{"id":6922,"date":"2015-03-29T08:17:55","date_gmt":"2015-03-29T13:17:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6922"},"modified":"2015-03-29T08:17:55","modified_gmt":"2015-03-29T13:17:55","slug":"we-now-live-in-a-pimpocracy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6922","title":{"rendered":"We Now Live in a \u201cPimpocracy\u201d"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/we-now-live-in-a-pimpocracy\/\" target=\"_blank\">We Now Live in a \u201cPimpocracy\u201d<\/a><\/h3>\n<h3><strong>Shabby Immensity<\/strong><\/h3>\n<p>Today, we continue mouth wide open \u2026 staggered by the shabby immensity of it \u2026 a tear forming in the corner of our eye.<\/p>\n<p>Yes, we are looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971. It is not pretty.<\/p>\n<p>We already know about the money. Since 1971, it\u2019s been a credit-based, not a gold-based, system. The pre-1971 economy had three key characteristics:<\/p>\n<p>1) It was healthy \u2013 Industry made things and sold them at a profit<\/p>\n<p>2) It was fair \u2013 Financial progress was fairly evenly distributed.<\/p>\n<p>3) It was solvent \u2013 The US was a creditor, not a debtor, nation.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-36592\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/03\/cartoon_bushPimp_stockmarketHooker_472x373.gif\" alt=\"cartoon_bushPimp_stockmarketHooker_472x373\" width=\"600\" height=\"459\" \/><\/p>\n<p>Cartoon by David Horsey<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-36591\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/03\/baldwinPI_fig2.png\" alt=\"baldwinPI_fig2\" width=\"600\" height=\"348\" \/>Change in global share of manufacturing output, selected countries (via Vox EU)<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h3><strong>Platitudes and Hypocrisies<\/strong><\/h3>\n<p>Americans still say they believe in free markets, democracy and financial rectitude. But only as platitudes and hypocrisies. America\u2019s industries have largely been shipped over to China and other lower-cost producers in the emerging world.<\/p>\n<p>That didn\u2019t \u201cjust happen.\u201d The Fed\u2019s EZ money financed it. American consumers borrowed to spend more than they could afford. Walmart met their desires (if not their needs) with \u201cEveryday Low Prices,\u201d courtesy of low-paid Chinese workers.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We Now Live in a \u201cPimpocracy\u201d Shabby Immensity Today, we continue mouth wide open \u2026 staggered by the shabby immensity of it \u2026 a tear forming in the corner of our eye. Yes, we are looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in [&hellip;]<\/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":[936,4496,4497,2813,4498,4219],"class_list":["post-6922","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bretton-woods","tag-credit-based-monetary-system","tag-gold-based-monetary-system","tag-manufacturing","tag-pimpocracy","tag-richard-nixon"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6922","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=6922"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6922\/revisions"}],"predecessor-version":[{"id":6923,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6922\/revisions\/6923"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}