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by notthemessiah
535 days ago
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He ended inflation by causing a brutal recession through extreme interest rate hikes, which resulted in an irreversible shift in economic paradigms which caused the US to abandon its industrial lead as we faced recession, idle capital accumulation, and mass unemployment. The US became a deficit economy after that point. Nixon, though he caused the original shock, originally wanted to keep the Bretton Woods system intact, but that was impossible after what he did. |
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Neat. I'm born just in time for the sequel. I wonder how insulting it was back then to be told "we're doing fine" by the feds moments before disaster (that's where we are now).
wonder what we're moving to after the deficit economy. Can we do Coke bottle caps?