this post was submitted on 10 Mar 2026
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so wtf happened in 1971 then?
Well, first of all, absolutely nobody was kung-fu fighting. It was virtually unheard of.
Who were going to be as fast as lightning then?
Chuck Yeager
Well, that's more than a little bit frightening.
My guess is the end of the gold standard as its being referenced quite a few times across the webpage and it's at the inflexion point of lots of these graphs.
But I didn't check if it was a major cause or just correlation.
Ya, I'm always called a simpleton for saying ditching the gold standard was a mistake. But somehow a system where banker bros can just print money for each other is better?
Why should that dollar I have in my bank account be worth less year after year? Why should the 1% have access to a system of near limitless loans, allowing them to buy up and monopolize every aspect of life, from food, to housing, to healthcare?
Shits fucked if you ask me.
Yeah, what happened in 1971 is the end of the gold standard. But what happened in the late 60s, and early 70s was a major increase in the workforce as boomers began entering it, and increasingly women were working careers instead of staying home to raise the children. Meanwhile Japanese and European manufacturing were finally recovering from the war, so the American prosperity from being the only major manufacturing power aside from the much smaller countries in the Americas and Oceania was ending. Later in the 70s the MBAs would begin taking power economically, and the new deal reforms began being whittled down in the name of deregulation, especially in the 80s.
I'm old enough and have been on the internet long enough to be able to spot gold nuts…
The Bretton Woods system was built on Keynesian economics (and Keynes himself played a big role in it). When Bretton Woods collapsed the ideas of assholes from the Chicago school of economics (such as Friedman) took over and shaped monetary policy, fucking over absolutely everything in their path.
It's not the collapse of Bretton Woods as much as the absolutely shitshow that replaced it. American leaders designed a state ideology of capitalism and convinced every idiot it the country to rally behind it.
end of the gold standard