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Personally, I don't care how popular Nixon was. His final nail in the coffin of the gold standard has completely debased the currency. It's led to a complete uncoupling of the growth of productivity and the economy from wages, and the wealth of the average American.
The graphs on that website are why everyone's grandk…
Personally, I don't care how popular Nixon was. His final nail in the coffin of the gold standard has completely debased the currency. It's led to a complete uncoupling of the growth of productivity and the economy from wages, and the wealth of the average American.
https://wtfhappenedin1971.com/
The graphs on that website are why everyone's grandkids are so despondent about the economy, even if they don't know enough to phrase it that way. My grandparents' generation, my parents' generation (Boomers) and my generation (Gen X) lived high, eating all the seed corn -- worse, since we somehow ate more seed corn than actually existed in the form of the national debt -- and it's finally come to a point where the bills are coming due.
Sorry for the massive tangent. I just see the name "Nixon" and my brain goes straight here. 🤪
Agree with you on the gold standard issue.