[wtfhappenedin1971.com]

Things were going great in 1969. Did something bad happen around that time??





Edited 1 time(s). Last edit at 06/01/2021 08:46PM by Steve G..

According to Forbes Magazine:

“Ever since President Richard M. Nixon announced… on August 15, 1971, that the U.S. would no longer officially trade dollars for gold, we have been enjoying a new era of human history.”

“… the only period in which humanity has not consistently based its currency in metal, specifically gold…”

Enjoying not being the mot juste. Out of the gate, we got the 1970s, what with their stagflation, a real stock market performance worse than that of the 1930s, and a crisis of confidence such had never bedeviled the American people before.”

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Sorry. Not buyin it.

Among other reasons, the page is full of graphs that ought to be plotted on a logarithmic scale, or shown by percentage change, but instead are done on a simple linear scale, with a arrow added at 1971.

From wikipedia:



When you plot things that have an expected annual percentage increase (or even a non-zero target, like inflation), you’ll get a logarithmic curve that bends ever upward. But if you look at the annual rate (or plot against a log scale) you get straight lines if there’s not significant change.

There was greater inflation during the 70’s, but also during the 40’s and the teens (when we were still on a hard gold standard, IIRC). But very little since Volker squeezed it out by jacking the fed rate (albeit at the cost of a severe, double-dip recession) beginning around 1980.

Decline in unionization, development of rightwing think-tanks.

Many other causes.

Quote
anonymouse1
Decline in unionization, development of rightwing think-tanks.

Many other causes.

OPEC oil embargoes - 2 in the '70s, large number of baby boomers entered the work force, post-Viet Nam war debt, and so on....

Quote
Wikipedia sez
NPR aired its first broadcast on April 20, 1971, covering United States Senate hearings on the ongoing Vietnam War in Southeast Asia. The afternoon drive-time newscast All Things Considered premiered on May 3, 1971, first hosted by Robert Conley. NPR was primarily a production and distribution organization until 1977, when it merged with the Association of Public Radio Stations. Morning Edition premiered on November 5, 1979, first hosted by Bob Edwards.