Drudge Retort: The Other Side of the News
Monday, May 05, 2025

Looking at historic economic data can sometimes be a bit ... bleak ... Over the last 5 decades wages have been left behind by economic productivity, houses have gone from an essential good to a coveted investment, we are saving less money than ever before, prices for everyday goods have outpaced earnings,

The financial industry has become the largest sector in the economy, debt around the world has spiked to unsustainable levels, and inequality has broken new records ...

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"For the first time since the gilded age the top 0.1% in America controls more wealth than the bottom 90% COMBINED.

Elon Musk ALONE recently became the richest person in history, topping even the generous inflation adjusted estimates of John D Rockefeller in his prime ... although to be fair John D's prime lasted a lot longer than musks did ...

ANYWAY ... all of this data tells a concerning story of a world that is heading in a bad direction, a direction that we have seen end in catastrophe many times throughout history before.

But if you have keen eyes (or you just read the title of this video) you might have noticed that all of these alarming indicators all took a bad turn at around the same time ...

Soo what happened in 1971?"

;
It turns out that the early 80's were what directed and extended the monetary events of the early 70's.

#1 | Posted by Corky at 2025-05-05 07:40 PM | Reply

Soo what happened in 1971?"
;
It turns out that the early 80's were what directed and extended the monetary events of the early 70's.

Posted by Corky at 2025-05-05 07:40 PM | Reply

I was born

#2 | Posted by LauraMohr at 2025-05-05 07:41 PM | Reply

#2

I was in TX at the time! &*)

#3 | Posted by Corky at 2025-05-05 07:43 PM | Reply

1. The 80s directed the early 70s?

We got a time machine somewhere along the line and I missed it.

#4 | Posted by Dbt2 at 2025-05-05 07:49 PM | Reply

#4

My Wayback Editing machine is sometimes broken, but I stand by that awkward sentence, lol.

The monetary events concerning Nixon's actions on Gold in the early 70's were later directed, and their effects extended in the 80's, by Reagan's monetary actions based on those events.

#5 | Posted by Corky at 2025-05-05 08:00 PM | Reply

@#1 ... For the first time since the gilded age the top 0.1% in America controls more wealth than the bottom 90% COMBINED ...

Yeah, that seems to be the gist of the cited video.

But watching the first few minutes, I did not get the sense that the video's creator was coming to a conclusion for the question they asked, just rambling on and on ...

The graph of data shown as the video's ~cover page~ by youtube is interesting. I didn't see a source for the data of that chart, though.


#6 | Posted by LampLighter at 2025-05-05 08:02 PM | Reply

"The financial industry has become the largest sector in the economy, debt around the world has spiked to unsustainable levels, and inequality has broken new records"

Thanks, Capitalism!

#7 | Posted by snoofy at 2025-05-05 08:13 PM | Reply | Newsworthy 1

#7 | Posted by snoofy

Capitalism enriched the world. It's bastard son Globalism was a race to the bottom.

#8 | Posted by HeliumRat at 2025-05-05 09:00 PM | Reply

#7 | Posted by snoofy
Capitalism enriched the world. It's bastard son Globalism was a race to the bottom.

#8 | Posted by HeliumRat

I don't think you know what Globalism is.

#9 | Posted by Sycophant at 2025-05-05 09:08 PM | Reply

- just rambling on and on ..

No, that's a Shrimpdick post.

The thread video, like most such info videos, has a Transcript link that open on the same page.

It's located under, 'More' below the video.

#10 | Posted by Corky at 2025-05-05 09:14 PM | Reply

@#10 ... It's located under, 'More' below the video. ...

I clicked on the Transcript link.

But nothing came up.

The video just started replaying.

I do watch many, many videos on youtube, but it's been a while since I have seen one behave as this one seems to behave.

Is there something about this video that the security software I have installed here seems to object to?

Possibly.

As I noted, I watch a lot of videos on youtube. Very few have had the result that I saw here.

imo, a garbage video.

And, as a suggestion, maybe you should look at upgrading your security software?



#11 | Posted by LampLighter at 2025-05-05 09:32 PM | Reply

The Transcript window opens fine in the upper rhand corner for me. I use several security programs, having been in the IT business all my adult life.

None of them are set to stop an internal yt vid popup from werking.

But hey, try this one if you like... it's about how Trump is succeeding with Make America Russia Again, by a Russian; it's about how the libs in Russia are now coping with Vlad's Z movement, not fighting it.

The same as here, almost.

www.youtube.com

#12 | Posted by Corky at 2025-05-05 09:58 PM | Reply

August 15, 1971 - President Richard Nixon announces that the United States will no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. He also imposes a 90-day freeze on wages, prices and rents.

en.wikipedia.org

#13 | Posted by ClownShack at 2025-05-05 10:04 PM | Reply | Newsworthy 4

The US stopped using the Gold Standard

#14 | Posted by silentwalker at 2025-05-05 10:13 PM | Reply | Newsworthy 1

Gold is making a comeback because Trump is sabotaging the full faith and credit of the United States Government.

#15 | Posted by snoofy at 2025-05-05 10:15 PM | Reply

Ray is excited!

#16 | Posted by ClownShack at 2025-05-05 10:17 PM | Reply

I wonder if they buried Ray's Gold with him? I'm sure they buried that Bible he authored with him, lol. Maybe we should get some shovels and..... naw. Wouldn't be prudent.

#17 | Posted by Corky at 2025-05-05 10:35 PM | Reply

Maybe Trump will give Ray the last laugh. Wouldn't that be the drizzling Shhht???

#18 | Posted by LauraMohr at 2025-05-05 10:43 PM | Reply

@#13 ... August 15, 1971 - President Richard Nixon announces that the United States will no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. He also imposes a 90-day freeze on wages, prices and rents. ...

Finally, a comment that does not make me watch some droning video.

So, 1971 was the end of the gold standard?

Interesting.


#19 | Posted by LampLighter at 2025-05-05 11:18 PM | Reply

@#15 ... Gold is making a comeback because Trump is sabotaging the full faith and credit of the United States Government. ...

Yeah, it recently hit an all-time high, somewhere around $3,400 an ounce.

It has backed off that and Pres Trump as put his tail between his legs and retreated on his tariffs positions, though.

Interesting, also, Sec Bessent seemed to find the need to say at this week's Milken Conference that the US still remains the center of global investment.

Milken Crowd Warms Up to Tariffs While Condemning All the Chaos
www.livemint.com

... At times, the conference offered a split screen of confidence and concern.

On one side, Bessent emphasized that the US is in a strong negotiating position, remains the "premier destination" for international capital and will become an even more appealing environment for "investors like you."

But many Wall Street leaders painted a vivid picture of C-suite uncertainty. ...




#20 | Posted by LampLighter at 2025-05-05 11:27 PM | Reply

@#20

And, fwiw ...

Global Conference 2025
milkeninstitute.org

... The Milken Institute Global Conference brings together the world's brightest minds to address the most urgent challenges and unlock the most promising opportunities of our time. This premier event connects individuals with the capital and influence to drive change with experts and innovators transforming health, finance, business, technology, philanthropy, industry, and society.

In today's complex world, we face escalating geopolitical tensions, an intensifying climate crisis, economic inequality, public health challenges, and the rapid advancement of artificial intelligence. These forces are reshaping industries, governance, and the global workforce. The 28th annual Global Conference will unite our diverse, forward-thinking community to tackle these critical issues and explore solutions that pave the way for a more sustainable, equitable, and resilient future.

Join us to reflect on recent disruptions and innovations, and translate insights into meaningful actions to create healthy, prosperous lives for all. ...


#21 | Posted by LampLighter at 2025-05-05 11:30 PM | Reply

The US stopped using the Gold Standard

So, they could get America hooked on credit cards! Free money! Thanks, Capitalism!

#22 | Posted by lee_the_agent at 2025-05-06 10:25 AM | Reply

I don't know how it happened but it's true. I became totally addicted to food clothing and shelter. What's worse is so did my kids. None of which is free. (Was it ever?)

tinstaafl

#23 | Posted by donnerboy at 2025-05-06 10:42 AM | Reply

""For the first time since the gilded age the top 0.1% in America controls more wealth than the bottom 90%
#1 | Posted by Corky"

The top .1% of US households own $24.5T or 13.8% of US wealth
The bottom 90% of US households own $48.3T or 30.2% of US wealth

So, your comment starts out of an out and out lie. Further, the value of transfer payments alone (welfare, etc) for the bottom 90% is almost 2x the total wealth of the top .1%. The bottom 90% receives ~$2T per year in transfer payments - assuming this is an investment with a 4% yield, it is equivalent to a $48T value.

#24 | Posted by ScottS at 2025-05-06 10:52 AM | Reply

""For the first time since the gilded age the top 0.1% in America controls more wealth than the bottom 90%
#1 | Posted by Corky"
The top .1% of US households own $24.5T or 13.8% of US wealth
The bottom 90% of US households own $48.3T or 30.2% of US wealth
So, your comment starts out of an out and out lie. Further, the value of transfer payments alone (welfare, etc) for the bottom 90% is almost 2x the total wealth of the top .1%. The bottom 90% receives ~$2T per year in transfer payments - assuming this is an investment with a 4% yield, it is equivalent to a $48T value.

#24 | Posted by ScottS

Wrong again.

ScottS forgot to account for DEBT owed by the bottom 90%. This was true since 2012.
www.theguardian.com

It's great to own a $500,000 home and have it added to your "wealth" but you can't pretend the $400,000 mortgage doesn't exist, ScottS.

Don't worry. It's worse now.

#25 | Posted by Sycophant at 2025-05-06 11:07 AM | Reply | Newsworthy 1


I don't think you know what Globalism is.
#9 | POSTED BY SYCOPHANT

If its not a race to the cheapest labor by capitalist, what is it? Why did the US send its manufacturing to foreign lands?

1971 comes up frequently in trend lines. Studying American history from China, what came across to me was American Liberalism went nuts.

There were 1300 bombings in America between 1970-1980, mostly done by educated liberals. I find that very strange.


So, they could get America hooked on credit cards! Free money! Thanks, Capitalism!
#22 | POSTED BY LEE_THE_AGENT

Credit cards didn't exist on the gold standard? I bet they did. The standards for lending were dropped to be "fair" to poor people.

It's great to own a $500,000 home and have it added to your "wealth" but you can't pretend the $400,000 mortgage doesn't exist, ScottS.
~ PsychoFant

Its odd you don't think federal government spending the same way.

#26 | Posted by oneironaut at 2025-05-06 11:27 AM | Reply

I don't think you know what Globalism is.

#9 | Posted by Sycophant

Yeah, I get it: the world is at war because it's multi-cultural. So we need Globalism.

But there is no unifying solution. A single world culture and religion? Can't happen. Also, mankind's greatest achievements emerged partly do to the competition between nation states.

Balkanization and mercantilism are the correct paths to protect individual societies and strengthen them.

#27 | Posted by HeliumRat at 2025-05-06 11:31 AM | Reply

"ScottS forgot to account for DEBT owed by the bottom 90%. This was true since 2012.
#25 | Posted by Sycophant"

Nope - my numbers are NET WORTH - so, it is after liabilities, also, it is straight from the Fed.

fred.stlouisfed.org - you can scroll to the Net Worth table.

The problem with your number is that they don't use official US government numbers - they come from "research by Emmanuel Saez and Gabriel Zucman [pdf]" per your article. Which, if you actually click the link - takes you here: which is a paper from 2014 - and even THEN, the numbers are not quoted correctly. Maybe it should have tipped your off when the graphs in your article stopped in 2012.

Again - I don't know if you liberals are just dog ---- stupid or if you are intentionally lying - but the data is very clear - posted by the US Fed - and they say you are full of ----.

#28 | Posted by ScottS at 2025-05-06 11:32 AM | Reply

"Yeah, I get it: the world is at war because it's multi-cultural. So we need Globalism."

Help me out here.
What "World at War" level conflict is the world currently experiencing?

#29 | Posted by snoofy at 2025-05-06 11:56 AM | Reply

What "World at War" level conflict is the world currently experiencing?

#29 | Posted by snoofy

Gemini:

There are a significant number of ongoing armed conflicts worldwide. While the exact number varies depending on how conflicts are defined, estimates range from 26 to 56. These figures include a mix of international armed conflicts and non-international conflicts, with some involving state actors and others involving non-state armed groups.

#30 | Posted by HeliumRat at 2025-05-06 12:10 PM | Reply

"There are a significant number of ongoing armed conflicts worldwide."

None are world war level events.

#31 | Posted by snoofy at 2025-05-06 12:11 PM | Reply

None are world war level events.

#31 | Posted by snoofy

Oh, I get it - you're pretending to be insane.

Ukraine, Thailand, and to a lesser extent Iran. Start with those. All can go nuclear.

#32 | Posted by HeliumRat at 2025-05-06 12:41 PM | Reply

Oh, I get it - you're pretending to be insane.

#32 | Posted by HeliumRat at 2025-05-06 12:41 PM | Reply | Flag

He's not pretending, he's a natural.

#33 | Posted by lfthndthrds at 2025-05-06 03:18 PM | Reply

Ukraine, Thailand, and to a lesser extent Iran. Start with those. All can go nuclear.

#32 | POSTED BY HELIUMRAT

So they haven't GONE nuclear. But they could. That's your definition of a global conflict. Things that COULD go wrong?

I notice you did not mention international shipping and them "houti"pirates. But still not a global conflict but a regional one.

Those things you mention are currently NOT global conflicts. They could BECOME global conflicts depending on how our leadership decides to respond to them. (And since we have totally incompetent leadership they probably WILL become global conflicts).

The things you mentioned are things to worry ABOUT possibly happening. Not because they ARE happening.

If you wanna worry about something then worry about Pakistan and India facing off. They are both nuclear powers.

#34 | Posted by donnerboy at 2025-05-06 03:44 PM | Reply

Hmmm

last time Corky saw a naked woman ??

#35 | Posted by shrimptacodan at 2025-05-06 07:52 PM | Reply

last time Corky saw a naked woman ??

#35 | Posted by shrimptacodan

*bump

#36 | Posted by chiligordo at 2025-05-06 08:35 PM | Reply

She paid, just like always.

You two, howsomever, don't have that much money between you.

Actually, there isn't much between you two than the sheets.

#37 | Posted by Corky at 2025-05-06 09:34 PM | Reply

37 | Posted by Corky

weak

#38 | Posted by shrimptacodan at 2025-05-06 11:09 PM | Reply

Ok, then.

I admit that the last time was your wife, but I'm over the violent vomiting now, and the nightmares have almost subsided.

Thanks for asking, though.

#39 | Posted by Corky at 2025-05-07 05:29 AM | Reply

"If you wanna worry about something then worry about Pakistan and India facing off. They are both nuclear powers."

Say what you want but I sure nailed that one.

#40 | Posted by donnerboy at 2025-05-07 12:05 PM | Reply

Let's see... Oh, departed RVN in 71, PCS to NSA, Ft Meade MD.

#41 | Posted by MSgt at 2025-05-07 03:52 PM | Reply

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