chips, household products....what you're saying is manufacturing has left the US.
fungible shitty unnecessary goods have rock bottom prices. costs of things human beings need to live like education/training, health care, food housing have skyrocketed.
I completely agree with you that getting off the gold standard and letting a leprechaun like Yellen skyrocket inflation to cover for bad political mistakes, is a terrible idea and 1971 is a huge inflection point in United States on numerous economic graphs and indicators, as we've both seen the website.
Keep in mind the late 60s were also when immigration started it's upward trajectory as well with the 1965 immigration act, and now we're letting in the equivalent of an entire new U.S. state every year.
The Bretton woods change was to allow stimulation of the economy - because things at home were losing momentum (relatively speaking) as other countries manufacturing bases and economies recovered from the damage from WW2. It was a way of keeping the US a few steps ahead.
Printing gold backed dollars quickly doesn’t work very well when you can’t increase the rate of mining gold quickly. Non gold backed dollars are a lot easier.
As long as goods and services can be made cheaper every year, it works well since inflation isn’t felt badly - there aren’t any supply restrictions where something is going to get noticeably too expensive.
All the things I talked about though all have that issue - they can’t be made cheaper somewhere else. someone can only build so many houses in LA before there is literally no more room, and someone building a house in Shanghai doesn’t help anyone in SF live closer to work. Building a new college/university in Vietnam isn’t going to help a kid in Oregon get their degree.
We’ve been exporting inflation because it’s worked. But when other countries stop being so much cheaper, or costs of critical things for the population finally exceed affordability, it doesn’t.
Yellen, Powell, and others are just following the rules and mandate they are given.
fungible shitty unnecessary goods have rock bottom prices. costs of things human beings need to live like education/training, health care, food housing have skyrocketed.
I completely agree with you that getting off the gold standard and letting a leprechaun like Yellen skyrocket inflation to cover for bad political mistakes, is a terrible idea and 1971 is a huge inflection point in United States on numerous economic graphs and indicators, as we've both seen the website.
Keep in mind the late 60s were also when immigration started it's upward trajectory as well with the 1965 immigration act, and now we're letting in the equivalent of an entire new U.S. state every year.