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Every graph about the US (fedia.io)
submitted 10 months ago by to c/politicalmemes@lemmy.world
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[–] 50 points 10 months ago (2 children)

For those that don't know, 1971 is when President Richard Nixon ended the convertibility of U.S. dollars into gold for foreign governments. The final abandonment in 1971 moved the U.S. to a pure fiat money system, where the currency's value is based on government decree rather than a physical commodity like gold.

Reagan slashed taxes for the wealthy and introduced the whole idea of trickle down economics.

These fuckers have been stealing from us for half a century.

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  • [–] 29 points 10 months ago (1 child)

    Rebranded the idea of trickle down.

    The concept has existed since the late 19th century; it was formerly called "Horse and Sparrow Economics," as the horses eat the whole grains, and sparrows peck their meals from the horseshit.

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  • [–] 13 points 10 months ago

    Dems have always had a messaging issue, but undoing that rebranding would be a step in the right direction.

    That’s a striking mental image. And it’s becoming increasingly obvious that’s exactly what’s happening—we get to pick the scraps out of the billionaires’ shit.

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  • [–] 4 points 10 months ago

    The Currency's value is not based on government decree but they do have the ability to alter it by changing the money supply though the value can change independent of their actions. Frankly, having a fiat currency that represents a portions of that nations economic output makes alot more sense than something like precious metals but the guardians of that fiat currency in the US have class interests that stand at odds with most of the country and the use of the US dollar as a reserve currency was a temptation that America couldn't handle.

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