It wasn't the average person's fault. In some respect, there is never really a person or group of people to blame since blame doesn't usually get us very far, if we learned anything about the aftermath of the First World War, for example... but in another respect, if we wanted to blame anyone, let's blame Harry Dexter White, who had the opportunity to take Keynes's bancor plan at Bretton Woods and say, "Excellent. Let's do that, except none of us gets special drawing rights. Each country is truly equal to the central bank, and in that way, no nation can dictate the regulatory mechanisms in their own favor, because that would of course defeat the whole purpose of deficit and surplus regulation" but instead said, "Excellent, except instead of a neutral reserve currency, let's make sure the US is unlikley to ever depend on any other country or the central bank for financial supremacy by making the dollar the reserve currency, and pretend that's sustainable by saying for now it's going to always be backed by gold, even though Nixon can just opt out of respecting that sad excuse for a safety measure a few decades from now, and only poor people who've been made all the poorer by that time will suffer from the immediate fallout resulting from the bubble's inevitable burst. That way the US can bask in its dominance as long as possible, regardless of any and all future consequences for the supply chains that are becoming increasingly interdependent and international."
I mean, of course he didn't actually say that verbatim, cause that would have required an impossible degree of humility, insight, and psychic fortune-telling re: the Nixon shock, but it was all implied in what he did say, and so ultimately, the economic recessions and troubles the world has been facing since the 70s and especially since 2008 were all actually already building up since the 40s and are all Harry Dexter White's fault.
Feel any better? lol
Rachel has moved...!
npub1zs…ag0d2
2024-09-27 19:41:49 UTC
in reply to nevent1q…asq2
Author Public Key
npub1zs9rwqnftwgyfxdgzsk2dc73ucjza5wur7jrx3d49udg4hhklfhq0ag0d2Seen on
wss://relay.momostr.pinkPublished at
2024-09-27 19:41:49 UTCEvent JSON
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