The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

What happened in 1971?

Hai

Beauty is Truth
Speedway Pass
User Power
Value/Post Ratio
129%
Jan 1, 2015
556
716
34
interesting

w/o too much politics, thoughts?

Exponential technological advancement.

 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GPM

Legendary Contributor
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
376%
Oct 25, 2012
2,067
7,775
Canada
Canada sold all of it's gold holdings a few years ago. Something about it being a useless barbaric relic or some such.

These are the people we put out trust in. Lol. Government... they know what's best!
 
G

Guest-5ty5s4

Guest
interesting

w/o too much politics, thoughts?

We got off the gold standard, basically unhinging the US dollar from any meaningful measure of value.

Massive inflation has ensued.

The rich and poor have been pitted against each other, when it's the government and the Central Bank who have been creating the problem all along.

Just another tool in the toolbox for people who want "socialism" to come to the "freest" country of all time...
 
Last edited by a moderator:

AFMKelvin

Some Profound Quote Goes Here
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
199%
Jan 26, 2016
733
1,456
31
Rice, Texas
This is not factoring the current paper manipulation in gold to suppress its price.

Russia and China own a lot more gold than they declare to have.
Take this with a grain of salt but I've heard a lot of chinese gold is fake. And they have given some of this fake gold to the US and that's how they found out. I wouldn't trust China and Russia to be honest.


Also China's Communist Party apparently owes people over $90 billion on the old bonds from the Chinese Emperor.


And since the nobody in the world trusts China and what they say they're also running out of dollars.

 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
G

Guest-5ty5s4

Guest
Take this with a grain of salt but I've heard a lot of chinese gold is fake. And they have given some of this fake gold to the US and that's how they found out. I wouldn't trust China and Russia to be honest.


Also China's Communist Party apparently owes people over $90 billion on the old bonds from the Chinese Emperor.


And since the nobody in the world trusts China and what they say they're also running out of dollars.


*Global economic collapse*

US to China: “Welcome to the party, pal!”
 

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
118%
Feb 8, 2019
3,457
4,079
Singapore
Take this with a grain of salt but I've heard a lot of chinese gold is fake. And they have given some of this fake gold to the US and that's how they found out. I wouldn't trust China and Russia to be honest.


Also China's Communist Party apparently owes people over $90 billion on the old bonds from the Chinese Emperor.


And since the nobody in the world trusts China and what they say they're also running out of dollars.

They import much more gold than what they export. So there is speculation that the government is owning a lot more than what they declare to have.
 
G

GuestUser4aMPs1

Guest
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

socaldude

Saturn Sedan and PT Cruiser enthusiast.
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
212%
Jan 10, 2012
2,380
5,043
San Diego, CA
They import much more gold than what they export. So there is speculation that the government is owning a lot more than what they declare to have.

Im sure the price of gold and silver is heavily manipulated by institutions and governments. It’s just probably done in a hidden and clever way. Thats my tin foil hat gut feeling. Not too long ago JPmorgan was fined for manipulating silver futures.

Just like the US dollar right now. Plunge protection team is doing a decent job. LOL
 
Last edited:

PapaGang

Gold Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
256%
Jul 10, 2019
637
1,632
Milwaukee, WI
ZeroHedge has a write up and interview with the creators of WTFHappenedIn1971.com about how it went down.

As far as crypto, I hear a lot of bankers talk about how Bitcoin will be made illegal (of course, since it poses a serious threat to them).

Problem is, that's a very wiley cat to put back in the bag. Good luck.

It's the same problem the music industry had with Napster and torrent sites. At some point, we digital citizens broke that old model of music delivery, and we've never looked back.
 

PapaGang

Gold Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
256%
Jul 10, 2019
637
1,632
Milwaukee, WI
I remember reading a book about how the Conquistadors found Mayan cities that were using gold to roof their homes. Apparently, the Mayans thought gold was a shitty metal not useful for much. They were kind of right. Terrible for weapons, can't make cookware with it, too soft. It's a pretty good conductor, but honestly a person could make an argument that gold also only holds value because enough people believe it's worth something.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
D

Deleted78083

Guest
I stumbled across Eric Weinstein on Glenn Beck's podcast and they talked about this (to some extent).

To summarize: institutions are built on the assumption that an economy built on technological innovation is going to keep on growing exponentially. This enables institutions to promise their people that their lives "will keep on getting better".

As long as economic growth happens, life keeps on getting better indeed. However, comes a time when growth reaches a peak. The pie is no longer growing fast enough to enable everyone to get a bigger slice, and so technically speaking, the next generation becomes poorer (us the millennials yeah).

It seems that is what happened in 1971-1973 in the US. The economy reached a peak in exponential growth. What unfolded after was some sort of financial dark magic to make everyone believe the economy kept on growing.

You can find the vid here (first 20 minutes).

View: https://youtu.be/fOUJKuTKReg


The rest is my own theory:

Unable to grow, the US exported the building of wealth to Asia (Nixon visited China in 1972).

In the short term, it was better politically. You could manufacture 10 toys in China for the price of 1 toy in the US, and please 10x more electors at the same time. The people felt they were getting richer (and they were), but it was at the cost of the strength of their currency.
All of these Asian economies developped thanks to the fact that they were manufacturing the lives of the American people. Comes a time though, when Asian labor costs start catching up. The possibility to manufacture for cheaper no longer exists, the currency loses value because the economy almost entirely outsourced itself, and the people in shock, realize that not only they make less money, but that everything is more expensive.

So America is double f*cked. It is no longer growing AND it can no longer outsource the manufacturing of products at lesser cost due to rise of foreign currency prices and fall of domestic currency prices. What do you do then? You decrease spending, put people back into factories and limit import. And you stop printing.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top