re: WTF Happened in 1971?

After WWII, America was the only major economy that was unscathed. Our European competitors were flattened and spent over a decade recovering and rebuilding. In the early 70's many of our competitors came back on line often with newer more efficient equipment.

Meanwhile, while we were sitting on top of the world, drunk on success, we neglected to stay ahead of the curve. Then add in a "social engineering" spending binge that was a social disaster and the dawn of globalization, and the pieces begin to fit together.

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End of the Bretton Woods system and a total fiat currency.

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And the populace have been brainwashed nowadays that our system is "stable" and that gold backing is "a bad idea".

Also we are conditioned to believe that Federal Reserve Notes are "actual Greenbacks". And that the Federal Reserve is a "necessary and vital" entity, rather than a private bank that holds our nation hostage.

It's a debt-driven game of musical chairs. The music will stop, and then what happens?

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Nixon completely decoupled the dollar off of gold. After 1971 the check on printing money in the form of bond purchases by central banks that can make money out of thin air was removed.

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There’s your answer.