{"id":18078,"date":"2016-02-22T16:02:05","date_gmt":"2016-02-22T21:02:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18078"},"modified":"2016-02-22T16:02:05","modified_gmt":"2016-02-22T21:02:05","slug":"the-fatal-flaw-that-has-doomed-our-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18078","title":{"rendered":"The Fatal Flaw That Has Doomed Our Economy"},"content":{"rendered":"
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The Fatal Flaw That Has Doomed Our Economy\u00a0<\/a><\/h3>\n<\/div>\n
What Went Wrong?<\/strong><\/div>\n
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BALTIMORE \u2013 We are searching for an insight. Each time we think we see it\u2026 like the shadow of a ghost in an old photo\u2026 it gets away from us. It concerns the real nature of our money system\u2026 and what\u2019s wrong with it. Here\u2026 we bring new readers more fully into the picture\u2026 and try to spot the flaw that has doomed our economy.<\/p>\n

Let\u2019s begin with a question. After the invention of the internal combustion engine, people in Europe\u2026 and then the Americas\u2026 got richer, almost every year. Earnings rose. Wealth increased. Then in the 1970s, after two centuries, American men ceased making progress.<\/p>\n

\"Lenoir-Engine\"<\/a>1859: Frenchman Etienne Lenoir builds a \u00a0double-acting, spark-ignition engine that can be operated continuously. The internal combustion engine is born.<\/p>\n

Despite more PhDs than ever\u2026 more scientists\u2026 more engineers\u2026 more capital\u2026 more knowledge\u2026 more Nobel Prizes\u2026 more college graduates\u2026 more machines\u2026 more factories\u2026 more patents\u2026 and the invention of the Internet\u2026 after adjusting for inflation, the typical American man earned no more in 2015 than he had 40 years before.<\/p>\n

Why? What went wrong? No one knows. But we have a hypothesis. Not one person in 1,000 realizes it, but America\u2019s money changed on August 15, 1971. After that, not even foreign governments could exchange their dollars for gold at a fixed rate.<\/p>\n

The dollar still looked the same. It still acted the same. It still could be used to buy booze and cigarettes. But it was flawed money. And it changed the whole world economy in a fundamental way\u2026 a way that is just now coming into focus.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Fatal Flaw That Has Doomed Our Economy\u00a0 What Went Wrong? BALTIMORE \u2013 We are searching for an insight. Each time we think we see it\u2026 like the shadow of a ghost in an old photo\u2026 it gets away from us. It concerns the real nature of our money system\u2026 and what\u2019s wrong with it. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,6190,195,246,366,536,839],"class_list":["post-18078","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-bill-bonner","tag-debt","tag-economy","tag-global-economy","tag-money","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18078"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18078\/revisions"}],"predecessor-version":[{"id":18079,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18078\/revisions\/18079"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}