WTF Happened in 1971? (2019) (wtfhappenedin1971.com)

Article summary

The article discusses the significance of the year 1971, highlighting various economic and social trends that began to diverge around that time. The end of the gold standard and the Bretton Woods system are cited as key events. The article presents several charts and graphs to illustrate these trends, sparking discussion about their causes and implications. The website's presentation is seen as highlighting the impact of the Nixon shock since 1971.

Main themes

• Economic trends
• Gold standard
• Bretton Woods
• Social contract
• Inflation
• Economic policy

What commenters say

• The end of the gold standard in 1971 had a significant impact on the economy and society, leading to a divergence in various trends.
• The correlation between the end of the gold standard and the divergence of economic trends is not conclusive, and other factors may have played a more significant role.
• The 1970s were a pivotal time for economic policy changes, including the US trade embargo with China and the Vietnam War, which contributed to the observed trends.
• The collapse of the labor movement and the disconnection of executive compensation from worker compensation are more significant factors in the observed economic trends than the end of the gold standard.
• The presentation of the data is misleading, and similar trends can be observed in other years, making 1971 not as special as claimed.
• The gold standard is not a viable solution to current economic problems, and its return would likely have negative consequences.
• The website's focus on 1971 is an attempt to promote a specific ideology, rather than a genuine analysis of economic trends.
• The divergence of economic trends in the 1970s was a result of a combination of factors, including policy changes, social shifts, and global events.