WTF Happened In 1971?

Here’s a brief summary of the article: The article ‘WTF Happened In 1971’ presents a comprehensive analysis of various societal, economic, and political changes that occurred during the year 1971. It covers an extensive range of topics, each illustrated with relevant images or graphs. The article begins by touching on wage stagnation and racial inequality, followed by a section on the growing wealth gap and the evolving concept of dual-income households. It then delves into economic metrics such as inflation, the purchasing power of the dollar, and the changing consumer price index. The article also discusses the American housing market and the increasing prices of homes in Amsterdam. Several charts showcase the rising national debt, federal deficit, and public debt held by the public. It presents a visual representation of the stock market’s performance and speculates on the growing speculation in the market. The article further explores declining savings rates and trade balances, along with a rise in bond yields and energy consumption per capita. It touches on the ideological shifts and political polarization happening during this period. Additionally, it addresses issues like the increasing incarceration rate, migration patterns, changing family structures, healthcare concerns, and trends in meat consumption. The piece concludes with a quote from economist F.A. Hayek, emphasizing the need to remove money management from the hands of governments to ensure a stable monetary system. 1971 seemed to be a pivotal year for many cultural, economic, and political shifts, and the article captures a snapshot of these changes through its wide-ranging topics.