Stop perpetuating the gold standard myth. There’s as much point having a gold standard as there is any other stable finite chemical.
The problem was neoliberalism/conservatism, which systematically removed all the labor and wealth redistribution policies of the post WW2 era, at the same time as boomers AND women were entering the workforce — higher supply of workers = lower demand and wages — the EU and Japan were rebuilt and competitive, offshoring and automation was gearing up (wage suppression + higher profits for capitalism), the deregulation of financial markets and regulatory/financial capture of government that enabled extreme financial predation, etc, etc.
The gold standard change would be irrelevant if we didn’t live in oligarchies masquerading as democracies — where your level of wealth is directly proportional to your level of freedom, speech, and political representation.
Yup this is left wing pseudo science instead of right wing pseudo science. These are just some graphs that don’t prove anything without a scientific paper to back it up.
I never said it was incorrect but I’m just trying to say that some graphs with some arrows don’t prove anything. Thanks for sharing actual factual information.
It’s a website with “wtf” in its name, chill. It just shows the degradation of purchase power firstly as a consequence of the 70s oil crisis, and then as a consequence of increased neoliberalism.
Is 1971 the timeline split?
https://wtfhappenedin1971.com/
Yes this is part of it.
What happened is Nixon fucked up fiat and fucked us all:
https://en.m.wikipedia.org/wiki/Nixon_shock
https://en.m.wikipedia.org/wiki/Bretton_Woods_system
Stop perpetuating the gold standard myth. There’s as much point having a gold standard as there is any other stable finite chemical.
The problem was neoliberalism/conservatism, which systematically removed all the labor and wealth redistribution policies of the post WW2 era, at the same time as boomers AND women were entering the workforce — higher supply of workers = lower demand and wages — the EU and Japan were rebuilt and competitive, offshoring and automation was gearing up (wage suppression + higher profits for capitalism), the deregulation of financial markets and regulatory/financial capture of government that enabled extreme financial predation, etc, etc.
The gold standard change would be irrelevant if we didn’t live in oligarchies masquerading as democracies — where your level of wealth is directly proportional to your level of freedom, speech, and political representation.
I agree, yes, the gold standard sucks. My intention was not really to perpetuate that in any way.
Everything you said is just chefs kiss.
“(wage suppression + higher profits for capitalism)” = they stole prosperity from us.
While topically interesting, a lot of those graphs are either saying the same thing or are misinterpreting an exponential.
Yup this is left wing pseudo science instead of right wing pseudo science. These are just some graphs that don’t prove anything without a scientific paper to back it up.
Well what you’re calling left wing psudoscience is an article by Economic Policy Institute: https://www.epi.org/publication/charting-wage-stagnation/
They explain their methodology and data sources in meticilous detail, even more so in their report on how they do; https://www.epi.org/publication/understanding-the-historic-divergence-between-productivity-and-a-typical-workers-pay-why-it-matters-and-why-its-real/
If that’s not enough here’s some more stuff:
https://academic.oup.com/qje/article/135/2/645/572126
https://www.imf.org/external/pubs/ft/wp/2008/wp08185.pdf
I never said it was incorrect but I’m just trying to say that some graphs with some arrows don’t prove anything. Thanks for sharing actual factual information.
Agreed. Much love ❤️
“pseudo science”
It’s a website with “wtf” in its name, chill. It just shows the degradation of purchase power firstly as a consequence of the 70s oil crisis, and then as a consequence of increased neoliberalism.