Thursday, April 1, 2021

WTF Happened In 1971?

That site will show a bunch of charts that seem to indicate that going off the gold standard was a bad idea. It should be pointed out that 9 out of 10 economists disagree with that assessment.  

OTOH, a visit to "Worst Economic Predictions" will show they are far from always right. My favorite of is this quote from Keynes, the godfather of economists in 1927, who claimed to solved the problem of recessions: “We will not have any more crashes in our time.” Perhaps he meant we will just call them depressions now?
I think all economists would agree with Galbraith, who said "Economics is extremely useful as a form of employment for economists." 

We ought not be too hard on them. As the baseball philosopher Yogi Berra informed us; "Predictions are hard to make, especially about the future". 

A look at this site will give you some background on the charts. 

I continue to believe that having "5%" or maybe a bit more of your wealth in metals. I prefer gold and silver coins in a safety deposit box. 

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