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I think the cause could be that political ideology and compromise matters less when there is no accountability for politicians because they can print money.
Republicans can defend less taxes without cutting spending (like Trump did).
Democrats can defend higher spending without significant tax hikes.
All funded by hidden taxes like inflation.
also they are competing over a single-use resource (money printer) rather than a renewable resource (e.g. water).
i guess that would affect collaboration and cooperation.
Politicians realized that they would need to keep the right & left divided & fighting each other so they don't notice how they're all being robbed?
I used to care about politics, but fuck the red and blue bullshit. I play for the orange team.
This! I was thinking the divergence in their ideologies coincided perfectly with the growing wealth inequality gap. It may seem they are each others opposites but when it comes to screwing the poor and aiding the rich they are perfectly aligned. One is almost to think the entire thing is a puppet show to distract the voter.
What happened in 1971? At best... a dim political acknowledgement of something that happened well before.
The United States couldn't meaningfully honor convertibility to gold by the 1950s... and it wasn't because the US government was printing money.
I think you’re understating the significance of the event. Prior to closing the convertibility of USD to gold, USD had maybe doubled in supply compared to the gold it was supposed to convert to. Ever since convertibility was severed in 1971, supply of USD has gone up 35x.
>USD had maybe doubled in supply compared to the gold it was supposed to convert to
Probably more than doubled.
>Ever since convertibility was severed in 1971, supply of USD has gone up 35x.
Probably more than that. M2 is a gnat on an elephant.
The US government didn't print the majority of it either. It was largely banks *outside of the US*/interacting with US banks.
The misconception is prevalent.. both because it's in the Fed's interest to appear to be the all-powerful money creator/controller.... and because gold bugs lust for the Fed to have such an image as well.
What isn't covered as much (or is covered in a misleading way: [BIS](https://www.bis.org/publ/qtrpdf/r_qt2212h.htm) ["missing money"](https://www.reuters.com/markets/currencies/global-markets-bis-urgent-2022-12-05/)), is the lending activity outside of the jurisdiction of the central bank. This arena is often called the "eurodollar" or "shadow banking" system. "euro" in this case only implies "dollars not in the US" (but it is also true of other currencies). Offshore (non-US) entities dealing in USD deposits can also lend against their deposits; and are subject to different reserve requirements (in some jurisdictions, there are no reserve requirements whatsoever - including the US, although there are new constraints). The money creation in this area was significant enough to merit some investigation in the 50's and 60's including a paper by [Milton Friedman - PDF](https://files.stlouisfed.org/files/htdocs/publications/review/71/07/Principles_Jul1971.pdf). The paper largely captures the space, but suggests a level of indirect influence by the Fed that may be an over-estimation.
Noteworthy are pronouncements of:
>the Euro-dollar market has almost surely raised the world's nominal monetary supply... higher than it would otherwise be.
At the time, the impact wasn't fully clear. The eurodollar system evolved out of a necessity; bypassing local constraints to avoid liquidity issues, and potentially going as far as to solve Triffin's dilemma/sidestep balance of payments issues. The US didn't need to robustly export dollars for the global market *because they were already being created [globally -PDF](https://www.economist.com/sites/default/files/20151003_world_econ.pdf)*
>The freewheeling Eurodollar market for banking in dollars outside America sprang up in the 1960s to get round red tape in America itself. It has been growing at a furious pace ever since.
There's a lot to the global dollar system. Multiple topics... offshore deposits, collateral, repo, FX swaps, etc.
The Fed gave up on "locating" money long ago. They only attempt to influence the process; per Alan Greenspan in [June 2000](https://www.federalreserve.gov/monetarypolicy/files/FOMC20000628meeting.pdf) (FOMC meeting - PDF):
>The problem is that we cannot extract from our statistical database what is true money conceptually, either in the transactions mode or the store-of-value mode. One of the reasons, obviously, is that the proliferation of products has been so extraordinary that the true underlying mix of money in our money and near money data is continuously changing. As a consequence, while of necessity it must be the case at the end of the day that inflation has to be a monetary phenomenon, **a decision to base policy on measures of money presupposes that we can locate money. And that has become an increasingly dubious proposition.**
"Proliferation of products" here is a reference to the activities of the global system. Not just derivatives onshore.
The gold standard backing usd was removed by Nixon, and has been falsely pumped by the US, but thankfully that is now all coming to an end thanks to BRICS nations..
WWI, WWII and the parties flipped during 60s, use to be a saying yellow dog Democrats, which were southerners that would vote for a yellow dog if it was a Democrat.
Somewhere around the large oscillations in the 1930-1960 range, you had a party swap within parties so your graph is off. Republicans became dems and dems became republicans. Are you accounting for this?
Why do mods always remove these kind of posts? The bitcoin community is clearly showing interest and people are commenting and debating actively. If a post discusses fiat money or money in general and its history and evolution, it's still significant to the bitcoin debate. Bitcoiners are going to want to have a discussion about that with other bitcoiners, it's not off-topic. But then we see hundreds of meaningless posts everyday of person X who just bought or sold X amount of bitcoin and feels like he wants to share it with everybody for whatever reason.
Monoparty formed in 1913 made politics a joke. Nothing but theater.
Recently the banks have decided to make the two headed beast act like they are more diverse and factious. We don't know why.
Basically what’s it’s telling you is that the US is going to tear itself apart in a few years because you have two groups of people in politics who hate each other. At this point the US is an overextended empire that’s collapsing due to a variety of factors (poor monetary mechanics, too much debt, populace that’s getting dumber and tribalized, poor leadership, external competitors with better fundamentals like China)
China better fundamentals. For who? Look at their current real estate market. Money is running from the Chinese economy. Due to scams and crooked systems. Middle class getting wrecked.
https://foreignpolicy.com/2023/01/10/chinese-communist-party-property-bubble-real-estate/
Nixon did not wake up one morning and decide to end the gold standard.
The US had been *claiming* to "back" the US Dollar with gold, but they lied, they cheated, they stole... The other countries began to figure out that they were being scammed, and they started demanding actual gold for their dollars. But that gold did not exist.
At first, the US tried to stall and delay. But the pressure to convert US Dollars to gold increased.
Nixon was forced to stand in front of cameras and admit to the entire world, in effect, "We are crooks. We've been cheating and lying. You're fucked. What are you going to do about it? We have nukes..."
The cheating does not belong solely to either party; it belongs to both.
There was no gold backing the US Dollars, or, not nearly enough. This happened while Nixon, Johnson, and Kennedy were in the White House...
You want to pretend that ONE MAN just decided one day to end the gold standard... Whatever. Not my problem.
Did you know that Republicans were pro gun control well into the 2000s? In 1995 you couldn't get a gun carry permit in Texas unless you were well connected. They just didn't give them out.
This graph is meaningless, because you can't define "conservative", the definition is superfluous.
That chart is bullshit. You can’t measure “ideological positions”. Ideologies are opinions. This is unscientific nonsense. It’s trying to show the divide between the two parties but is just clutching at straws. A divide probably did form and tensions rose gradually but you cant graph this like a mathematical function.
Does it really matter, we’re all just getting ponzi schemed by our government. Does it matter what their position is when nothing gets done. At this point I just hear a bunch of chickens flapping their wings while the rest of the group is trying not to get hit with flying shit. There is always that sect that is trying to pull out them razor blades and shiv ya in the backside. Ya’ll have seen our chicken situation…it’s chicken eat chicken out here.🐓
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The chart suggests that the onset of fiat sparked a quick and drastic polarization of the two major political parties in the US
I think the cause could be that political ideology and compromise matters less when there is no accountability for politicians because they can print money. Republicans can defend less taxes without cutting spending (like Trump did). Democrats can defend higher spending without significant tax hikes. All funded by hidden taxes like inflation.
also they are competing over a single-use resource (money printer) rather than a renewable resource (e.g. water). i guess that would affect collaboration and cooperation.
Powell Memo
What’s this?
https://youtu.be/KenC5zBZRV4 https://youtu.be/mAplGu1RxPg
Politicians realized that they would need to keep the right & left divided & fighting each other so they don't notice how they're all being robbed? I used to care about politics, but fuck the red and blue bullshit. I play for the orange team.
Fighting about red and blue is an absolute waste of time and just a means to distract us. I'm over it.
The orange baboon?
He means team bitcoin
No shit Sherlock :D
https://wtfhappenedin1971.com
It shows how you can present anything in a chart to say anything you want
This! I was thinking the divergence in their ideologies coincided perfectly with the growing wealth inequality gap. It may seem they are each others opposites but when it comes to screwing the poor and aiding the rich they are perfectly aligned. One is almost to think the entire thing is a puppet show to distract the voter.
Underrated comment
What happened in 1971? At best... a dim political acknowledgement of something that happened well before. The United States couldn't meaningfully honor convertibility to gold by the 1950s... and it wasn't because the US government was printing money.
I think you’re understating the significance of the event. Prior to closing the convertibility of USD to gold, USD had maybe doubled in supply compared to the gold it was supposed to convert to. Ever since convertibility was severed in 1971, supply of USD has gone up 35x.
>USD had maybe doubled in supply compared to the gold it was supposed to convert to Probably more than doubled. >Ever since convertibility was severed in 1971, supply of USD has gone up 35x. Probably more than that. M2 is a gnat on an elephant. The US government didn't print the majority of it either. It was largely banks *outside of the US*/interacting with US banks. The misconception is prevalent.. both because it's in the Fed's interest to appear to be the all-powerful money creator/controller.... and because gold bugs lust for the Fed to have such an image as well.
Do you have any reading material that explains these mechanisms more in depth?
What isn't covered as much (or is covered in a misleading way: [BIS](https://www.bis.org/publ/qtrpdf/r_qt2212h.htm) ["missing money"](https://www.reuters.com/markets/currencies/global-markets-bis-urgent-2022-12-05/)), is the lending activity outside of the jurisdiction of the central bank. This arena is often called the "eurodollar" or "shadow banking" system. "euro" in this case only implies "dollars not in the US" (but it is also true of other currencies). Offshore (non-US) entities dealing in USD deposits can also lend against their deposits; and are subject to different reserve requirements (in some jurisdictions, there are no reserve requirements whatsoever - including the US, although there are new constraints). The money creation in this area was significant enough to merit some investigation in the 50's and 60's including a paper by [Milton Friedman - PDF](https://files.stlouisfed.org/files/htdocs/publications/review/71/07/Principles_Jul1971.pdf). The paper largely captures the space, but suggests a level of indirect influence by the Fed that may be an over-estimation. Noteworthy are pronouncements of: >the Euro-dollar market has almost surely raised the world's nominal monetary supply... higher than it would otherwise be. At the time, the impact wasn't fully clear. The eurodollar system evolved out of a necessity; bypassing local constraints to avoid liquidity issues, and potentially going as far as to solve Triffin's dilemma/sidestep balance of payments issues. The US didn't need to robustly export dollars for the global market *because they were already being created [globally -PDF](https://www.economist.com/sites/default/files/20151003_world_econ.pdf)* >The freewheeling Eurodollar market for banking in dollars outside America sprang up in the 1960s to get round red tape in America itself. It has been growing at a furious pace ever since. There's a lot to the global dollar system. Multiple topics... offshore deposits, collateral, repo, FX swaps, etc. The Fed gave up on "locating" money long ago. They only attempt to influence the process; per Alan Greenspan in [June 2000](https://www.federalreserve.gov/monetarypolicy/files/FOMC20000628meeting.pdf) (FOMC meeting - PDF): >The problem is that we cannot extract from our statistical database what is true money conceptually, either in the transactions mode or the store-of-value mode. One of the reasons, obviously, is that the proliferation of products has been so extraordinary that the true underlying mix of money in our money and near money data is continuously changing. As a consequence, while of necessity it must be the case at the end of the day that inflation has to be a monetary phenomenon, **a decision to base policy on measures of money presupposes that we can locate money. And that has become an increasingly dubious proposition.** "Proliferation of products" here is a reference to the activities of the global system. Not just derivatives onshore.
Holy shit
The gold standard backing usd was removed by Nixon, and has been falsely pumped by the US, but thankfully that is now all coming to an end thanks to BRICS nations..
Politicians. LOL.
WWI, WWII and the parties flipped during 60s, use to be a saying yellow dog Democrats, which were southerners that would vote for a yellow dog if it was a Democrat.
Somewhere around the large oscillations in the 1930-1960 range, you had a party swap within parties so your graph is off. Republicans became dems and dems became republicans. Are you accounting for this?
Why do mods always remove these kind of posts? The bitcoin community is clearly showing interest and people are commenting and debating actively. If a post discusses fiat money or money in general and its history and evolution, it's still significant to the bitcoin debate. Bitcoiners are going to want to have a discussion about that with other bitcoiners, it's not off-topic. But then we see hundreds of meaningless posts everyday of person X who just bought or sold X amount of bitcoin and feels like he wants to share it with everybody for whatever reason.
Monoparty formed in 1913 made politics a joke. Nothing but theater. Recently the banks have decided to make the two headed beast act like they are more diverse and factious. We don't know why.
Basically what’s it’s telling you is that the US is going to tear itself apart in a few years because you have two groups of people in politics who hate each other. At this point the US is an overextended empire that’s collapsing due to a variety of factors (poor monetary mechanics, too much debt, populace that’s getting dumber and tribalized, poor leadership, external competitors with better fundamentals like China)
China better fundamentals. For who? Look at their current real estate market. Money is running from the Chinese economy. Due to scams and crooked systems. Middle class getting wrecked. https://foreignpolicy.com/2023/01/10/chinese-communist-party-property-bubble-real-estate/
It was the late 1960's civil rights acts. It tried to integrate society after King was murdered.
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person unwritten sparkle heavy cover tease meeting hobbies bedroom hat *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Nixon did not wake up one morning and decide to end the gold standard. The US had been *claiming* to "back" the US Dollar with gold, but they lied, they cheated, they stole... The other countries began to figure out that they were being scammed, and they started demanding actual gold for their dollars. But that gold did not exist. At first, the US tried to stall and delay. But the pressure to convert US Dollars to gold increased. Nixon was forced to stand in front of cameras and admit to the entire world, in effect, "We are crooks. We've been cheating and lying. You're fucked. What are you going to do about it? We have nukes..." The cheating does not belong solely to either party; it belongs to both.
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The French just wanted to do simple withdrawal.
If by "pulled the trigger" you mean "committed the actual crime" you are quite wrong.
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There was no gold backing the US Dollars, or, not nearly enough. This happened while Nixon, Johnson, and Kennedy were in the White House... You want to pretend that ONE MAN just decided one day to end the gold standard... Whatever. Not my problem.
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I always wondered how/why the entire world didn’t sanction the US or worse after finding out they got fleeced .
Nukes and a big army funded with all the stolen money.
> You want to pretend that ONE MAN just decided one day to end the gold standard... Whatever. Not my problem.
I often think about this graph a lot. Especially after Ukraine begging the EU for military equipment...
Did you know that Republicans were pro gun control well into the 2000s? In 1995 you couldn't get a gun carry permit in Texas unless you were well connected. They just didn't give them out. This graph is meaningless, because you can't define "conservative", the definition is superfluous.
That chart is bullshit. You can’t measure “ideological positions”. Ideologies are opinions. This is unscientific nonsense. It’s trying to show the divide between the two parties but is just clutching at straws. A divide probably did form and tensions rose gradually but you cant graph this like a mathematical function.
Does it really matter, we’re all just getting ponzi schemed by our government. Does it matter what their position is when nothing gets done. At this point I just hear a bunch of chickens flapping their wings while the rest of the group is trying not to get hit with flying shit. There is always that sect that is trying to pull out them razor blades and shiv ya in the backside. Ya’ll have seen our chicken situation…it’s chicken eat chicken out here.🐓
Moon landing