>From of all places... Wiki, on the matter... seems WELFARE was one of the major causes.....
For the first years after World War II, the Bretton Woods system worked well. With the Marshall Plan <http://en.wikipedia.org/wiki/Marshall_Plan> Japan and Europe were rebuilding from the war, and foreigners wanted dollars to spend on American goods – cars, steel, machinery, etc. Because the U.S. owned over half the world's official gold reserves – 574 million ounces at the end of World War II – the system appeared secure.[2]<http://en.wikipedia.org/wiki/Nixon_Shock#cite_note-Lowenstein-2> However, from 1950 to 1969, as Germany and Japan recovered, the US share of the world's economic output dropped significantly, from 35 percent to 27 percent. Furthermore, a negative balance of payments<http://en.wikipedia.org/wiki/Balance_of_payments>, growing public debt <http://en.wikipedia.org/wiki/Public_debt> incurred by the Vietnam War <http://en.wikipedia.org/wiki/Vietnam_War> and Great Society<http://en.wikipedia.org/wiki/Great_Society> programs, and monetary inflation <http://en.wikipedia.org/wiki/Monetary_inflation> by the Federal Reserve caused the dollar to become increasingly overvalued in the 1960s.[2]<http://en.wikipedia.org/wiki/Nixon_Shock#cite_note-Lowenstein-2> http://en.wikipedia.org/wiki/Nixon_Shock On Wednesday, April 16, 2014 6:41:43 PM UTC-6, MJ wrote: > > > > > *The exponential growth starts way back in 1913, but the graph doesn't > really start to take off until about 1970. I wonder if it is really Nixon's > fault for closing the gold window in 1971? * > *Consumer prices since 1775 in the USA. See anything strange? (Chart) *By > Editor <http://www.againstcronycapitalism.org/author/editor/> on April > 16, 2014 > > [image: price index cc] > > http://www.againstcronycapitalism.org/2014/04/consumer-prices-since-1775-in-the-usa-see-anything-strange-chart/ > > -- -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. --- You received this message because you are subscribed to the Google Groups "PoliticalForum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
