From the Wall Street Journal:
> On this day in 1971: Alarmed at a 4.5% annual inflation rate, President Richard Nixon issued an executive order declaring a 90-day freeze on wages and prices. Within three years, inflation was at a record 12.2% and the nation was in the worst recession since 1929.
Yeah really great idea taking the dollar completely 100% off the gold standard, way to go, Nixon. Price controls? Really? That's your damage mitigation.
This asshole was reading all the time. Did he ever read a book on basic economics in his whole life? I mean how much of his actions between this and the war were from stupidity and being in that incentive structure and told this and that by military and interested parties, and how much of it was deception on his part? I've never looked very far into it but I'm curious now.
Kevin's Bacon
npub18h…d8059
2024-08-15 18:00:50
Author Public Key
npub18hdy2qy2qwga0ye7rtnucwuyf07erjfdmm7s74wwdt7sy4mk7tdsdd8059Published at
2024-08-15 18:00:50Event JSON
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"content": "From the Wall Street Journal:\n\n\u003e On this day in 1971: Alarmed at a 4.5% annual inflation rate, President Richard Nixon issued an executive order declaring a 90-day freeze on wages and prices. Within three years, inflation was at a record 12.2% and the nation was in the worst recession since 1929.\n\nYeah really great idea taking the dollar completely 100% off the gold standard, way to go, Nixon. Price controls? Really? That's your damage mitigation.\n\nThis asshole was reading all the time. Did he ever read a book on basic economics in his whole life? I mean how much of his actions between this and the war were from stupidity and being in that incentive structure and told this and that by military and interested parties, and how much of it was deception on his part? I've never looked very far into it but I'm curious now.",
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