1. Debt – Before 1930 – Nominal Debt: $17 Billion. Debt to GDP Ratio: 16%. Today: Nominal Debt: $23 Trillion. Debt to GDP Ratio: 106%.
2. World War 2 – Before 1930 – There was World War 1. 1945 with a nuclear bomb, the US was christened the winner of WW2.
3. Global Reserve Currency – Before 1930 – U.S. Dollar was not the global reserve currency. Then, in the 1944 Bretton Woods Agreement made it the global reserve currency (backed by gold). August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end, and rendering the dollar a fiat currency.
4. Social Security – Before 1930 – There was no Social Security in America.… Read more...