Funny you mention that... https://www.elitetrader.com/et/thre...-after-stock-slump.383581/page-9#post-6108934
Sometime in the 19th century, when Impact (Population x Affluence x Technology) was still ecologically sustainable, i.e. when our population and lifestyle were still consuming resources more slowly than our land was replenishing them, and when our wastes production was less than what our soils, waters and atmosphere's assimilation capacity was. It has been downhill for America ever since for the fundamental reason that that which is unsustainable will eventually cease to be sustained. All cultural, political and economic reform since then has been "rearranging deck chairs".
Prompt: Do a comparative analysis of the website https://wtfhappenedin1971.com/ Create a visualization that best illustrates the factors involved, any historical context and identify significant factors that contributed to this event PerplexityResponse: Comparative Analysis of WTFHappenedIn1971.com: The Economic Inflection Point of the Nixon Shock The website WTFHappenedIn1971.com presents a compelling visual narrative suggesting that 1971 marked a critical turning point in American economic history, with numerous economic indicators showing dramatic changes in trajectory. This analysis examines the historical context of these changes, evaluates the website's central claims, and offers a balanced assessment of alternative explanations for the economic phenomena observed. Historical Context: The Bretton Woods System and Its Collapse The events of 1971 cannot be properly understood without examining the Bretton Woods monetary system that preceded them. Established in July 1944 near the end of World War II, the Bretton Woods agreement positioned the United States as the world's financial hegemon . Under this system: Allied countries guaranteed convertibility of their currencies into US dollars The US dollar was convertible to gold at a fixed price of $35 per ounce The US held approximately three-quarters of the world's gold supply at that time This system maintained relative stability for over two decades until mounting pressures in the late 1960s made it increasingly unsustainable. By 1970, the US had seen its gold coverage deteriorate from 55% to 22%, reflecting diminishing confidence in America's ability to manage its budget and trade deficits . The Nixon Shock On August 15, 1971, President Richard Nixon announced his New Economic Policy, which included several dramatic measures : Suspension of dollar convertibility to gold, effectively ending the Bretton Woods system Implementation of a 90-day freeze on wages and prices to counter inflation Institution of a 10% import surcharge to protect American products from exchange rate fluctuations This collection of policies, often called the "Nixon Shock," transformed the global monetary system from one based on fixed exchange rates to a fiat currency regime. By 1973, floating exchange rates had replaced the Bretton Woods system for global currencies, with the change formally ratified by the Jamaica Accords in 1976 . More details as well as criticisms: https://www.perplexity.ai/search/do-a-comparative-analysis-of-t-IDmobDmTQEuz1XPnDQ72dg