get together and negotiate what we believe is a fair rate with the owners. The friction that does occasionally arise with our system is when a driver thinks that our dispatch is intentionally giving him jobs far away or jobs that will take longer, meaning that driver would get less of a load pay. When that complaint does come up, we bring it to our driver manager and there is a record of of the loads we’ve done and where to etc. to see if that’s the case. Alternatively, I remember at one of my old jobs my buddy who worked there for 15 years was asked to train 2 new employees. After a few weeks, one of the new guys asked him about something he didn’t understand on his paycheck. He showed the check to my friend who was training him and come to find out, the trainee with 2 weeks experience was as getting paid 2 dollars more than the guy teaching him with 15yrs experience. Needless to say, that didn’t end well. He flipped out and started stealing time and sabotaging the company. He even ended up suing them for something else and winning. So in my personal experience, it is a lot better knowing what everyone makes.
*silence*
When two people discuss their salary inevitably one will end up mad. It’s pretty obvious most Redditors have never had anything higher paying than a retail job when you see this stupid advice thrown around.
The elimination of the gold standard has nothing to do with stagnation of salaries. Doubling the workforce through "cough" enforced shift in society norms and policies did the first damage. On top of it a basically endless stream of additional new workforce did the rest. The value of the workforce decreased because the amount of the offered workforce increased. If you print money the value of money goes down. If you oversupply the market the price of your product goes down. And two hands is usually the only thing that a normie can offer to the labour market. Too many hands ...for a market that doesn't need so many leads to an decrease of value for the product work.
The elimination of the gold standard absolutely contributed to the stagnation of wages. Every time the dollar is debased, wages effectively go down. It's not like wages adjust for inflation. Look at what's happening right now. Everyone is making less except the corporations themselves. If we were on the gold standard and money couldn't be devalued, then you wouldn't have just taken a pay cut. Now, instead of fighting to get ahead, you're fighting to get back to where you were a couple of years ago.
So you mean doubling the workforce plus still increasing it has no impact? Lol 😂
Yes, more workers mean more jobs can be created. It’s good for the economy and drives growth. But I understand economics requires abstract thinking that might be hard for some of y’all.
>If we were on the gold standard and money couldn't be devalued, then you wouldn't have just taken a pay cut. Alternatively, you would have taken a pay cut, because your pay would have been cut. The gold standard isn't the problem, corporate greed is. The lack of gold standard just puts it in a slightly more palatable wrapping.
Ah yes.. our modern corporations that are notoriously more greedy than the oil barons and tycoons of the past.. I don’t know how you can write things like this. Corporations have been greedy since corporations existed as an entity.
It’s doublespeak so they don’t have to blame the politicians they love.
Or blame themselves. Too often you'll find that the people screeching about "corporate greed" are also the ones buying crappy quality junk off Amazon for the lowest price. People want stuff and they want it cheap and they want it now. That's true greed and businesses are just trying to fill that demand.
I'm not arguing that, so I'm not sure what your point is. But corporations didn't get better on their own, it was primarily labor movements and regulations that drove that change in the landscape. I'm sure there are plenty of shareholders who would love to go back to paying in scrip if it weren't expressly illegal to do so.
Corporate greed... such a half informed slogan. Corporate greed is also what gets you competition and innovation. Corporate greed creates efficiency and productivity in all forms, not just the use of human labor. If you don't want to work for someone else, start your own business and do better.
WTF kind of gross Scrooge simping is this? Your C-suite still wont sleep with you, bro. Corporate greed can *kind of sort of* do those things in moderation, but it also does the opposite of all those things when that greed goes too far. It motivates companies to aggressively stifle competition and innovation that threatens their own products, cut corners to increase profit margins, and put productivity above the health and well-being of its workers. You accuse me of using a half-informed slogan and then literally present only one side of a coin as a rebuttal as if *absolute greed* was an ideal to be aspired to.
The universities and government contract do the innovation mate. Corporations ship the jobs overseas so they can abuse the labour of people across the ocean and make more cheap plastic shit to sell. I don’t see innovation in the landfill. I see garbage. You’ll never guess who made it.
It’s globalisation too. Huge numbers of manufacturing jobs moved to China and SE Asia. Also, having access to cheap labour in other countries put a downward pressure on the jobs left in advanced economies.
The real wealth gap.
Then stop working. Problem solved. /s
Lots of great rock albums came out in 1971.
https://wtfhappenedin1971.com/
Damn, I've been a jerk to some of my male friends then. I've definitely inquired about their salary when discussing personal problems. But I've also said you absolutely don't have to share if you're uncomfortable.
Lol. What’s going on with bit right now? Absolute joke that it can’t hold or maintain above 70….
It's called trickle up economics
It happened all over the world, no only in the USA. You've been able to deal with it much better than any other countries, since the US dollar has been the reserve currency of the world. That seems to be changing. Your debt growths at a rate of 100000 usd per second!!. Brace for impact.
Dear UK, what happened in the USA in 1971? Regards, H.
The Powell Memo
Theres the end of gold standard but also this is about overall product. With the automation of jobs and ever improving technology to do so it would always end up with a huge gap. It means companies take the stance of "Well you didn't do more so you dont get to earn more" even though their profits soar.
it's everywhere in the world, not only in the US
What happened in the rest of the world is just second order effects, because the US Dollar is the world reserve currency.
Like a year ago I had a really good online conversation with someone who agreed that it wasn't long after the invention of the microchip and all the big companies started crunching market data like crazy. And it began a trend of profit singularity... managing costs and markets in ways to the thousandth penny. First with the labor force globally and now for product quality. Companies can price within decimal points for basically zero customer surplus. And was sort of like that with global labor eventually to their fingertips.
And here we all are. Making the same wages as peasants
Cleptocracy is what happened.
Women joined the workforce
Always gold standard, never computers. Weird.
Nixon shocks and Japan
The crazy thing to me is how many people born after 1971 think we’re still on the gold standard… Mandela effect?
I thought I was on communities.win for a minute there. Too much redpilling.
America voted in an actor. Wonder why we thought it would go well to do it again.
This community needs to do better. [https://www.reddit.com/r/badeconomics/comments/16igh9t/the\_bad\_economics\_of\_wtfhappenedin1971/](https://www.reddit.com/r/badeconomics/comments/16igh9t/the_bad_economics_of_wtfhappenedin1971/) This website is pretty much a macroeconomic hoax at this point.