It's almost like something fundamentally changed around 1971. Hmmm.pic.twitter.com/G1OSrr42hF
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"In 1933, FDR began fiddling with gold reserve requirements. He suspended the gold standard except for foreign exchange, revoked it as the universal legal tender for debts, and banned private ownership of significant amounts of gold coins." Can't have it both ways.
IMHO, this is a much better explanation. Containerization allowed the rich to outsource their production to cheaper countries, which hurt lower and middle class incomes in the United States, but not places like China, which not only has fiat currency, but a huge middle class!pic.twitter.com/C0GhUhpcDq
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Yeah, I agree. With the expansion of monetary supply, it's been good to own real assets and stocks, which the lower and middle classes disproportionately did not have, but...I'm skeptical that that's the cause of their wages falling off post '71.
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