Re:WTF Happened in 1971? (2019)
by hacknat on Monday November 23, 2020 @12:45PM
(#25189389)
Peter Thiel (who I don't agree with on everything) had a really great take on this once (can't find it at the moment), and basically laid out a strong case on how we haven't really recovered from the oil shocks of the 1970s.
I do think that the early 1970s was the culmination of a bunch of different cultural, political, economic, and social trends meeting together and creating a very different global consensus.
BTW, the Gold Standard was already out the window with original Bretton Woods. Only certain actors (governments and certain NGOs) were allowed to redeem money for Gold. Gradually lots of caveats and weird rules were added to the system because of various structural inefficiencies. The oil shocks just toppled the system, but the financial system of the world was already untenable.
I do think that the early 1970s was the culmination of a bunch of different cultural, political, economic, and social trends meeting together and creating a very different global consensus.
BTW, the Gold Standard was already out the window with original Bretton Woods. Only certain actors (governments and certain NGOs) were allowed to redeem money for Gold. Gradually lots of caveats and weird rules were added to the system because of various structural inefficiencies. The oil shocks just toppled the system, but the financial system of the world was already untenable.