TD₿: WTF Happened in 1971? by Peter McCormack with Ben Prentice and Heavily Armed Clown

TL;DR The easy money experiment adopted since 1971 has led to all kinds of negative consequences for our society today.

Hey Bitcoiners, 

In 1971, President Richard Nixon suspended the convertibility of the US Dollar to gold thus ending the last remnants of a gold standard.

Now, instead of currencies being pegged to gold, they’re considered free-floating currencies. In other words, fiat currencies can now be more easily printed by central banks and governments than ever before.

This fateful decision permanently moved the global financial system away from hard money to a world of easy money.

The ramifications of easy money have led to all kinds of negative consequences such as sky-rocketing debt, decreased productivity, increased wealth inequality, and slowed economic growth.

Ben Prentice and Heavily Armed Clown dove deep into this topic in this podcast on how our world has changed since the US left the gold standard in 1971 (04/14/2020).

It’s time we ended the experiment of easy money and all the negative externalities it brings, and instead adopt a hard money for the digital age.

Tick tock next block,
Cory Klippsten

PS - Make sure to check out all the data and charts at wtfhappenedin1971.

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“We choose to HODL bitcoin, not because it is easy, but because it is hard money; because the goal will serve to organize & measure the best of our energies & skills, because the challenge is one we are willing to accept, one we are unwilling to postpone, & one we intend to win.” - Jameson Lopp, Co-Founder & CTO of Casa

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