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this post was submitted on 23 Apr 2026
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No, it's not about fiat currency, it's about the changes to the economy caused by the rise of MBAs and business executives who had different ideas about the way business should use profits (stock buybacks and hiring bureaucrats rather than raises and expansion) and what a company should do (make money rather than provide goods and services at a profit). Read some Graeber to understand more. All this was part of the beginnings of neoliberalism which is the actual problem here, and the end of countries following Keynesian economic policies. And in the US the weakening of unions and the new deal also played a role.
Well at least that's the case for the economic graphs there. Things like single motherhood and higher divorce rates stem from feminism winning the right to no fault divorce and the ability for a single mother to be less trapped into a relationship she doesn't want. Several of these graphs stem from social changes in the late 20th century.
There were a lot of economic issues under metallic currency including somewhat frequent panics and crashes.
Well it's a good thing we fixed the frequent panics and crashes. That would be dangerous.