The Fed is about to raise interest rates and shaft American workers – again
- Thread starter BidenPresident
- Start date
evince
Truthmatters
https://en.m.wikipedia.org/wiki/Nixon_shock
The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.[1]
Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative.[2] While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies.[3]
The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.[1]
Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative.[2] While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies.[3]
ExpressLane
Verified User
It will help people who worked and saved their money. It will also help slow inflation some.
evince
Truthmatters
The Nixon Shock has been widely considered to be a political success, but an economic failure in bringing on the stagflation of the 1970s and leading to the instability of floating currencies. The dollar plunged by a third during the 1970s
Stagflation was created by Nixon
You shits lied and said Carter caused it
Stagflation was created by Nixon
You shits lied and said Carter caused it
evince
Truthmatters
https://en.m.wikipedia.org/wiki/1973_oil_crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.[1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974,[2] the price of oil had risen nearly 300%, from US$3 per barrel ($19/m3) to nearly $12 per barrel ($75/m3) globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.[1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974,[2] the price of oil had risen nearly 300%, from US$3 per barrel ($19/m3) to nearly $12 per barrel ($75/m3) globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
Joe Capitalist
Racism is a disease
They are still historically low. I remember when Ii bought my first home in 1984, my mortgage rate was 9%. I remember my dad said his mortgage rate in 1963 was 5% and I thought it would never get below that again. Well, it's been below that for over a decade. It historically should be around 4-6%.
evince
Truthmatters
I bought at 11% on my first home
It had gone down enough I could make it possible
At one point I remember 17%
yes they must be raised and that should have started last year but no chance Biden would pressure Powell to do so and Wall Street certainly didnt want it.
Carter's problem was that he failed to act in a timely or effective manner.
evince
Truthmatters
https://www.google.com/amp/s/financ...n-it/why-mortgage-rates-matter-152241574.html
Just Explain It
Why Mortgage Rates Once Reached a Sky-high 18.5%
Zelkadis Elvi
November 22, 2013
Wholely shit
It got worse than I remember
Just Explain It
Why Mortgage Rates Once Reached a Sky-high 18.5%
Zelkadis Elvi
November 22, 2013
Wholely shit
It got worse than I remember
ExpressLane
Verified User
My 2nd house was 13% You would have liked the place. It had 3 toilet seats you could lick.
evince
Truthmatters
ExpressLane
Verified User
Inflation was under control due to his sound leadership. Toilet licker.
ExpressLane
Verified User
And yet Reagan fixed it. Carter was the worst President in 75 years....until Biden.
evince
Truthmatters
You just ignored all the facts I gave you fucking shit pile