Posted on 05/12/2015 8:41:27 AM PDT by fredericbastiat1
"From 1947 when [the] Bretton Woods System really got operating to 1971, when the dollar was convertible into gold at a 35th of an ounce, unemployment in America averaged 4.7 percent. And then we got rid of the Bretton Woods system — we defaulted on it — we went to fiat money, and in the years from 1971 to today, unemployment has averaged significantly above 6 percent. Low unemployment: gold standard. High unemployment: fiat money.
But it’s not just unemployment. The bankruptcy rate which Elizabeth Warren likes to focus on was one point something per thousand for years, and suddenly it shot up. When did it do that? The mid-1970s when we went off the gold standard and moved to the age of fiat money.
And you’ve no doubt read about this economic Thomas Piketty who likes to warn about the inequality rate..."
(Excerpt) Read more at theblaze.com ...
US economic growth slowed after the Arab cartel jacked up the price of oil in late 1973 to 2014.
When oil prices dipped for short periods, like the mid-80’s and the late 90’s, did growth resume to post-WWII levels.
Oil price peaks like those of 1979 and 2007 resulted in crashes like that of 1980 and 2008.
Fracking helped free the US of dependence upon imported oil by 2014, and now the Saudis are retaliating to preserve their international market share.
At this rate the dollar won’t last long.
People don’t realize that when we went off the gold standard we basically went on the oil standard, and the USA is a net importer of oil. Therefore the dollar continually devalues as we drill less and import more.
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