Discover and read the best of Twitter Threads about #wtfhappenedin1971

Most recents (7)

1/ US Debt by years until maturity, a thread.
#bonds #debt #bitcoin #macro #wtfhappenedin1971
2/ Yield curve is a hot topic. I figured a deep dive into the US gov debt maturities would be useful for some. US gov debt is skewed to short term, just like our elected representatives (surprise!).
Chart note: the 2 year bar includes 28 year old 30Y, 3 year old 5Y, so on
3/ The US has $23T in marketable and $7T in non-marketable debt. Non-marketable includes debt held by the military pension, etc. The US government has *many* liabilities beyond these bills/notes/bonds issued directly by the US government.
Read 21 tweets
Federal Reserve Chair Jerome Powell is holding a Q&A with students and teachers right now and are using #FedTownHall. Can we also flood it with #EndTheFed?
#EndTheFed - I think you can also maybe submit questions here:…
Read 5 tweets
The Taliban spokesman got a question about freedom of speech and he said the question should be asked to US companies like Facebook who claim to promote it while still censoring
I don’t buy that this is whataboutism. It’s valid to point out the hypocrisy of those who might judge you
Also, since this is blowing up: Ron Paul was right. Check out my pinned tweet, and #EndTheFed. #FedTownHall The failed war couldn’t have happened without the Federal Reserve inflating the money supply to support it.
Read 17 tweets
Lot of folks commemorating the 50th anniversary of the Nixon Shock today as the death of Bretton Woods (#wtfhappenedin1971). While indeed it was the formal announcement of the death of that regime, in practice Bretton Woods had failed much sooner. A short thread 🧵
Arguably the Bretton Woods regime was doomed to fail from the start. It was much inferior to the Bancor proposal from Keynes and Schumacher for a supranational unit of account to facilitate multilateral clearing. But it won out due to American political might
In the first years after the war, the Fed was subservient to the Treasury. But in the 1951 Treasury-Fed accord, the Fed won its independence back, and laid the foundation for the open market operations that would define monetary policy for decades to come.
Read 14 tweets
Nixon gets all the credit but it was actually FDR who set the fall of the Gold Standard in motion. #wtfhappenedin1971

Buckle up, kids. it’s story time.
Picture it: America, 1933,

The Lone Ranger had just debuted on American radio

The Blaine Act ended Prohibition in all 50 states.

And America was 4 years deep in the Great Depression.
In March, President Roosevelt declared a nationwide bank moratorium in order to prevent a run on the banks by consumers lacking confidence in the economy.
Read 25 tweets
1/ 50 years ago today, the US, lead by President Richard Nixon, unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. #wtfhappenedin1971
2/ Afterwards currencies around the world became fiat currencies, and the global monetary system became less ordered.
3/ This was the first time in human history that this happened, where all currencies in the world at the same time were rendered into fiat currencies, which are backed by ...nothing, it's money by decree.


Want to learn more? 👇
Read 4 tweets

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