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dang

WTF Happened in 1971? (2019) - https://news.ycombinator.com/item?id=37482646 - Sept 2023 (105 comments)

WTF Happened in 1971? - https://news.ycombinator.com/item?id=31471602 - May 2022 (102 comments)

WTF Happened in 1971? (2019) - https://news.ycombinator.com/item?id=25188457 - Nov 2020 (454 comments)

WTF Happened in 1971? - https://news.ycombinator.com/item?id=24135845 - Aug 2020 (5 comments)

WTF Happened in 1971? - https://news.ycombinator.com/item?id=20811004 - Aug 2019 (44 comments)

and:

The Bad Economics of Wtfhappenedin1971 - https://news.ycombinator.com/item?id=39144867 - Jan 2024 (42 comments)

The Bad Economics of WTFHappenedin1971 - https://news.ycombinator.com/item?id=37507749 - Sept 2023 (2 comments)

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Weren't there a bunch of discussions about what happened in other years, or is it all 1971's fault?

I doubt that it's a single action that sustained four+ decades of impacts. More likely this is the concerted effort of capital to continually reign in threats.

Why not?

From Wikipedia:

>In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for government expenditure on the military and social programs. In the first six months of 1971, assets for $22 billion fled the U.S. In response, on 15 August 1971, Nixon issued Executive Order 11615 pursuant to the Economic Stabilization Act of 1970, unilaterally imposing 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window", making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even his own State Department and was soon dubbed the "Nixon Shock".

https://en.m.wikipedia.org/wiki/Bretton_Woods_system

Why not the Volcker shock? I think there's stronger evidence for persistent effects there.

Regardless, I see systems analysis as more productive here than root cause analysis.

Part of the population believes one of the other, with a split somewhat correlated to the market cap of bitcoin. The article is an advertisement for bitcoin as the solution to fiat, the cause of all the world's problems (sic).

This comment should be pinned at the beginning of the thread

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