What Happened in 1971?

[ABNARTY]

Good stuff. Thanks for posting. 


Like the author, I find that level of economics confusing. I would like to see a graph (if it is even possible) of world economic metrics through history with the ebb and flow of central bank influence/authority.

Here is a chart showing the buying power of a dollar from 1799 to now:



It is relatively flat until about 1914, then it begins to rise a bit, but around 1971, it takes off like a gasoline fire.

I got that image from this article




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Good stuff! I am guess the increase around 1914 might have something to do with the creation of the Fed and income tax in 1913. I can see some turbulance with WWII in there but you're right. Around 1971 it gets crazy. And sad for the American tax payer.