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jaxiiruff @lemmy.zip

8mo ago

WTF Happened In 1971?

wtfhappenedin1971.com WTF Happened In 1971?

"I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop." - F.A. Hayek 1984

WTF Happened In 1971?

(kinda) A great website to share if you have no idea how to explain the downfall of the US economy.

Edit: Thanks to everyone who provided insight on this website. I've had this in my bookmarks for a very long time and was curious how it held up.

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WTF Happened in 1971?

wtfhappenedin1971.com

[HN] WTF Happened in 1971?

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WTF Happened In 1971?

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WTF Happened In 1971?

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38 comments

Bullshit libertarian take. And in the wrong community.
- I dunno i read all those graphs and think.
  Well there was a lot of banking deregulation from 1971 onwards?
  Let's give that bank regulation idea another shot maybe - it can't do worse.
  . . .but then i also think - good on china for that one child policy.
  I'm just not getting anywhere near the Hayeck conclusion from the same data.
  
  The take that the homepage is trying to sell you, hinted at by the Hayek quote.
  This homepage is usually posted by right wing libertarians.
  
  The US Libertarian Party was founded in 1971. Not saying there's a causative link...
  
  Wow, they're dumber than I thought if they think this makes their point.
  Although then again, their general ideals have swayed the more mainstream of many large western governments and international financial institutions for 40-50 years.
  So there must be something to this tactic of making a hotch-potch of random graphs.
  
  because the average statistical literacy is somewhere below the ability to point out Kirghistan?
- What take? It is just a bunch of graphs.
  This may be the first time I’ve seen anybody say that facts have a libertarian bias.
  That is not the way I read the data.
  I see the boomers hitting the labor market and people with capital getting rich off the depressed price of labor.
  
  It's a common homepage linked by libertarians in an argument.
  Also: read the Hayek quote at the end. This homepage tries to sell youesomething and it an't graphs.
  
  ah ya, "facts", sure many of these graphs can be based on real data, hell maybe even all of them, but then you take a step back and look at these graphes, are the fun arrows and lines at 1971 actually meaningful? or are they there to try and use the data to shape an opinion? taking advantage of the average person's statistic illiteracy, to push some form of partisan agenda?
  such as the first graph, we have a nice little arrow and a dot with the number 90.84% but the actual diverging of the variables doesn't start until later, when exactly? you can't tell because the graph only labels three data points on the X axis!, and this isn't the only deliberately misleading graph here, that the authors are using to openly lie about the data to those who aren't well versed in this stuff.
  facts don't have a Libertarian Bias, but Libertarians sure are prone to spreading lies.
- I’m not a libertarian, but something did go awry around that time. You can see it when you watch reruns of game shows like the price is right. Automobile prices double after a year, and then keep doubling.
  
  Automobile prices double after a year, and then keep doubling.
  ??? I'm going to use a Dodge Dart as my basis because a 70 Dart was my family car.
  1970 Original MSRP $2,261
  1972 Original MSRP $2,528
  https://www.jdpower.com/cars/1970/dodge/dart-swinger/2-door-hardtop
  That's 7% annual inflation, not 100%.
  
  A base 2013 Dart was $16K MSRP. At that rate it doubled once every 13 years or so from 1970...certainly not every year like dudebro said

38 comments